Campbell Soup Lifts FY Adj. EPS View, Now Sees 11-13% Growth

(RTTNews) - Campbell Soup Company (CPB), the world's largest soup maker, Friday raised its adjusted earnings outlook for the full year, while it reported slightly lower adjusted results for the third quarter.

The company now expects adjusted earnings per share for the year to be in the range of $2.93 - $3.00, which represents 11 to 13 percent growth year-over-year. Earlier, it forecast 9 to 12 percent growth. However, Campbell continues to expect sales to change by -1 to 0 percent.

The current outlook includes an estimated 2 percentage-point negative impact from currency translation, as well as the impact of the Garden Fresh Gourmet acquisition.

Adjusted earnings per share in the third quarter declined 2 percent to 65 cents. While sales slid 2 percent to $1.870 billion, impacted by lower organic sales and currency translation, reported earnings per share rose 4 percent to 59 cents.

Organic sales in the third quarter declined 2 percent, largely due to a weaker U.S. soup season, some challenges in V8 beverages and a weather-related disruption in its fresh carrot supply, the company said.

Quarterly net profit rose to $185 million from $179 million, but profit before interest and taxes declined to $268 million from $285 million last year.