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Heinz pours on 9.7 pct rise in 4Q net income

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[May 27, 2010]  PITTSBURGH (AP) -- Food maker H.J. Heinz Co. said Thursday that rising sales in emerging markets pushed its fourth-quarter net income up 9.7 percent.

Cost-cutting and higher prices also helped offset rising ingredient prices.

Heinz also raised its 2011 dividend 12 cents to $1.80.

The maker of Ore-Ida potatoes and Classico pasta sauce, as well as its signature ketchup, said it earned $192.4 million or 60 cents per share in the three months ending April 28. That compares with $175.1 million or 55 cents per share in the same period last year.

Revenue rose 8.3 percent to $2.72 billion.

According to Thomson Reuters, analysts expected earnings per share of 59 cents on revenue of $2.75 billion.

For fiscal 2011, the company expects sales growth of between 3 and 4 percent, implying revenue between $10.8 billion and $10.9 billion. It also expects earnings per share growth of 7 percent to 10 percent, implying between $2.92 and $3.20 per share.

Analysts polled by Thomson Reuters expect earnings of $3.09 per share on revenue of $10.79 billion.

For the full year, Heinz reported net income of $864.9 million, or $2.71 per share, down from $923.1 million, or $2.89 per share, a year earlier. Revenue rose from $10.01 billion to $10.49 billion.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




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