Skip to main content

The Globe and Mail

Heinz shares hit 13-year high as profit beats expectations

Heinz tomato ketchup product line the shelves of a West Mifflin, Pa., market on Aug. 31, 2006.

GENE J. PUSKAR/AP

Ketchup maker H.J. Heinz Co. said first-quarter earnings rose more than expected, helped by emerging market growth, improved productivity, higher margins and a favourable tax rate, sending its shares to their highest level in more than 13 years.

Heinz, which also sells Ore-Ida frozen potatoes, said in a pre-announcement on Tuesday it plans to report earnings of 87 cents per share on organic sales growth of almost 5 per cent on Wednesday.

Analysts, on average, expected 80 cents per share.

Story continues below advertisement

Speaking at Heinz's annual shareholders' meeting on Tuesday, chief executive William Johnson said the company boosted earnings per share in the quarter "despite the headwinds of a still weak economy and adverse foreign currency trends that reduced EPS by around four cents."

Johnson said the company was on track to deliver its previously announced forecast for fiscal 2013, which calls for earnings of $3.52 to $3.62 per share.

Heinz shares were up $1.72, or 3 per cent, to $58.18 on the New York Stock Exchange. They earlier touched a high of $58.24, their highest level since February 1999.

Report an error Licensing Options
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Globe Newsletters

Get a summary of news of the day

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.