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Heinz Reports $199 Million Second Quarter
NEW YORK - Nov 23/04 - SNS -- H.J. Heinz Company reported net income of $199.0 million on sales of $2,199.6 million, up from a net income of $191.5 million on sales of $2,090.5 million during the same quarter last year.
The results lifted net earnings for the first half of the 2005 fiscal year to $393.8 million on sales of $4,202.6 million, compared to net earnings of $405.5 million on sales of $3,986 million during the same six month period in fiscal 2004.
The company said its second quarter sales growth was driven by "a combination of favorable foreign exchange rates and a 0.5% increase in volume/mix."
The volume/mix improvement was driven mainly by strong volume growth of 3.4% in the North American Consumer Products business, primarily in frozen brands such as Ore-Ida(R) frozen potatoes and Delimex(R) snacks.
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