Heinz Fiscal Q1 EPS In-line, Affirms FY EPS at Upper End

H.J. Heinz reported in-line fiscal first-quarter results, as net income increased 5.8% to $203.5 million, or $0.63/share, on a 9.1% rise in revenues to $2.25B. For the full year, Heinz said it is "on track" for EPS at the upper end of its $2.54 - $2.60 range. Analysts had forecast $2.60, on average. Heinz credited Q1 growth to greater investments in marketing, which boosted organic sales by 5.3%, including double-digit growth in ketchup, beans, soups and Smart Ones (a line of healthy entrees). Sales rose 8% in North America and climbed 15% in emerging markets. Heinz raised prices by an average of 2.8% in reaction to commodity cost increases of 4.7% during the quarter. Shares of Heinz gained 0.2% to $45.22 on Thursday.

Sources: Press release, MarketWatch
Commentary: Heinz Trumpets Good News - Anticipating Shareholder Wrath • 100 Stocks to Offset Rising Food Prices • 32 Big Dividend Payers: Buy Now, Profit Later
Stocks/ETFs to watch: HNZ. Competitors: CPB, CAG. ETFs: PBJ

Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.