Over the next two years, the H.J. Heinz Co. is targeting at least 6 percent sales growth, the launch of 400 new products, millions of dollars in marketing spending, as well as changes to improve productivity and green initiatives to both save money and help the planet.

In the fiscal year ended April 30, the Pittsburgh food company showed off its ability to use cost-cutting moves and price increases to cope with commodity inflation, even as its global positioning helped cushion the blow of a weak dollar and slowing U.S. economy.

Heinz produced net income of $845 million, or $2.63 cents per share, compared with $785.7 million, or $2.36 per share, during the previous fiscal year. That met the expectations of analysts polled by Thomson Financial Network.

Fourth-quarter results alone showed net income hit $194 million, or 61 cents per share, compared with $181 million, or 55 cents per share a year ago. Total sales in the quarter rose more than 11 percent to $2.7 billion.

In looking at what worked last year, Heinz credited convenience foods such as Smart Ones and Boston Market frozen entrees, as well as Classico pasta sauces in boosting North American sales. Europeans were buying more Heinz ketchup and trying out new Weight Watchers soups in certain markets. Total sales for the year rose 12 percent to a record $10.1 billion.

The U.S. Foodservice unit, which serves restaurants, continued to feel the pinch of consumers eating at home more often. Sales in that division were flat.

Chairman William R. Johnson, in New York playing host to a group of analysts, said the restaurant sector might take a while to recover but that Heinz continued to invest overall in new product development for consumers around the world, particularly in tapping into health and wellness trends. In addition, the company has broadened its search for potential acquisitions.

Heinz's global reach and its mix of products offer a hedge against issues affecting individual sectors, he said. The company is projecting 20 percent of total sales could come from fast-growing emerging markets such as China and India within five years.

Heinz is projecting fiscal 2009 earnings per share in the range of $2.83 to $2.91, which would be in line with analysts' estimates. The company also announced a 9.2 percent increase in the annual dividend paid on common shares.

Investors sent its shares up slightly on the day.