H.J. HEINZ CO. $44 (New York symbol HNZ; Income Portfolio, Consumer sector; Shares outstanding: 315.6 million; Market cap: $13.9 billion; Price-to-sales ratio: 1.4; Dividend yield: 3.8%; WSSF Rating: Above Average) is a leading maker of condiments. Its flagship product, Heinz ketchup, accounts for about 60% of U.S. ketchup sales. The company also makes frozen potatoes (under the Ore-Ida brand), pasta sauces (Classico) and diet foods (Weight Watchers).
Heinz gets 60% of its sales from overseas markets, and the company continues to look to foreign markets for growth. That’s partly because rising sales in Mexico, India and Russia are helping it offset lower sales to U.S. restaurants. The falling U.S. dollar is also expanding the contribution of Heinz’s overseas sales.
In its second quarter, which ended October 28, 2009, the company’s earnings fell 11.6%, to $0.76 a share from $0.86 a year earlier. However, if you disregard an $0.18-a-share foreign-currency hedging gain in the year-earlier quarter, earnings per share would have risen by 11.8%.
Sales rose 2.5%, to $2.7 billion from $2.6 billion. Heinz raised its prices to offset higher costs for ingredients. That helped it overcome a 4.1% drop in sales volume. However, sales in emerging markets rose 11.7%.
Heinz trades at 15.9 times its likely fiscal 2010 earnings of $2.77 a share.
Heinz is a buy.
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