CHICAGO (Reuters) - Ketchup maker H.J. Heinz Co. (HNZ.N: Quote, Profile, Research) on Thursday posted lower quarterly profit, hurt by a higher tax rate. The maker of Heinz condiments, Ore-Ida frozen potatoes and a host of other packaged foods said profit was $191.6 million, or 57 cents a share, in the fiscal second quarter ended November 1, compared with $203.8 million, or 60 cents a share, a year earlier.
Earnings from continuing operations were 59 cents a share. Analysts on average forecast 60 cents a share, according to Reuters Estimates.
The results follow a contentious battle in which activist investor Nelson Peltz and his Trian Group won two seats on Heinz's board of directors. Investors were looking to see whether better-than-expected results posted for the first quarter would continue.
Higher tax rate? But the Bush Administration is all about giving Big Business and Rich People big tax breaks, not tax hikes. |