PENNSYLVANIA, United States — HJ Heinz Co’s profit for the fiscal first quarter fell six per cent as the world’s largest ketchup maker shuttered plants and slashed jobs. But excluding the hit Heinz earnings took because of these cost-cutting measures, results beat Wall Street estimates because of sales growth in emerging markets.

Officials said the company’s performance exceeded their expectations despite the fact that it faced tough economies in developed markets like the US because of strong growth in places such as China and Brazil. Heinz, like most food and beverage companies, has been working to improve efficiency as it faces higher costs for commodities and American consumers that continue to cut back on spending during the economic downturn.

“We are off to a solid start to the year while continuing to adapt our strategies and tactics to meet the changing consumer dynamic,” said Art Winkleblack, Heinz chief financial officer told investors yesterday.

Heinz said that it’s raising prices and making other efficiency improvements to offset rising costs for tomatoes and other commodities in the near future. In May, the company announced that it would be cutting jobs, closing plants and raising prices to boost profit. Additionally, Heinz plans to shed up to 1,000 jobs globally in fiscal 2012.

Because of its efforts to cut costs and improve productivity, Heinz yesterday reported profit of US$226.1 million, or 70 cents per share, during the three months that ended July 27. That’s up from US$240.4 million, or 75 cents per share, during the three-month period a year ago.

After adjusting for costs associated with closing four factories, job reductions and other productivity initiatives, the company earned 78 cents per share. That beats the 76 cents per share analysts were expecting, according to data from FactSet

Revenue rose 15 per cent to US$2.85 billion, helped by sales growth in emerging markets and acquisitions. Wall Street expected revenue of US$2.79 billion.

For growth, the company is focusing on emerging markets like China, India, Russia, and Brazil for growth. As part of that effort, Heinz acquired the Quero brand in Brazil in April and Chinese soy sauce maker Foodstar in November. The buyouts boosted quarterly sales by 4.6 per cent.

The strategy is working. Heinz earned about 32 per cent of its revenue during the quarter in the US, while emerging markets made up 23 per cent of all sales during quarter, up from 18 per cent in the prior-year period. The company said it is confident in its growth potential as it expands globally.

Heinz reaffirmed its fiscal 2012 earnings of US$3.24 to US$3.32 per share, which excludes productivity initiative costs. Analysts expect earnings of US$3.35 per share.

Shares fell US$1.40, nearly three per cent, to US$50.64 in mid-morning trading.