H.J. Heinz Co. reported lower quarterly net earnings on Thursday, hurt by one-time charges related to productivity improvements.
The ketchup maker said net earnings were $175.3-million (U.S.), or 54 cents per share, for its fiscal fourth quarter ended April 29, down from $223.9-million, or 69 cents per share, a year earlier.
Excluding pre-tax charges of $113-million, or 27 cents per share, Heinz earned 81 cents per share.
Sales rose to $3.05-billion from $2.89-billion a year earlier.