H. J. Heinz Co.'s first-quarter earnings increased 13.2% because of higher food prices and favorable exchange rates for foreign currency, the food maker said today.
Heinz posted earnings of $143.2 million in the company's first quarter, which ended Aug. 1, up from $126.6 million in the same 1989 period.
Per-share earnings were 54 cents, up from 48 cents in the year-ago period. The 12.5% increase reflected a two-for-one stock split in the form of distribution of shares, Heinz said.
Sales increased 7.4% to $1.56 billion from $1.45 billion, Heinz said.