Campbell earnings up 31% in quarter

by FoodBusinessNews.net Staff
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CAMDEN, N.J. — Campbell Soup Co.’s net earnings for the quarter ended April 29 were $217 million, equal to 57c per share on the common stock, up 31% compared with $166 million, or 41c per share, during the same quarter of the previous year.

Net sales were $1,868 million, which was an 8% increase compared with $1,728 million during the same quarter of the previous year.

"Our U.S. soup business was robust in the quarter and has performed well year to date, with lower sodium soups continuing to exceed our expectations in terms of consumer trial, repeat and incrementally," said Douglas R. Conant, president and chief executive officer. "Our U.S. beverage business, led by V8 vegetable juice, delivered extraordinary results and has been the company’s best-performing business this year, and Pepperidge Farm also has continued its strong performance."

Sales of condensed soups were up 4%, and both ready-to-serve soups and Swanson broth sales were up 17%. While sales of V8 beverages and Prego sauces were up, sales of Pace Mexican sauces were down. Pepperidge Farm sales were up, driven by the strong performance of Goldfish crackers.

Specifically, sales in the U.S. soup, sauces and beverages category were $807 million — a 13% increase compared with $713 million during the same quarter of the previous year. Sales in the baking and snacking segment were $441 million, a 5% increase compared with $422 million during the same quarter of the previous year. Sales in the international soup and sauces segment were $340 million, up 6% compared with $322 million during 2006.

For the nine months ended April 29, net earnings were $793 million, a 10% increase compared with $722 million during the same quarter of the previous year. Total sales were $6,273 million, a 7% increase compared with $5,889 million during the same quarter of the previous year.

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