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Article updated: 2/22/2013 10:02 AM

Heinz 3rd-quarter net income dips

PITTSBURGH -- Food maker H.J. Heinz says its fiscal third quarter net income fell 5 percent as gains in emerging markets were offset by costs related to selling a frozen food business in China.

The company is in the process of being bought by Warren Buffett's Berkshire Hathaway and 3G Capital for $23.3 billion.

Net income for the three months ended Jan. 27 totaled $269.5 million, or 83 cents per share. That compares with $284.7 million, or 88 cents per share, last year. Excluding one-time items, net income from continuing operations totaled 99 cents per share. Analysts expected 90 cents per share.

The maker of Heinz ketchup, Classico pasta sauce and Ore-Ida potatoes says revenue rose 2 percent to $2.93 billion from a year ago. Analysts expected $2.99 billion.

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