H.J. Heinz (">HNZ) shares are dripping downward this morning despite the company’s beating fiscal Q2 sales and profit expectations and raising its forecast for the year. Heinz stock is down 9 cents, a quarter of a percent, at $43.10.
Sales rose 2.5% to $2.67 billion, primarily from emerging markets and from acquisitions the company had made, yielding profit per share of 73 cents. That was better than the $2.63 billion and 69 cents expected. Sales in Asia-Pacific rose 25%, compared to a 4% decrease in the U.S.
For the fiscal year, Heinz projects EPS of $2.72 to $2.82, up from a previous view of $2.60 to $2.70, and better than the $2.75 expected. The company also said it now expects to make $1 billion in operating cash flow for the year, versus a prior expectation of $850 million to $900 million.
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