Heinz 3Q profit rises 11 percent

[February 24, 2009]  PITTSBURGH (AP) -- Ketchup maker Heinz says its third-quarter profit rose 11 percent as it raised prices for key brands. The food company is reaffirming its full-year earnings growth guidance.

Currency translation weighed on results but Heinz said Tuesday hedges it took on certain key currencies helped the results.

Heinz says its profit rose to $242.3 million, or 76 cents per share, for the three months ended Jan. 28. That's up from $218.5 million, or 68 cents per share, a year earlier.

It says revenue fell 7.5 percent to $2.41 billion.

Thomson Reuters says analysts expected a profit of 64 cents per share on revenue of $2.55 billion. The estimates typically exclude one-time items.

The company still expects 2009 profit will grow by 9 percent to 11 percent.

[Associated Press]

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