The H.J. Heinz Company recently held its annual shareholder meeting. William R. Johnson, the company chairman, president and CEO, announced that the business plans to report “strong first-quarter results.”
According to BusinessWeek, these include:
- Organic sales growth (volume plus price) of almost 5%, marking the Company’s 29th consecutive quarter of organic top-line growth;
- Net income growth of 10% from continuing operations and 15% on a constant basis, excluding productivity charges a year ago;
- Higher earnings per share of $0.87, an increase of more than 10% from continuing operations, excluding productivity charges a year ago.
The results from January thru March reflect “dynamic growth in Emerging Markets as well as improved productivity, higher margins and a favorable tax rate,” according to Mr. Johnson. Heinz’s growth throughout the quarter was achieved “despite the headwinds of a still weak economy and adverse foreign currency trends that reduced EPS by around four cents.”
“Overall, our strong first-quarter results put Heinz on track to deliver our previously announced outlook for Fiscal 2013.”
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