UPDATE 1-Heinz profit beats Street on emerging market strength
Feb 21 (Reuters) - H.J. Heinz Co reported higher-than-expected quarterly earnings on Thursday, helped by strength in emerging markets.
The ketchup maker, which plans to be acquired by Berkshire Hathaway and 3G Capital, said net income was $269.5 million, or 83 cents per share, in the quarter, down from $284.7 million, or 88 cents per share, a year earlier.
Excluding one-time items, earnings from continued operations were 99 cents per share. On that basis, analysts on average were expecting 90 cents per share, according to Thomson Reuters I/B/E/S.
Sales rose 2 percent to $2.93 billion. Pricing contributed 2 percentage points of growth with volume adding only 0.3 percentage point.
Sales jumped some 18 percent in emerging markets, which represented 23 percent of total company sales. Top markets included Latin America, Indonesia and China.
- Total CEO de Margerie killed in Moscow as jet hits snow plow |
- Pistorius starts five-year term for killing Reeva Steenkamp |
- Ebola crisis turns a corner as U.S. issues new treatment protocols
- Fashion designer Oscar de la Renta dead at 82 |
- U.S. Congress examining deal between NSA official, ex-agency chief