Heinz fiscal 3rd-quarter net income falls as strength in emerging markets offset by costs

PITTSBURGH, Pa. – Food maker H.J. Heinz says its fiscal third quarter net income fell 5 per cent as gains in emerging markets were offset by costs related to selling a frozen food business in China.

The company is in the process of being bought by Warren Buffett’s Berkshire Hathaway and 3G Capital for $23.3 billion.

Net income for the three months ended Jan. 27 totalled $269.5 million, or 83 cents per share. That compares with $284.7 million, or 88 cents per share, last year. Excluding one-time items, net income from continuing operations totalled 99 cents per share. Analysts expected 90 cents per share.

The maker of Heinz ketchup, Classico pasta sauce and Ore-Ida potatoes says revenue rose 2 per cent to $2.93 billion from a year ago. Analysts expected $2.99 billion.