Every time Heinz (NYSE:HNZ) reports earnings, it's worth taking a peek to see if it's making any progress toward reversing 15 years of disappointing performance. It seems this ketchup company just can't cut the mustard despite having one of the best brands in America.

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 (NYSE:DLM) last December in an effort to focus on what it does best. By concentrating on condiments and sauces and jettisoning less-profitable products, it was able to increase its gross margin by nearly a full percentage point to 37.5%. Some credit can go to its innovative ways of serving up the same sauce: Ketchup saw a strong volume increase thanks to "easy squeeze" upside-down bottles; new garlic, mesquite, and Tabasco flavored Kick'rs; and colored ketchup for kids.

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.