Heinz Earnings Beat Expectations Despite Sales Drop
H.J. Heinz
(HNZ)
reported second-quarter earnings Tuesday that beat analysts' estimates by a penny despite a drop in sales.
The Pittsburgh-based global food producer of such brands as Heinz ketchup, Starkist tuna and 9-Lives cat food earned $241.7 million, or 69 cents a share, compared with $228.4 million, or 63 cents a share, in the same period last year. A
First Call/Thomson Financial
Scroll to Continue
TheStreet Recommends
poll of 13 analysts produced a consensus estimate of 68 cents a share.
Sales for the quarter fell to $2.3 billion from $2.34 billion a year ago due to unfavorable foreign exchange translation, divestitures and lower pricing.
Heinz shares closed Monday at $46.56 on the
New York Stock Exchange
.
