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Food and Beverage News: Heinz, Dr Pepper Snapple

Posted: Nov. 19th, 2011  |  By Forbes

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Food producer H.J. Heinz 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 (nyse: HNZ - news - people ) reaffirmed its full year earnings outlook, which falls short of Wall Street forecasts.

Late yesterday, Dr Pepper Snapple Group (nyse: DPS - news - people ) 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.

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