Heinz earnings lower due to Hain write-down
The third quarter includes $73.8 million of non-cash asset impairment charges, primarily related to Heinz's investment in The Hain Celestial Group.
Overall, the Company reported net income of $152.4 million, or $0.43 per diluted share, for its third quarter ended January 26, 2005. The third quarter includes $73.8 million of non-cash asset impairment charges, primarily related to Heinz's investment in The Hain Celestial Group. Excluding these impairment charges and income of $0.04 per diluted share from discontinued operations, the company reported that net income for the current quarter was up 5.3% from the prior quarter.
Heinz’s Chairman, President and CEO William R. Johnson said that he was particularly pleased by the strong sales and profit growth delivered by its North American businesses, especially U.S. Consumer Products. He said that this growth reaffirms the company’s decision to realign and simplify its North American portfolio as part of our current three-year plan. He said that the company is exploring similar strategic options for our businesses outside of North America. “Our focus on developing markets is progressing well. Heinz India posted significant sales growth as did the Company’s other businesses in Poland, Russia and parts of Asia,” Johnson commented.
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