US food company H J Heinz has said its first-quarter net income more than doubled, helped by strong sales in its condiments, foodservice and Asia-Pacific businesses.
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The Pittsburgh, Pennsylvania-based company reported earnings of US$214.0m, or 60 cents a share, for the first quarter to 30 July, compared with $100.0m, or 28 cents a share, a year earlier.
Excluding special items and a change in accounting rules in the year-ago quarter, Heinz posted earnings from continuing operations of $179.8m, or 51 cents a share, compared with $166.0m, or 47 cents a share, a year earlier. That result was in line with analysts’ expectations, reported Reuters.
Sales from continuing operations increased 3.1% to $1.90bn, while shipment volume rose 2.2%.
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By GlobalData
