Campbell Soup 3Q profit rises 11 percent
NEW YORK - May 23, 2011 (WPVI) -- Campbell Soup says its fiscal third quarter earnings rose 11 percent as sales increases in its snack, food service and international businesses offset a decline in its core U.S. soup, sauce and beverage division.
The earnings beat Wall Street expectations. Its shares rose 27 cents to $35.51 in pre-market trading.
The Camden, N.J. company said Monday that its net income rose to $187 million, or 57 cents per share, compared with $168 million, or 49 cents per share, a year earlier.
It says revenue edged up to $1.81 billion. But sales in its U.S. soup, sauce and beverage unit fell 8 percent.
Analysts expected earnings of 52 cents a share on revenue of $1.81 billion.
For the fiscal year ending in July, Campbell Soup expects revenue to be up 3 to 5 percent, up from a previous estimate of between 2 and 4 percent growth.
new jersey, camden, campbell's soup, business/finance
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