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Heinz 3Q profit little changed from a year ago as sales growth offset higher tax rate

Heinz 3Q profit little changed from a year ago as sales growth offset higher tax rate

Food producer H.J. Heinz Co. says its third-quarter profit held virtually steady compared with a year ago as sales growth offset the impact of a higher tax rate. The sales growth reflected increased marketing and higher prices.
The Pittsburgh-based ketchup maker said Tuesday it earned $219 million (euro147.8 million), or 68 cents per share, in November-January period. Wall Street expected a slightly lower profit of 67 cents per share this year.
Sales jumped 14 percent to $2.61 billion (euro1.76 billion) from $2.30 billion last year. Wall Street forecast sales of $2.58 billion (euro1.74 billion).
Heinz's CEO William Johnson says the company remains on track to achieve record full-year sales and per-share growth of 9 percent to 10 percent for the fiscal year.


Updated : 2021-04-22 02:49 GMT+08:00