Campbell Soup Company (CPB) reported net earnings of 33 cents per share for the quarter ended Aug. 1, compared with adjusted net earnings of 30 cents per share a year earlier.
The improvement in earnings was driven by a lower effective tax rate and a reduction in weighted average diluted shares outstanding, the company said in a statement. Sales fell 1% to $1.518 billion in the quarter.
"In a challenging year, we delivered strong earnings growth, overcoming softer-than-expected sales, particularly in our U.S. soup business," CEO Douglas Conant said.
For the full fiscal year, Campbell Soup reported adjusted net earnings of $862 million, or $2.47 per share, compared with $794 million, or $2.21 per share, for the previous year. Sales rose 1% to $7.676 billion.
For fiscal 2011, Campbell forecast sales growth of 2% to 3%, with growth of 5% to 7% in earnings per share.