Heinz 1Q net income falls on charges, revenue up

By the Associated Press | August 23, 2011 | 7:25 AM EDT

PITTSBURGH (AP) — H.J. Heinz Co.'s fiscal first-quarter net income slipped 6 percent on charges related to some productivity initiatives, but adjusted results topped Wall Street's expectations as revenue climbed due to strength in emerging markets.

The world's largest ketchup maker also lowered its fiscal 2012 adjusted earnings outlook on Tuesday.

Heinz earned $226.1 million, or 70 cents per share, for the period ended July 27. That's down from $240.4 million, or 75 cents per share, a year ago.

Removing productivity charges, earnings were 78 cents per share.

This beat the 76 cents per share analysts expected.

Heinz's revenue rose 15 percent to $2.85 billion from $2.48 billion, benefiting from growth in emerging markets, acquisitions and improved ketchup sales.

Wall Street forecast revenue of $2.79 billion.

Heinz is based in Pittsburgh.