Heinz Profits Up

Published by: Dave Simmons on 3rd Mar 2011 | View all blogs by Dave Simmons

Heinz Profits Up

H.J. Heinz reported its fiscal third-quarter results Thursday, posting a near-20 percent rise in quarterly profits to $273.8 million, or 84 cents per share. The company also announced its first major acquisition of a company in Brazil.

Heinz' third-quarter sales, according to the filing, increased 1.5 percent to $2.72 billion. Analysts in a recent Thomson Reuters poll had forecast an average of $2.71 billion in sales and earnings of 82 cents per share. Heinz said it had enjoyed growth in the last quarter in organic sales of14 percent in emerging markets.

The company also said it expects sales in emerging markets to account for better than 20 percent of its overall revenue in fiscal 2012. The company invested in Coniexpress S.A. Industrias Alimenticias during the last quarter, purchasing an 80 percent stake in the Brazilian manufacturer of Quero brand tomato sauces, paste, ketchup, vegetables and other condiments. Quero reportedly averages about $325 million in annual sales.

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