Heinz Reports Earnings of 78 Cents Per Share

Heinz Co. (HNZ) reported earnings per share from continuing operations of 78 cents for the quarter ended Oct. 27, compared with 76 cents per share a year earlier.

Sales for the second quarter of fiscal 2011 fell 1.2% to $2.61 billion, the company said in a statement. The decline was due to currency movements, the statement said. Organic sales in emerging markets rose 10.2%.

All of the company's operating segments delivered organic growth with the exception of U.S. Foodservice.

"Heinz delivered growth in operating income, net income and earnings per share in the second quarter of fiscal year 2011," Heinz CEO William R. Johnson said. "Our strategy to accelerate growth in Emerging Markets is producing excellent results."

Heinz affirmed its outlook for fiscal 2011, forecasting sales growth of 3% to 4% and growth in earnings per share of between 7% and 10%. The company raised its forecast for operating free cash flow by 15% to $1.15 billion.
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