Heinz Earnings Beat Expectations Despite Sales Drop - TheStreet

Heinz Earnings Beat Expectations Despite Sales Drop

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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

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

.