H.J. Heinz Co. (HNZ) announced that it reaffirmed its fiscal 2012 reported earnings from continuing operations, excluding special items, outlook in a range of $3.32 to $3.34 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $3.33 per share for fiscal 2012. Analysts' estimates typically exclude special items.
The company said that it will begin manufacturing Heinz Ketchup in Brazil in fiscal 2013 to support new distribution and growth in that key Emerging Market and across Latin America, where Heinz currently holds leading shares in several other countries in the region.
"Heinz Emerging Markets are on track to generate more than 21% of our total sales this year, or around $2.5 billion. I expect our businesses in Brazil, China, Indonesia and Venezuela to each deliver at least $400 million in sales in Fiscal 2013," Chairman, President and CEO William Johnson said.
Heinz said that it remains on track to deliver its goal of at least $1.3 billion in cost savings by 2015.
by RTT Staff Writer
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