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Heinz reports better than expected results

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Written by Hugh McManus

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Food maker Heinz [NYSE:HNZ] reported stronger than expected earnings on Friday.  The company reported that its first-quarter earnings had climbed by 11 percent.  The increase in profits was due to increased sales, particularly in the United States.   Revenue increased from $2.25 to $2.58 billion, while net income rose from $205.3 to $229 million.  EPS increased from 63 to 72 cents. Heinz reported growth across all segments except in food service, where revenues dropped by 2.8 percent.  Heinz gave guidance for results for the full year stating that they expected to reach the upper limited of the previously forecasted range.    EPS is likely to fall in the $2.87 to $2.91 range.  Analysts have forecast $2.90. < Prev   Next >