Heinz Startles Analysts With Tangy Profits
Heinz announced its fiscal third quarter results and analysts were wowed; earnings of $0.76 per share came in 12 cents above analyst consensus of $0.64, on revenues of $2.41 billion, under consensus of $2.55 billion. Even in a climate of dipping sales as consumers buckle down, Heinz' strategy of reducing costs by specializing is clearly successful.
Other highlights Heinz management noted included a growing market share of ketchup in Latin America, where the product hasn't historically been as popular as in North America and Europe; and the reports of a gentle turnaround in grocery sales in February after a tough January for all grocery manufacturers.
Consumers may be scrimping in their grocery buying, but ketchup, barbecue sauce and pickle products are likely to remain a constant on shopping lists worldwide.
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