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Heinz pours on 9.7 pct rise in 4Q net income

Heinz pours on 9.7 pct rise in 4Q net income

Food maker H.J. Heinz Co. said Thursday that rising sales in emerging markets pushed its fourth-quarter net income up 9.7 percent.
Cost-cutting and higher prices also helped offset rising ingredient prices.
Heinz also raised its 2011 dividend 12 cents to $1.80.
The maker of Ore-Ida potatoes and Classico pasta sauce, as well as its signature ketchup, said it earned $192.4 million or 60 cents per share in the three months ending April 28. That compares with $175.1 million or 55 cents per share in the same period last year.
Revenue rose 8.3 percent to $2.72 billion.
According to Thomson Reuters, analysts expected earnings per share of 59 cents on revenue of $2.75 billion.
For fiscal 2011, the company expects sales growth of between 3 and 4 percent, implying revenue between $10.8 billion and $10.9 billion. It also expects earnings per share growth of 7 percent to 10 percent, implying between $2.92 and $3.20 per share.
Analysts polled by Thomson Reuters expect earnings of $3.09 per share on revenue of $10.79 billion.
For the full year, Heinz reported net income of $864.9 million, or $2.71 per share, down from $923.1 million, or $2.89 per share, a year earlier. Revenue rose from $10.01 billion to $10.49 billion.


Updated : 2021-05-14 18:55 GMT+08:00