Market Overview

Heinz Reveals Strong Organic Growth


H.J. Heinz Company (NYSE: HNZ) reported 1Q2011 EPS of $0.75 in line with the pre-announcement yesterday, as underlying operations performed well with organic sales growth of +3.6% and gross margin expansion of 90 bps, according to Deutsche Bank.

Deutsche Bank maintains its $3.07 2010 EPS estimates, and emerging markets continue to represent a growth engine for Heinz in the quarter as sales grew 22% and represented 18% of total Heinz sales (up from 15% last year).

Deutsche Bank maintains its Buy rating and $54 price target.

H.J. Heinz Company closed yesterday at $46.27.


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