Campbell Reports First Quarter Results.
CAMDEN, N.J. Campbell Soup Co. on Monday reported earnings from continuing operations for the quarter ended Oct. 28 of $270 million, compared to $269 million in the prior year. Earnings per share from continuing operations for the current quarter were 70 cents, compared to 66 cents in the year-ago period, an increase of 6 percent, reflecting a lower average number of diluted shares outstanding, due to the company’s share repurchase programs.
Sales for U.S. soup, sauces and beverages were $1.097 billion, an increase of 4 percent compared to a year ago, whereas sales for baking and snacking were $532 million, up 10 percent from a year ago.
“We are pleased with the performance of many businesses in our portfolio, including the strong top line growth in our baking and snacking business and our U.S. beverage business, which continued its strong growth trend,” Douglas Conant, Campbell’s president and chief executive officer, said.
The company expects its continuing operations to deliver sales growth in excess of its long-term target range of between 3 and 4 percent.