Skip to main content

H.J. Heinz


said second-quarter profit fell 9.7%, short of analysts' estimates, because of the spinoff of certain assets a year ago.

The Pittsburgh-based ketchup giant said net income fell to $191.5 million, or 54 cents a share, in the quarter ended Oct. 29, vs. $212.1 million, or 60 cents a share a year ago. The Thomson First Call consensus estimate was 55 cents a share. Revenue also fell to $2.09 billion, from $2.10 billion.

TheStreet Recommends

Profit from continuing operations, excluding the spun-off business units, was up 13% from earnings of $168.5 million, or 48 cents per share, in the prior-year period. In 2002, Heinz spun off several food units, which were later merged with

Del Monte Foods


The company cited its improved focus on international operations, especially its rapidly growing Asia-Pacific business. Sales rose 7.7% in the period, partly because of the weaker dollar, while its gross profit margin increased 150 basis points to 37.4%.

Heinz shares lost 12 cents to $35.67 Monday.