Heinz 2nd-quarter profit rises

[November 21, 2008]  PITTSBURGH (AP) -- Heinz says strong sales of products such as Ore-Ida frozen potatoes and frozen meals drove up fiscal second-quarter 22 percent as cash-strapped consumers cook more meals at home.

The Pittsburgh-based food maker also said Friday it benefited from hedging against currencies.

Heinz says profit for the three months ended Oct. 29 rose to $276.7 million, or 87 cents per share, from $227 million, or 71 cents per share, a year earlier. Revenue rose 4 percent to $2.61 billion from $2.52 billion.

Analysts surveyed by Thomson Reuters were expecting a profit of 76 cents per share on revenue of $2.7 billion.

The maker of namesake ketchup and Weight-Watchers meals says net prices rose 8 percent to offset higher costs for ingredients.

[Associated Press]

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