Campbell Soup Q1 Profit Slips; Cuts FY14 Outlook - Quick Facts

(RTTNews) - Campbell Soup Co. (CPB) reported lower first-quarter earnings from continuing operations attributable to the company of $181 million, or $0.57 per share, compared with $232 million, or $0.73 per share, last year. The company said its fiscal 2014 results from continuing operations were hurt by restructuring and restructuring-related costs and by tax expenses and foreign currency hedging costs related to the divestiture of its European simple meals business.

Excluding items, adjusted earnings from continuing operations totaled $209 million, or $0.66 per share in the recent quarter. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.87 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked $2.17 billion of net sales in the period, down 2%, versus the prior-year figure of $2.21 billion. Twelve analysts estimated revenues of $2.29 billion for the quarter.

For fiscal 2014, Campbell has slashed its guidance and now expects continuing operations to grow sales by 4 to 5 percent, adjusted EBIT to grow by 4 to 6 percent and adjusted earnings per share to increase by 2 - 4 percent, or $2.53 - $2.58 per share. Sixteen analysts project annual earnings of $2.59 per share. Fiscal 2014 guidance includes the benefits of a 53rd week and acquisitions, the estimated impact of currency translation and the impact of presenting revenue on a net basis in connection with the firm's new business model in Mexico.

Earlier, the company anticipated continuing operations to grow sales by 5 to 6 percent, adjusted EBIT to grow by 5 to 7 percent and adjusted earnings per share to grow by 3 to 5 percent for the fiscal year 2014.