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Heinz warns on 2Q
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September 11, 2001: 7:40 a.m. ET
Hits 1Q target, says it will meet full-year guidance but 2Q to fall short
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NEW YORK (CNNfn) - Foodmaker H.J. Heinz Co. reported Tuesday that fiscal first-quarter earnings slipped in line with Wall Street forecasts but it warned it will be below estimates for the second quarter.
Pittsburgh-based Heinz earned $213.4 million, or 61 cents a diluted share excluding special items, during the period ended Aug. 1. That's in line with the forecast of analysts surveyed by earnings tracker First Call but down from the $241.6 million, or 69 cents a share, it earned a year earlier.
The company -- whose products include Heinz brand condiments, StarKist tuna and Ore-Ida potatoes -- said it believes it should meet earlier full-year earnings per share guidance of $2.70 to $2.80 due to expected improvement in the second half due to acquisitions, new products, higher pricing and profit margin improvements. First Call's EPS estimate for the fiscal year stands at $2.69.
But the company said it believes second-quarter earnings will be 3 to 5 cents above first-quarter results, which would put it below the First Call forecast of 69 cents a share.
Including special items such as restructuring costs, Heinz posted net income of $200.5 million, or 57 cents a diluted share, down from $204.5 million, or 58 cents a share, a year earlier.
Revenue edged up 0.6 percent to $2.19 billion from $2.17 billion. Heinz said that, without the change in currency exchange rates, sales would have increased 4.5 percent.
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Shares of Heinz (HNZ: Research, Estimates) lost 31 cents to $45.51 Monday. 
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