Heinz profit beats Street on emerging markets growth
(Reuters) - H.J. Heinz Co HNZ.N 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 October 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.
(Reporting By Martinne Geller in New York; Editing by Maureen Bavdek and John Wallace)
- Police make third arrest in murder of Colorado socialite
- Investigators look for motive in Malaysia plane disappearance |
- Malaysian PM says lost airliner was diverted deliberately |
- Indian Ocean poses daunting challenge in search for missing Malaysia plane
- Malaysia PM says lost plane's movements indicate a deliberate act