Heinz sales, shares up

H.J. Heinz Co., the maker of ketchup and other foods, reported its first-quarter earnings fell 9 percent from its profit a year ago that was boosted by the sale of some of its businesses to Del Monte.

But its sales rose 5.7 percent, helped by the introduction of some new products, and the company’s shares closed nearly 3 percent higher.

Heinz said Tuesday it earned $194.8 million, or 55 cents per share, for the three months ended July 28 compared with $214 million, or 60 cents per share, during the same period last year.

Excluding results from the Del Monte deal a year ago, when the company sold StarKist tuna, its U.S. baby food business and other units, earnings per share were up 7.8 percent for the quarter. The sale to Del Monte also included the company’s pet food business, which operates a plant in Lawrence.

Agriculture

Kansas corn crop may be record breaker

The state’s corn crop continues to be well-above average, according to a recent report issued by the Kansas Agricultural Statistics Service.

The service reported 14 percent of the state’s corn crop was mature and that early cutting had begun in some parts of eastern and central Kansas. The crop’s condition was rated 22 percent excellent, 53 percent good, 18 percent fair, 6 percent poor and 1 percent very poor.

If early projections hold, farmers will cut a 2004 crop that just barely breaks the state’s record set in 1999.

Kansas City, Mo.

Interstate Bakeries to close more plants

Kansas City, Mo.-based Interstate Bakeries Corp. said Monday it was closing a bakery in Buffalo, N.Y., a move that would eliminate 200 jobs.

The closing will be effective Oct. 23. This is the second plant closing announced in the past two months by the maker of Wonderbread and Hostess sweet goods. It said last month that it would close a bakery Sept. 17 in Monroe, La., eliminating 50 jobs.

Real estate

Housing sales slow

Sales of previously owned homes declined in July but still posted their third-best sales pace on record — a sign that the housing market, while slowing a bit, remains in good shape.

The National Association of Realtors reported Tuesday that sales of existing homes fell to a seasonally adjusted annual rate of 6.72 million units, representing a 2.9 percent decrease from June’s record-high pace of 6.92 million units.