Heinz Reports Quarterly Earnings Rise 13%

HeinzFood company H.J. Heinz Company (HNZ) reported earnings from continuing operations of 75 cents per share in the first quarter of fiscal 2011, up 10.3% from 68 cents per share a year earlier.

Sales grew 1.6% to $2.48 billion in the quarter, driven by a strong performance in emerging markets, the company said in a statement. Operating income rose 9.9% to $406 million.

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"I am pleased with our strong first-quarter results which were led by continued momentum in Emerging Markets and good results in North American Consumer Products," CEO William Johnson said.

Heinz reaffirmed its outlook for fiscal 2011, with growth of 7% to 10% in earnings per share.

"Heinz is off to a good start in Fiscal 2011 and we remain confident about the company's business fundamentals, despite the difficult economic climate," Johnson said.
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