Heinz Profits Rise 11%, Anticipates Growth

Ketchup maker Heinz (HNZ Quote) said third-quarter profit rose 11% as it raised prices for key brands and it reaffirmed its full-year earnings growth guidance.

Currency translation weighed on results but Heinz said Tuesday hedges it took on certain key currencies helped the results.

Heinz said its profit rose to $242.3 million, or 76 cents a share, for the three months ended Jan. 28. That's up from $218.5 million, or 68 cents a share, a year earlier.

Revenue fell 7.5% to $2.41 billion.

Analysts surveyed by Thomson Reuters expected earnings of 64 cents a share on revenue of $2.55 billion. The estimates typically exclude one-time items.

The company still expects 2009 profit will grow by 9% to 11%.