HJ Heinz, the world's largest ketchup maker, said today earnings in its fiscal fourth quarter rose, and that it will spin off its pet foods, tuna, soup and baby foods units, and merge them with Del Monte Foods to focus on faster-growing lines.
Heinz, which is based in Pittsburgh, said it earned $223.5 million, or 63 cents a share, including special items, in the quarter ended May 1st, compared with $170.5 million, or 49 cents, a year earlier.
Wall Street analysts' earnings estimates for Heinz ranged from 59 cents to 63 cents a share in the quarter, with an average estimate at 62 cents, according to Thomson First Call.