Campbell Soup's 1Q Profit Rises 17%; Outlook Raised |
| Wall Street Journal - Nov 23, 2009 |
Campbell Soup Co.'s (CPB) fiscal first-quarter earnings rose 17% on improved margins and prior-year restructuring and hedging expenses, though soup sales were down absent last year's product launches.
Campbell raised its fiscal-year outlook on the strong results to earnings growth of 9% to 11% and sales gains of 4% to 5% amid expectations for favorable foreign-exchange impacts. The company in September projected profit growth of 5% to 7% and a net sales rise of 3% to 4%.
The latest quarter's earnings topped analysts' expectations. The company -- which makes soups, Pepperidge Farm cookies and V8 juice -- has faced sales pressures on beverages and higher-priced offerings. But Campbell has been trying to market its soups as a good option for frugal consumers looking to cut back on eating out. On a conference call, the company said that U.S. soup sales were up 10% in October and that the strength continued into November.
Read Full Article from Wall Street Journal
- Posted: 2009-11-23 15:03:09
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