Q2 2013 Earnings Call Transcript

Transcript Call Date 11/20/2012

Operator: Good morning. My name is Rachelle, and I am your conference coordinator for today. At this time, I would like to welcome everyone to the H.J. Heinz Company Fiscal Year 2013 Second Quarter Earnings Conference Call. This call is being recorded at the request of H.J. Heinz Company. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session.

I would now like to turn the call over to Meg Nollen, Senior Vice President, Strategy & Investor Relations. Ms. Nollen, you may now begin your conference.

Meg Nollen - SVP, IR and Global Program Management Officer: Thank you, Rachelle and good morning. I'd like to welcome everyone to our conference call and webcast. Copies of the slides used in today's presentation are available on our website at Joining me on today's call are Bill Johnson, Chairman, President and CEO; Art Winkleblack, Executive Vice President and CFO; and Ed McMenamin, Senior Vice President, Finance will join us for Q&A.

Before we begin with our prepared remarks, please refer to the forward-looking statement currently displayed. This is also available on this morning's earnings release, and in our most recent SEC filings. To summarize, during our presentation, we may make forward-looking statements about our business that are intended to assist you in understanding the Company and its results.

We ask you to refer to our April 29, 2012 Form 10-K, and today's press release, which lists some of the factors that could cause actual results to differ materially from those in these statements. Heinz undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities law.

We may also use non-GAAP financial measures in our presentation as the Company believes such measures allow for consistent period-to-period comparison of the business. The most directly comparable GAAP financial measures and reconciliations of these non-GAAP measures are available on the Company's earnings release and on our website at

Our complete financial highlights pages or stat pages are now available on the Investor Relations section of towards the bottom of the page. Please note, we plan to file our second quarter 10-Q later today.

Finally, we'd like to request that you limit your questions during the Q&A session to one, single part question in order to ensure adequate time for all who wish to participate and to ensure we end the call timely.

Now, with the formalities out of the way, let me turn the call over to Bill Johnson. Bill?

William R. Johnson - Chairman, President & CEO: Thank you, Meg and good morning, everyone. I'm pleased to join you today to discuss our second quarter results, the Company's full year outlook and my perspective on global environment. Starting with the second quarter, Heinz delivered EPS of $0.90 from continuing operations with organic sales growth of between 3% and 4%, our 30th consecutive quarter of organic top line growth. These results reflect a nice balance between volume and pricing and strength in our three engines of growth; emerging markets, Global Ketchup and our top 15 brands.

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