Smith, for her part, says she is currently looking favorably at companies that have avoided heavily discounting their products and still managed to grow volumes in the weaker economic environment. "When the economy does return to growth, if you discount too much, it will be difficult to raise prices when the economy recovers," Smith explains. She also prizes companies that have been able to control costs; management teams that have been able to do so have managed to grow margins despite the recent downturn. Indeed, Heinz seems to fit all of Smith's criteria: the company has seen both top-line improvement and volume growth, has been able to maintain pricing without heavy discounting, has posted growing margins, and has realized cost savings. It even boasts, she says, an appealing exposure to international markets. Thus, when Heinz releases its third quarter earnings on Feb. 25, Smith says she will key on how the company is faring in international markets, including the United Kingdom and emerging economies. She'll also turn a critical eye to Heinz's Smart Ones frozen meal brand, for signs of improvement. Last year was a tough one for the frozen meals business as consumers cut spending in the category. Still Heinz's sales from continuing operations grew 2.5% to $2.67 billion in the second quarter, led by double-digit organic growth in emerging markets and acquisitions. On Jan. 11, Heinz reaffirmed its earnings per share outlook of $2.72 to $2.82 from continuing operations for fiscal year 2010. Smith's own earnings forecast is in line with Wall Street consensus estimates of 71 cents for the current quarter and $2.82 for the year, at the high end of management guidance. Smith currently has a buy recommendation on Heinz with a $50 price target, compared to Wednesday's closing price of $43.70. Loading Comments... 1 2 3 4 5 Last » Next ›
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