Heinz reports profit growth for Q2 

Heinz reports profit growth for Q2

Nov 20, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Food group H.J. Heinz Company HNZ reported today that it saw strong growth in earnings in its second quarter, fuelled by growth in emerging markets and a favourable tax rate.

Net income from continuing operations amounted to USD290m, a rise of 22.3% year-on-year, or 10.4% excluding charges for productivity initiatives last year.

Reported sales for the quarter ended 28 October 2012 grew 0.5% to USD2.83bn, with unfavourable foreign currency impacting sales by 2.4%. Net pricing increased by 1.9% and volume rose 1.4%. Heinz said that divestitures reduced its total sales by 0.4%.

President and CEO William R. Johnson noted that Heinz recorded its 30th consecutive quarter of organic sales growth, led by its three growth engines of emerging markets, global ketchup and the company's top 15 brands.

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