Heinz 1Q Profit Rises on Overseas Strength
September 2, 2010
The Associated Press reports, H.J. Heinz Co.''s fiscal first-quarter net income rose 13 percent as the company''s business boomed in growing overseas markets such as India, China and Russia. Heinz reported that it earned $240.4 million, or 75 cents per share, for the quarter that ended in late July. That''s up from $212.6 million, or 67 cents per share, in the same quarter last year. Heinz''s revenue rose 1.6 percent to $2.48 billion. Heinz CEO William R. Johnson said emerging markets were the most powerful growth engine for Heinz, accounting for almost 18 percent of its total sales. Sales growth was propelled by products like nutritional beverages in India, infant formula in China and strong ketchup growth in Russia. Worldwide, volume rose 2.5 percent and price increases helped boost sales by 1.1 percent.