Here is a summary of the latest numbers for FY 2007: EPS increased 13% to $2.38, compared to FY 2006 EPS of $2.10. Sales grew 4% to $9 billion, while the top 15 brands grew 8.5%. Operating income grew 7.2% to $1.45 billion and the company exceeded its operating free cash flow by 10% to $878 million.

Just when you thought that everyone who wanted ketchup had a bottle, global ketchup sales increased 9%. That's a lot of picnics. These numbers are impressive, particularly when seen against the backdrop of $180 million increased cost of raw materials. Heinz repurchased $1 billion of its stock in FY 2006-2007, and realized over $350 million in productivity gains by closing domestic manufacturing facilities and keeping a lid on manufacturing costs. The company has started to discontinue low profit margin products and is shifting much of its R&D budget to organic and healthier living products.

North American sales of all Heinz-owned labels grew 7.3% despite a 2% average price increase. Commercial sales to the food service industry were down by less than 1%, not bad considering the fall off in restaurant dining numbers due to higher gas prices and negative economic news about the housing market.

European sales increased 3%, but the big news is a 7.6% sales increase in the Asia/Pacific division, where sales volume increased 4.2% despite a 2% price increase. In the rest of the world, Heinz products posted double digit growth in China, India, and Indonesia. Heinz expects this trend to continue into 2008, and forecasts large growth in emerging Latin American markets. Given the success of FY 2007, Heinz raised FY 2008 guidance to EPS $2.54-$2.60.