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Heinz squeezes out profit
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June 15, 1999: 12:50 p.m. ET
Earnings for fiscal 4Q top forecasts on demand for ketchup, tuna
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NEW YORK (CNNfn) - A surge in demand for its Starkist canned tuna and flagship ketchup helped H.J. Heinz Co. post a 12-percent increase in its fiscal fourth-quarter earnings, beating Wall Street expectations by a penny, the company reported Tuesday.
Excluding one-time charges, net income rose to $219.4 million, or 60 cents per diluted share, from $196.2 million, or 53 cents, a year earlier. Heinz had been expected to earn 59 cents per share, according to the consensus estimate of analysts surveyed by First Call Corp. Sales for the quarter declined slightly to $2.47 billion from $2.48 billion.
In the latest quarter, a charge of $411.1 million, or 84 cents per share, relating to the company's restructuring program, resulted in a loss of $91.3 million, or 25 cents per share.
Strong sales of its flagship ketchup, particularly a new 99-cent version of the topping, helped boost the Pittsburgh-based company's overall earnings, Heinz Chief Executive William Johnson said. Demand for its Smart Ones frozen entrees and the well-known Starkist brand of canned tuna also helped boost profits, he said.
For the full year, Heinz reported net profit of $882.4 million, or $2.40 per share, compared with $801.4 million, or $2.15 per share in fiscal 1998. Operating income excluding restructuring-related items totaled $552.8 million for the fiscal year, or $1.11 per share.
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