Summary Box: H.J. Heinz 1Q

AP News
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Posted: Aug 23, 2011 11:56 AM
Summary Box: H.J. Heinz 1Q

EARNINGS: H.J. Heinz Co. earned $226.1 million, or 70 cents per share, for the quarter, down 6 percent from the prior year. After adjusting for one-time costs to improve productivity, which includes closing four factories and job cuts, the company earned 78 cents per share.

REVENUE: The company's revenue rose 15 percent to $2.85 billion on growth in emerging markets and the benefit of recent acquisitions.

EXPECTATIONS: The quarter's adjusted results beat analysts' expectations of 76 cents per share on revenue of $2.79 billion, but the full-year forecast fell short of what Wall Street was looking for.