HNZ Tops Ests; Reaffirms Growth Outlook – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/17675/HNZ+Tops+Ests%3B+Reaffirms+Growth+Outlook+-+Zacks+Tale+of+the+TapePosted on Tuesday, February 24th, 2009 | In Stocks to Watch
H.J. Heinz Co.’s (HNZ) third-quarter profit topped the consensus as the leading ketchup maker raised prices and enjoyed increased sales of its key brands.
The Pittsburg-based company earned 69 cents a share, excluding items. Analysts had expected a profit of 64 cents for the quarter.
Meanwhile, a stronger dollar ate into the company’s revenue, which was reduced by 7.5% to $2.41 billion. Free cash flow increased 25% to $233 million.
Heinz reaffirmed its full-year earnings growth guidance. For the fiscal year, the company forecasts earnings of $2.87 to $2.91 a share. Organic sales are expected to grow by about 6%.
As a result of the volatile foreign currency rates, consumer trends and commodity prices, Heinz did not provide earnings forecast for 2010.
HNZ is a Zacks #3 Rank (”Hold”).
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