H.J. Heinz, CPG Heinz Shows Increased First-Quarter Profits
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Manufacturing News, Source : The Manufacturer US
Published : 31 Aug 2006 17:40
H.J. Heinz Co., which has been fighting billionaire investor Nelson Peltz's attempt to restructure the company, said first-quarter profit rose on higher sales of new products.
Net income climbed to $194.1 million, or 58 cents a share, from $157.3 million, or 45 cents, a year earlier. Sales for the three months that ended August 2 increased to $2.06 billion from $1.9 billion, Pittsburgh-based Heinz said.
Peltz waged a proxy fight against Heinz, the world's largest ketchup maker, culminating in the likely election of some candidates to the board. In June the company said it would reduce spending by $355 million, close 15 factories, and cut 2,700 jobs. Sales were helped by new products such as Plasmon baby food in Italy and refrigerator-door-fitting ketchup in the US.
"Clearly this was an unusual period and the company has incentive to report a strong quarter,'' said Dan Popowics of Fifth Third Asset Management in Cincinnati.
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