UPDATE 3-Heinz Q1 oper earnings up 10 pct, top Street view

* Q1 EPS 75 cents; Street view 73 cents

* Sales up 1.6 pct

* Stands by full-year forecast

* Shares up 0.8 percent to $46.48
(Clarifies that forecast is on a constant-currency basis)

CHICAGO, Aug 31 (BestGrowthStock) – U.S. food maker H.J. Heinz Co
(HNZ.N: ) said quarterly earnings from continuing operations rose
10 percent, helped by sales growth in emerging markets.

In a preliminary report on fiscal first quarter results —
due for release on Wednesday — the company said it earned 75
cents a share. Analysts on average forecast 73 cents for the
quarter, ended July 28, according to Thomson Reuters I/B/E/S.

Heinz, which makes Ore-Ida french fries and Smart Ones
frozen foods in addition to its namesake ketchup, said sales
rose more than 3 percent on an organic basis, which excludes
acquisitions, asset sales and currency fluctuation. That
equates to 1.6 percent on a reported basis, Heinz said.

The company, which gets more than 60 percent of its sales
from outside the United States, has relied on increased sales
in emerging markets like Russia, China and Indonesia to help
lift sales.

Chairman and CEO William Johnson said in remarks prepared
for the annual shareholder meeting that he still expects
full-year sales to rise 3 percent to 4 percent, with earnings
per share up 7 percent to 10 percent. The forecast is on a
constant-currency basis, the company said.

Heinz shares were up 39 cents, or 0.8 percent, at $46.48 in
afternoon trade on the New York Stock Exchange.
(Reporting by Brad Dorfman and Martinne Geller; editing by
John Wallace)

UPDATE 3-Heinz Q1 oper earnings up 10 pct, top Street view