H.J. Heinz Chairman Bill Johnson said yesterday that the world needed experienced leadership in both government and corporations to step up to the plate and help restore calm to worried consumers.

"They don't know what to do," said Mr. Johnson, during a conference call to discuss the Pittsburgh food company's second-quarter earnings with analysts.

Heinz, which sells condiments, meals and snacks around the globe, managed to protect itself against some of the recent turmoil through an August decision to hedge against sharp swings in foreign currency valuations.

The company's profit grew 22 percent with net income of $277 million, or 87 cents per share, in the three months ended Oct. 29, compared with $227 million, or 71 cents, during the same period last year. Heinz had a $23 million pre-tax currency gain in the quarter as a result of the hedges.

Analysts had been expecting an average of 76 cents per share, according to Thomson Financial Network.

Heinz said market prices for items such as packaging, potatoes, tomatoes and edible oils rose almost 15 percent during the quarter but that strategic purchasing limited the net impact to 10 percent. Some commodity costs have started to come down but Heinz may not benefit for a while since it is locked into various contracts.

Meanwhile, net sales rose 3.5 percent to $2.61 billion in the quarter, up from $2.52 billion during the same period last year. The increase was driven in part by price boosts.

Heinz is seeing some consumers drift toward cheaper private label brands and others avoiding more expensive items at the grocery. In one sign of cutting back, Europeans bought fewer frozen desserts.

Mr. Johnson said many Heinz products worked well for people looking for value, and that a combination of innovation and brand reputation should help Heinz retain market share. For example, Americans snapped up new Ore Ida Steam n' Mash potatoes.

The U.S. foodservice division that services restaurants and cafeterias continues to be a drag as consumers eat and entertain more at home. The segment's sales fell 3.8 percent.

Heinz reaffirmed its guidance for the fiscal year, projecting earnings per share in the range of $2.87 to $2.91. Analysts are looking for $2.90.

The company's shares closed at $39.57, up 4 percent on the day.