Every time Heinz
Today's first-quarter results were much better than what we saw three months ago, when higher costs and lower sales led to sharply lower earnings. Instead, Heinz poured out a profit of $0.51 per share from continuing operations -- 9% higher than the same period last year -- on a 3% rise in sales.
The company spun off some of its non-core businesses to Del Monte
What's in store for the future? Look for Heinz to sell off even more of its low-margin businesses, and continue to try to pay down some of its $4.7 billion in debt.
Today's news was at least not a step backward. Still, in a year when the S&P 500 is up about 12%, the company's stock is barely above breakeven. We can't blame investors for not giving the ketchup king a fair squeeze.