Food products maker H.J. Heinz Company ( HNZ ) on Tuesday said its fiscal first quarter earnings fell nearly 6% from last year, but adjusted results were enough to beat analyst expectations.
The Pittsburgh-based company reported fiscal first quarter net income of $226.11 million, or 70 cents per share, compared with $240.43 million, or 75 cents per share, in the year-ago period. Excluding one-time charges, adjusted profit was 78 cents.
Sales jumped 15% from last year to $2.85 billion.
On average, Wall Street analysts expected a smaller profit of 76 cents per share, on lower revenue of $2.78 billion.
Looking ahead, the company backed its previously-announced full-year earnings forecast of $3.24 to $3.32 per share, excluding items, while analysts are looking fro $3.34 per share for the year.
Heinz shares were mostly flat in premarket trading Tuesday.
The Bottom Line
We have been recommending shares of H.J. Heinz ( HNZ ) since Jan.24, 2009, when the stock was trading at $35.06. The company has a 3.69% dividend yield, based on last night's closing stock price of $52.04.
H.J. Heinz Company ( HNZ ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.7 out of 5 stars.
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