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Heinz edges past Street
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September 6, 2000: 1:53 p.m. ET
Food company beat analysts' forecast by 1 cent a share, but sales fall
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NEW YORK (CNNfn) - H.J. Heinz Co. beat the Wall Street estimate for its fiscal first quarter Wednesday, but warned that its second-quarter earnings would be weaker than expected.
Excluding special items, the company's first-quarter earnings rose to $237.7 million, or 68 cents a share, up from the year-ago quarter's figure of $236.9 million. The company earned 65 cents per share in first quarter of 1999.
The largest U.S. maker of ketchup and other food products beat out by a penny the analysts' estimate compiled by earnings tracker First Call, which also excluded special items.
Pittsburgh-based Heinz (HNZ: Research, Estimates) had sales of $2.15 billion in the quarter ended Aug. 2, down from $2.18 billion for the year-earlier quarter.
Heinz also said second-quarter profits would be dampened by expenses from a nationwide rollout of pouch-packaged StarKist tuna.
Analysts had expected the company to earn 70 cents a share in the second quarter, according to a poll by First Call, but Heinz will miss that mark by 2 cents, according to the company.
Heinz stock fell in midday trading Wednesday $2.44 to $34.75. 
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Heinz
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