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Heinz profit beats Street on emerging markets growth

A giant neon sign adorns the top of the H.J. Heinz Co. headquarters in Pittsburgh in this file photo.

GENE J. PUSKAR/AP

H.J. Heinz Co. reported higher-than-expected quarterly earnings on Tuesday, citing growth in emerging markets and a favourable tax rate.

Net income was $289.4-million (U.S.), 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.

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Sales rose 0.5 per cent 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 per cent to 8 per cent and a sales increase of at least 4 per cent.

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

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