Heinz Chairman Tells Shareholders the Company Expects to Report Q1 EPS $0.87 vs $0.80 Est
At the H.J. Heinz Company (NYSE: HNZ) Annual Meeting of Shareholders today, Chairman, President and CEO William R. Johnson said the Company expects to report “strong first-quarter results,” including:
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 currency 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. Mr. Johnson said the expected first-quarter results would reflect “dynamic growth in Emerging Markets as well as improved productivity, higher margins and a favorable tax rate.”
He noted that Heinz achieved growth in earnings per share in the quarter “despite the headwinds of a still weak economy and adverse foreign currency trends that reduced EPS by around four cents.”
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