Campbell Soup Reports Quarterly Earnings of 33 Cents Per Share

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.

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"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.
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