H.J. Heinz & Co. (NYSE: HNZ) announced Wednesday that the company is maintaining its fiscal 2010 earnings and sales growth forecasts on the strength of sales of its core products and brands.
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Sales in categories such as ketchup and sauces, meals and snacks and infant and nutrition made up approximately 96 percent of fiscal 2009 sales, according to a statement from Chairman, President and CEO William R. Johnson.
Heinz, one of the nation’s largest food makers, also benefited from brand recognition, with its top 15 brands comprising nearly 70 percent of total sales for the year. The company's products include its namesake ketchup, Ore-Ida potato products, Weight Watchers Smart Ones entrees and Boston Market meals.
Heinz credited increased marketing efforts as well as some innovations, such as different types of packaging, for the consumer support its brands received.
The company reaffirmed that its 2010 earnings per share will climb 5 percent to 8 percent on a constant currency basis. In May Heinz said it expected earnings for the year in a range of $2.60 to $2.70 based on recent average currency rates. It had 2009 profit of $2.90 per share.
Heinz derives more than 60 percent of its sales and profits overseas, meaning the stronger dollar is affecting its reported results.
Heinz also reiterated its forecast for 2010 revenue growth of 4 percent to 6 percent. It reported sales of $10.15 billion in 2009, which implies 2010 sales in a range of $10.56 billion to $10.76 billion.
Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, expect 2010 profit of $2.69 per share on sales of $10.35 billion.
Shares of Heinz added 21 cents to $38.31 in morning trading.
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