Heinz profit rises on emerging markets growth

Tue Nov 20, 2012 7:19am EST

Nov 20 (Reuters) - H.J. Heinz Co reported higher quarterly earnings on Tuesday, citing growth in emerging markets, a favorable tax rate among other things.

Net income was $289.4 million, or 90 cents per share, in the fiscal second quarter that ended on Oct. 28, up from $237.0 million, or 73 cents per share, a year earlier.

Sales rose 0.5 percent to $2.83 billion despite a 2.4 percentage-point hit from foreign currency exchange rates.

For fiscal 2013, the company forecast earnings to grow 5 percent to 8 percent and sales to increase at least 4 percent.

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