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Monday, November 23, 2009

Campbell Soup Quarterly Profit Climbs 37%

By Ken Sweet

FOXBusiness

Food company Campbell Soup (CPB) reported better-than-expected earnings Monday as the food company saw improved profit margins across many of its products.

The maker of its namesake soup products along with V8 vegetable juice, reported a fiscal-first quarter profit of $304 million, or 87 cents a share, an increase from $260 million, or 70 cents a share, from a year ago. Earnings excluding one-time items rose to 87 cents a share from 76 cents a share.

Sales, however fell 2% to $2.2 billion on lower volumes and higher foreign-exchange costs.

The results beat the 81 cents a share that analysts were looking for.

Campbell’s gross margin rose to 41.9% during the quarter from 38.7% on cost cutting and higher wholesale prices.

Campbell also raised its full-year guidance only one quarter into their fiscal year. The company now expects earnings growth between 9% and 11% on sales growth of 4% to 5%. That is up from the earnings growth of 5% to 7% the company had previously estimated.

Shares of Campbell were down 1 cents to $34.11 a share.

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