Food and Beverage News: Heinz, Dr Pepper Snapple Friday, November 18, 11:43 AM ET
Food producer H.J. Heinz (
HNZ) reported a decline in fiscal second quarter earnings today.
Profits fell to $237 million, or $0.73 per share, from $251.4 million, or $0.78 per share, in last year's second quarter.
Adjusted earnings of $0.81 per share were just ahead of analyst estimates.
Sales missed analyst expectations, however, rising to $2.83 billion from $2.61 billion last year.
Heinz reaffirmed its full year earnings outlook, which falls short of Wall Street forecasts.
Late yesterday, Dr Pepper Snapple Group (NYSE:
DPS) announced its board had approved an additional $1 billion in stock buybacks.
Dr Pepper noted that the company has now authorized a total of $3 billion in shares repurchases, and that it bought back about $1.5 billion in common stock through the third quarter.
The beverage producer also declared a quarterly dividend of $0.32 per share.
For MarketNewsVideo.com, I'm Sayoko Murase.
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Food and Beverage News: Heinz, Dr Pepper Snapple
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