Heinz reports drop in third quarter earnings

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H.J. Heinz Co. reported net income for the third quarter fell to $270 million, or 83 cents per share, in the three months ended Jan. 27, down from $285 million, or 88 cents per share, during the same period a year earlier.

Excluding special charges, net income was $320 million, or 99 cents per share.

Sales for the quarter rose 2 percent to $2.93 billion. Sales from emerging markets such as Latin American, Indonesia and China accounted for 23 percent of total sales.

Heinz announced on Feb. 14 that it had agreed to be acquired for $28 billion in a cash-and-debt deal offered by Warren Buffett's Berkshire Hathaway and 3G Capital, a New York-based private equity firm. If the deal receives regulatory and shareholder approval, the Pittsburgh business will no longer be a public company.

Heinz said last week that, as a result of the deal, management would not discuss third quarter earnings with analysts as planned. The deal is expected to close later this year.

Heinz shares closed Thursday at $72.19. The deal to sell the company calls for shareholders to receive $72.50 per share.

breaking - businessnews

Teresa F. Lindeman: tlindeman@post-gazette.com or at 412-263-2018.


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