Tags: Campbell | sales | profit | soup

Campbell Soup Beats Street Estimate, Raises Outlook

Monday, 20 May 2013 09:19 AM

Campbell Soup Co. reported higher-than-expected quarterly earnings and raised its full-year forecast on improved sales, sending its shares up 2.5 percent in premarket trading.

The world's largest soup maker said net income rose to $181 million, or 57 cents per share, in the fiscal third quarter ended April 28, from $177 million, or 55 cents per share, a year earlier.

Excluding items, profit was 62 cents per share. On that basis, analysts, on average, expected 56 cents per share, according to Thomson Reuters I/B/E/S.

Net sales rose 15 percent to $2.09 billion, boosted by the acquisition of Bolthouse Farms. Analysts expected $2.05 billion. Campbell also sells Prego pasta sauces, Pepperidge Farm cookies and V8 vegetable juices.

Sales rose 11 percent in its U.S. simple meals business, and were up 5 percent in the global baked goods business, and 2 percent in the international simple meals and drinks business. Sales fell 5 percent in the U.S. drink business.

The company forecast full-year earnings of $2.58 to $2.62 per share, up from a prior outlook of $2.51 to $2.57. It said sales growth should be at the upper end of its range of 10 percent to 12 percent.

Shares rose $1.17, or 2.5 percent, to $48.80 in premarket trading from their close on Friday at $47.63 on the New York Stock Exchange.

© 2017 Thomson/Reuters. All rights reserved.

   
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Campbell Soup Co. reported higher-than-expected quarterly earnings and raised its full-year forecast on improved sales, sending its shares up 2.5 percent in premarket trading.
Campbell,sales,profit,soup
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2013-19-20
Monday, 20 May 2013 09:19 AM
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