UPDATE 1-Heinz profit beats Street on emerging markets growth

Tue Nov 20, 2012 8:06am EST

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

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

Analysts on average were expecting 88 cents per share, according to Thomson Reuters I/B/E/S.

Sales rose 0.5 percent to $2.83 billion despite a 2.4 percentage-point hit from foreign currency exchange rates. Analysts were expecting $2.85 billion.

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

Heinz shares rose to $58.90 in light premarket trade from a Monday close at $58.72 on the New York Stock Exchange.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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