USA: Heinz issues revised earnings outlook for second half of fiscal 2001 and preliminary outlook for fiscal 2002
H. J. Heinz Company (NYSE:HNZ) yesterday announced that it is revising its earnings outlook for fiscal year 2001 (ends May 2, 2001) to an anticipated earnings per share (EPS) of approximately $2.81 to $2.83. This projection reflects core earnings of approximately $2.54 to $2.56 per share (excluding restructuring costs) plus a benefit of $0.27 per share from tax planning and new tax legislation in Italy enacted in the third quarter. Preliminary indications are that third quarter core EPS will be approximately $0.65. Including the Italian tax benefit and excluding restructuring, Heinz anticipates EPS of $0.92 for the third quarter. Third quarter sales are expected to be up approximately 4% on a constant currency basis and down approximately 1% on a reported basis. Full year sales are expected to be up approximately 3% on a constant currency basis and down approximately 1% on a reported basis. (Fiscal 2001 is one week shorter than fiscal 2000.)
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