UPDATE: Heinz Reports Drop In FQ1 Profit

H.J. Heinz Co

reported a decline in its fiscal first-quarter profit. Heinz's quarterly profit dropped to $226.1 million, or $0.70 per share, from $240.4 million, or $0.76 per share, in the year-earlier period. Its sales climbed to $2.85 billion from $2.48 billion. Excluding special items, Heinz's earnings came in at $0.78 per share, versus analysts' estimates of $0.76 per share. Heinz affirmed its adjusted profit forecast for the fiscal year of $3.24 to $3.32 per share, versus analysts' estimates of $3.65 per share. Heinz shares fell 0.13% to $51.97 in after-hours trading.