Campbell Soup 3Q profit rises 11 percent

Monday, May 23, 2011
Campbell Soup

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.

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