Campbell Soup Q2 Profit Matches Estimates - Quick Facts

(RTTNews) - Campbell Soup Company (CPB) reported second-quarter income from continuing operations of $207 million or $0.66 per share, compared to $228 million or $0.74 per share, prior year. Adjusted earnings per share was $0.66, for the quarter. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.66 for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBIT decreased 17 percent to $312 million, reflecting a lower gross margin percentage and the unfavorable impact of currency translation, partly offset by lower marketing expenses. Net sales decreased 2 percent to $2.23 billion from $2.28 billion last year, , due to the negative impact of currency translation. The company reported that its organic sales were comparable to the prior year with favorable volume and mix and higher selling prices, offset by increased promotional spending. Analysts expected revenue of $2.23 billion for the quarter.

Campbell's CEO Denise Morrison said, "Our second-quarter organic sales were comparable to the year-ago period. Adjusted EBIT declined by double digits, reflecting disappointing gross margin performance in the quarter, and was below our expectations."

For fiscal 2015, including an estimated 2-point negative impact from currency translation, Campbell expects a year-over-year change in sales in between a decrease of 1% and increase of 1%. Campbell expects adjusted EBIT to be down 7 to 5 percent in 2015.

The company expects fiscal 2015 adjusted EPS in the range of $2.32 to $2.38. Analysts expect the company to report fiscal 2015 earnings per share of $2.39.