H.J. Heinz Co. (HNZ) Profit Drops
H.J. Heinz Co., which makes ketchup and a range of other foods, said Thursday its fiscal second-quarter profit slipped 6 percent, reflecting a higher tax rate and the impact of discontinued operations.
But the Pittsburgh-based company said revenue grew by about 3.5 percent, led by U.S. ketchup sales, and that it had raised its fiscal 2007 earnings outlook.
Heinz's chairman, president and chief executive, William R. Johnson, said the results showed the effects of a growth plan introduced June 1, when Heinz was embroiled in a proxy fight with dissident investors led by billionaire Nelson Peltz.
But the Pittsburgh-based company said revenue grew by about 3.5 percent, led by U.S. ketchup sales, and that it had raised its fiscal 2007 earnings outlook.
Heinz's chairman, president and chief executive, William R. Johnson, said the results showed the effects of a growth plan introduced June 1, when Heinz was embroiled in a proxy fight with dissident investors led by billionaire Nelson Peltz.
Labels: H.J. Heinz Co., HNZ
posted by Stock Administrator @ 8:36 PM
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