Heinz Earnings Beat Amid Strength in Emerging Markets
Heinz reported fiscal third-quarter earnings that beat analysts' expectations amid strength in emerging markets but revenue missed forecasts.
The ketchup maker, which plans to be acquired by Berkshire Hathaway and 3G Capital, reported the earnings nearly a week ahead of schedule.
What's the stock doing now? Click here for the latest after-hours quote.
Net income dropped to $269.5 million, or 83 cents a share, from $284.7 million, or 88 cents a share, a year earlier.
Excluding items, earnings rose to 99 cents a share from 95 cents a share in the year-earlier period. Analysts had expected 90 cents a share, according to a consensus estimate from Thomson Reuters.
Revenue increased to $2.93 billion from $2.91 billion last year, but fell short of the $2.99 billion expected.
Emerging markets revenue increased 19 percent, amid strength in Latin America, Indonesia and China. That division accounted for 23 percent of the company's sales during the quarter.
Earlier this month Berkshire Hathaway and 3G Capital entered into an agreement to acquire Heinz for $28 billion, including the assumption of Heinz's outstanding debt.