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News > Companies
Heinz 4Q shy of estimates
Condiment maker's operating profit misses target by a penny; '04 profit forecast in line.
June 12, 2003: 7:57 AM EDT

NEW YORK (CNN/Money) - H.J. Heinz Co. reported a fiscal fourth-quarter operating profit Thursday that fell short of Wall Street estimates amid the slowing economy.

The Pittsburgh-based condiment maker posted an operating profit of 52 cents a share, a penny shy of analysts' expectations of 53 cents, according to First Call.

On a net basis, Heinz earned $102.6 million, or 29 cents a share, after $82.2 million in items in the period ended April 30, down from $223.5 million, or 51 cents, a year earlier.

The company said it also sees a profit of $2.15 to $2.25 a share in 2004 and sales growth of 3 or 4 percent, excluding divestitures.

Wall Street expects Heinz to earn $2.21 a share in 2004, according to First Call.

Shares of Heinz (HNZ: Research, Estimates) added 85 cents Wednesday to close at $34.40.  Top of page

--from staff and wire reports

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