(RTTNews) - Packaged food products maker HJ Heinz Co. (HNZ: News ) is slated to release its second-quarter earnings results before the market opens Tuesday.

On average, 13 analysts surveyed by Thomson Reuters expect the company to post earnings of $0.70 per share for the quarter, with estimates ranging between $0.66 and $0.73 per share. Analysts' estimates typically exclude special items. Revenues for the quarter are estimated to be $2.63 billion, representing a 0.6% rise from last year.

In the same quarter a year ago, the Pittsburgh, Pennsylvania-based maker of ketchup, sauces and soup had recorded net income of $276.71 million or $0.87 per share, on revenues of $2.61 billion.

Founded in 1869, Heinz manufactures and markets healthy, convenient and affordable foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition. The company has operations in North America, Africa, Latin America, Europe, the Asia Pacific, and the Middle East.

Like most packaged food companies, the economic downturn has benefited Heinz as consumers started eating at home more often than going to restaurants to save money. However, the company's profitability is challenged by fluctuating price of ingredients as well as stronger dollar as it does much of its business overseas.
While announcing the first-quarter results back in August, William Johnson, Heinz Chairman, President and Chief Executive Officer, stated, "Heinz continues to invest in marketing and innovation despite this difficult economy. At the same time, we have refrained from chasing unprofitable volume."

Heinz also reaffirmed then its fiscal 2010 forecast, and said it continues to expect earnings per share growth in a range of 5% to 8%, sales growth of 4% to 6% on a constant currency basis, and growth in operating income of 6 to 8%. Analysts expect the company to report earnings of $2.75 per share for the fiscal 2010, lower than prior year's $2.90 per share, while revenues are projected to be $10.44 billion, representing a 2.9% growth from last year's $10.15 billion.

In its preceding first quarter, Heinz had reported net income of $212.56 million or $0.67 per share, down from prior-year's $228.96 million or $0.72 per share, as unfavorable currency effects drove down sales to $2.47 billion from $2.58 billion in the previous year. The impact of currency reduced quarterly sales by 9% and both net income and earnings per share by 17%. On a constant currency basis, Heinz achieved 4.5% sales growth. Heinz also said it was the 17th consecutive quarter of organic sales growth.

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