Heinz has reported a 13 per cent increase in sales the third quarter of the fiscal 2010. The reported sales of $2.68bn are up from $2.38bn from the same time last year.
Net income for the quarter was $228.53m or $0.72 per diluted share compared to $242.26m or $0.76 per diluted share for the previous year quarter.
Operating income for the quarter was $437m, an increase of 13.8 per cent compared to $383.44m for the previous year quarter. The company's growth in operating income reflects organic sales growth, productivity improvements and the favorable impact from foreign exchange translation rates, partially offset by higher SG&A and commodity costs.
Total volume increased 1.2 per cent as growth in US Retail and the UK was partially offset by lower volume in Australia and US Foodservice.
"Our excellent third-quarter performance reflects strong execution of our strategy to accelerate growth in Emerging Markets and increase consumer marketing and innovation to drive volume growth in key developed markets, especially the UK and US retail businesses," said William Johnson, chairman, president and CEO of Heinz.
"After delivering our 19th consecutive quarter of organic sales growth, Heinz remains on track to deliver our recently increased Fiscal 2010 EPS outlook of $2.82 to $2.85 from continuing operations."
For the nine month period, net sales were $7.77bn compared to $7.50bn in the same period previous year. Net income for the nine month period was $672.53m or $2.11 per diluted share compared to $747.94m or $2.34 per diluted share in the corresponding period prior year.
