H.J. Heinz Co. (NYSE: HNZ) reported Thursday that the company posted a slight drop in profit in its fiscal fourth quarter despite a 13 percent rise in revenue, according to Associated Press.
The company’s profit reached $228.5 million, or 72 cents per share, in its fiscal fourth quarter, from $242.3 million, or 76 cents per share, a year earlier.
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Excluding costs related to selling the two businesses, the company earned 83 cents per share, which is a penny more than the company forecast and 6 cents more than the average prediction of analysts polled by Thomson Reuters, who typically exclude such one-time items.
Heinz earned 76 cents per share last year on that basis.
Heinz sold a frozen hors d'oeuvres business in the U.S. and a private-label frozen desserts business in the U.K.
With sales rising 41 percent in Asia and 12 percent in Europe, the company's third-quarter revenue rose to $2.68 billion, compared to $2.38 billion a year earlier. Analysts expected revenue of $2.66 billion. The sales jump in Heinz's Asia and South Pacific region was led by sales in Indonesia, China and India and offset by lower volume in Australia.
The company's North American consumer product sales climbed 7 percent to $815 million and its sales to U.S. food service businesses dropped 3 percent to $355 million.
Total U.S. volume grew 4 percent. The campaign promoted Heinz-branded products in the third quarter and is now expanding to its Weight Watchers Smart Ones, Ore-Ida, Classico and T.G.I. Fridays brands. In the U.K., volume climbed 9 percent.
Heinz reiterated its full-year earnings outlook of $2.82 to $2.85 per share from continuing operations. Analysts expect a profit of $2.84 per share.
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