Campbell income down 3% in quarter
May 24, 2010
CAMDEN, N.J. — Earnings for the Campbell Soup Co. for the quarter ended May 2 were down 3% on restructuring and tax expenses.
For the third quarter the company had earnings of $168 million, equal to 49c per share on the common stock, which compared with income of $174 million, or 49c per share, during the same quarter of the previous year. Sales for the quarter were $1,802 million, up 7% from $1,686 million during the same quarter of the previous year.
“We delivered another quarter of strong adjusted earnings growth driven by an improvement in volume trends coupled with continued gains from productivity and favorable currency,” said Douglas R. Conant, president and chief executive officer. “Our U.S. beverages and sauces businesses had an outstanding quarter with strong top- and bottom-line performance, led by ‘V8 V-Fusion’ juices and ‘Prego’ and ‘Pace’ sauces. In addition, U.S. soup delivered strong volume gains, particularly in ready-to-serve soups. The promotions plans we executed in the third quarter drove volume growth in all formats — condensed, ready-to-serve and broth. We also were pleased with the earnings growth of our Baking and Snacking segment, led by Pepperidge Farm.”
Operating earnings for the U.S. Soup, Sauces and Beverages segment were $214 million, down 10% from $195 million during the same quarter of the previous year. Sales in the segment were $848 million, up 5% from the previous year.
The Baking & Snacking segment had operating earnings of $76 million, up from $57 million during the same period of the previous year. Sales in the segment were $477 million, up 11% from the same period of the previous year.
For the nine-month period the company as a whole had earnings of $731 million, or $2.09 per share, up 10% from $667 million, or $1.83 per share, during the same period of the previous year. Sales for the period were $6,158 million, up 2% from the same period of the previous year.