Yesterday, Heinz announced its fiscal third quarter results and analysts were wowed; earnings of $0.76 per share came in 12 cents above analyst consensus of $0.64, on revenues of $2.41 billion, under consensus of $2.55 billion. Even in a climate of dipping sales as consumers buckle down, Heinz' strategy of reducing costs by specializing is clearly successful. What's more, the organic sales have enjoyed a steady stream of 15 consecutive quarters of growth. This quarter was lower than Q2, but 2% higher than the year-earlier quarter; Heinz management calls organics "recession-resistent," as consumers who have become convinced organic is the way to go are unlikely to suddenly decide the pesticides and GMOs in conventional brands aren't such a big risk.

Other highlights Heinz management noted included a growing market share of ketchup in Latin America, where the product hasn't historically been as popular as in North America and Europe; and the reports of a gentle turnaround in grocery sales in February after a tough January for all grocery manufacturers. Investors were pleased, sending the stock up $1.12 to $33.77; it was up again today, 17 cents to $33.94. With a forward P/E ratio of 12.00 and an obviously calm, well-reasoned plan for the next few years, this stock looks to me like a bargain. Consumers may be scrimping in their grocery buying, but ketchup, barbecue sauce and pickle products are likely to remain a constant on shopping lists worldwide.