Posted on 05/25/2004 4:51:33 AM PDT by palmer
CHICAGO (Reuters) - Ketchup and condiment maker H.J. Heinz Co. (NYSE:HNZ - News) on Tuesday said quarterly earnings rose sharply, as a weak U.S. dollar pushed sales higher.
The Pittsburgh, Pennsylvania-based company said it earned $196.5 million, or 55 cents a share, in the fourth quarter ended April 28, compared to $102.6 million, or 29 cents, in the year-ago period.
Earnings per share from continuing operations were 58 cents in the most recent quarter, matching the average of analysts polled by Reuters Estimates. That compares to 52 cents a year ago.
In the fourth quarter, Heinz said sales rose 6.3 percent to $2.33 billion, reflecting the weak U.S. dollar in major markets such as Europe. However, shipment volume fell 1 percent on reduced marketing spending, and a falloff in demand for some frozen foods.
For the fiscal 2005 year, the company is targeting earnings of $2.32 to $2.42 a share, consistent with its long-term growth targets. Net sales are forecast to grow 2 percent to 3 percent.
Analysts were expecting profit of $2.38 a share on average in the 2005 year from the Pittsburgh-based company.
Hmmmmm, perhaps the DNC grabbed up a bunch of ketchup....kinda like what they did with Hitlery's book to make & keep it at #1.
I'll find out soon if my free Kerry bumpersticker comes with free packets of ketchup.
Don't blame me, I'm boycotting.
Me too - I don't want that socialist John F'ing Kerry to get one red cent!
The Ketchup Boy should keep his day job!
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