Heinz 2nd-quarter profit falls
PITTSBURGH (AP) — H.J. Heinz Co. says its fiscal second-quarter net income fell almost 6 percent but adjusted results narrowly beat expectations on higher prices and strength in emerging markets.
Food makers have been raising prices to offset higher ingredient costs. But Heinz said it will offer lower priced products in the U.S. and Europe where the economy remains challenged.
Total volume fell 3 percent, while prices rose 4.4 percent during the quarter.
The world's largest ketchup maker says net income fell to $237 million, or 73 cents per share, from $251.4 million, or 78 cents per share last year.
Excluding one-time items related to productivity initiatives, its earnings totaled 81 cents per share. Analysts surveyed by FactSet expected 80 cents per share.
Revenue rose 8 percent to $2.83 billion. Analysts expected $2.9 billion.