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Heinz warns
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November 9, 2001: 7:45 a.m. ET
Gives second warning in two months, cites slower economy, higher costs.
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NEW YORK (CNNmoney) - Foodmaker H.J. Heinz Inc. lowered fiscal second-quarter and full-year earnings estimates for the second time in as many months, citing the effects of the Sept. 11 terrorist attacks, increased spending and inflated overseas supply costs.
The maker of Heinz (HNZ: Research, Estimates) ketchup, Star-Kist tuna and Ore-Ida potatoes now expects second-quarter earnings of 59 to 60 cents a share instead of the 64 to 66 cents a share it previously expected, the company said Thursday.
Analysts polled by earnings tracker First Call have until now expected second-quarter earnings of 66 cents a share.
Second-quarter sales are forecast to increase 10 percent, the company said.
The company, which said it is planning a number of cost-cutting moves, also said its full-year results would be revised, as it expects its second-half performance to mirror its first-half results.
On Sept. 11, the day of the terrorist attacks on the U.S., Heinz posted lower first-quarter results and warned that its second-quarter earnings would come in below the 69 cents a share expected by analysts, according to earnings tracker First Call.
Heinz shares slipped 56 cents to $42.70 in trading Thursday. 
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