Campbell to offer share buy back, updates guidance
June 30, 2008
by Eric Schroeder
CAMDEN, N.J. — The board of directors of Campbell Soup Co. has authorized a $1.2 billion share repurchase program. The program, which is in addition to Campbell’s ongoing practice of buying back shares sufficient to offset shares issued under incentive compensation plans, will be in place through the end of the company’s 2011 fiscal year.
"The $1.2 billion share repurchase program reflects the ongoing confidence we have in Campbell’s long-term growth potential and is a continuation of our commitment to enhance shareowner value," said Douglas R. Conant, president and chief executive officer.
In addition to the repurchase program, Campbell provided an update on its guidance, saying it now expects its 2008 full-year profit will come in at the upper end of the 5% to 7% range it had previously expected. That works out to $2.05 to $2.09 per share.