Heinz says 1Q will beat expectations
PORTLAND, Ore. — H.J. Heinz Co. told shareholders the foodmaker is off to a good start for its fiscal year and expects to report first-quarter results above expectations.
Heinz CEO William Johnson said the company expects to earn 75 cents per share for the quarter. That's up from the 67 cents per share Heinz earned for the same period last year and above the 73 cents analysts polled by Thomson Reuters had anticipated.
The company, which makes foods such as Ore-Ida potatoes, Classico pasta sauce and its signature ketchup, expects sales to be up nearly 2 percent.
Heinz says the improvement is based on stronger sales, particularly in emerging markets. Almost two-thirds of Heinz's sales are outside the U.S.
Like many companies, Heinz has focused on growing markets like India and China as more mature markets such as the U.S. have slowed.
The company, based in Pittsburgh, planned to report its full quarterly results today.
