Campbell Soup Tops Q4 Estimates

The company expects higher sales and profits in the 2013

   

Campbell Soup (NYSE:CPB) announced on Tuesday that it earned $127 million during its fiscal fourth quarter, up 27% from $100 million in the same period past year.

The company recorded revenue of $1.61 billion, mostly unchanged since 2011, beating the $1.59 billion that analysts were looking for, the Associated Press noted.

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Adjusted EPS for the quarter was 41 cents, which also topped analysts’ estimates of 39 cents.

For fiscal 2012, Campbell Soup reported a $774 million profit, down from $805 million in fiscal 2011. Annual revenue slipped from $7.72 billion last year, to $7.71 billion in 2012. EPS for the year was $2.41.

Looking forward, the company predicts rising revenue of between $8.48 billion and $8.64 billion for fiscal 2013, exceeding analysts’ estimate of $8.47 billion. Full-year EPS for 2013 is forecast at between $2.51 and $2.57. Analysts expect EPS of $2.52. Campbell is in the midst of a so-far successful turnaround, led by CEO Denise Morrison, who came on board a year ago with a focus on restructuring the venerable food company.

Company officials said during the fourth quarter, U.S. sales of soups, sauces and broths rose 7% over last year, while sales of beverages like V8 in the U.S. rose 3% compared to 2011.

Global sales of snack foods dipped by 1% in the fourth quarter, while worldwide sales of beverages and simple foods fell 7%, compared to last year. The company noted that a rising U.S. dollar had dented overseas sales.

Shares of Campbell Soup rose about 1% in Tuesday morning trading.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/campbell-soup-tops-q4-estimates/.

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