by Christopher Freeburn | September 4, 2012 9:49 am
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.
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.
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