ENN Twitter
Heinz profit up, raises profit target
CHICAGO (Reuters) - H.J. Heinz Co <HNZ.N> on Thursday posted higher quarterly profit, helped by price increases and the weak U.S. dollar.
The company also raised its earnings per share growth forecast to 8 percent to 11 percent annually over the next two years from the previous target of 7 percent to 9 percent.
The maker of Heinz ketchup, Ore-Ida frozen potatoes and a host of other packaged foods said profit was $194.1 million, or 61 cents a share, in the fourth quarter that ended April 30, compared with $181.0 million, or 55 cents a share, a year earlier.
Analysts on average forecast 61 cents a share, according to Reuters Estimates.
ADVERTISEMENT
Like many food companies, Heinz has been hit by soaring commodity costs, while also investing in increased marketing and new products to boost sales. It has also benefited from the weak dollar, which lifts the dollar value of sales outside the United States.
(Reporting by Brad Dorfman, editing by Maureen Bavdek)
