Campbell Soup Profit Beats Street as Sales Rise 10%

Friday, 15 Feb 2013 09:44 AM

 

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Campbell Soup reported higher-than-expected quarterly profit on Friday, helped by its recent acquisition of Bolthouse Farms.

Excluding restructuring and other charges, the maker of V8 juice and Campbell Soup earned 70 cents per share. On that basis, analysts on average were expecting 66 cents, according to Thomson Reuters I/B/E/S.

Net sales grew 10 percent to $2.33 billion, boosted by sales of Bolthouse Farms products.

Net income was $190 million, or 60 cents per share, in Campbell's fiscal second quarter ended Jan. 27, compared with $205 million, or 64 cents per share, a year earlier.

The company stood by its forecast for fiscal 2013, which calls for earnings of $2.51 to $2.57 per share on sales growth of 10 percent to 12 percent.

Shares of Campbell Soup, which also makes Prego pasta sauce and Pepperidge Farm baked goods, jumped as much as 6 percent on Thursday after news of a buyout of rival H.J. Heinz sparked hopes of other acquisitions in the packaged foods industry.

© 2014 Thomson/Reuters. All rights reserved.

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