Corrected from 7:28 a.m. EDT



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H.J. Heinz


said adjusted first-quarter earnings topped analysts' estimates, fueled by growth in emerging markets.

Heinz earned $226.1 million, or 70 cents a share, in the first quarter, down from year-earlier earnings of $240.4 million, or 75 cents a share. On an adjusted basis, excluding special charges, earnings in the first quarter were 78 cents a share.

Heinz, in a statement Tuesday, said revenue jumped 14.9% to $2.85 billion. The company said emerging markets delivered 45% sales growth, driven largely by acquisitions and 13% organic sales growth. Emerging markets sales made up 23% of total Heinz sales in the first quarter.

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Analysts surveyed by Thomson Reuters expected the ketchup maker to earn 76 cents a share on revenue of $2.79 billion.

Heinz said global ketchup sales rose 14.6% in the quarter.

Heinz said it expects second-quarter earnings to "be in-line with, or slightly higher than prior year. " The company said it is on track to deliver its "full-year constant currency EPS outlook of $3.24 to $3.32, excluding the impact of one-time productivity initiatives."

-- Written by Joseph Woelfel

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Joseph Woelfel

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