CAMDEN, N.J. (AP) — Campbell Soup Co.'s fiscal fourth-quarter results were mixed, as the soup maker dealt with restructuring charges and a stronger dollar.
Campbell has been trimming costs as sales of products like canned soups have fallen because shoppers are increasingly seeking out food options that they feel are fresher. Campbell has worked to add such items to its arsenal, including buying Bolthouse Farms juices, Plum Organics baby food and salsa, hummus and dip maker Garden Fresh Gourmet.
Campbell has also said that it will take high fructose corn syrup out of all of its Pepperidge Farm breads by the end of fiscal 2017 and will stop using artificial colors and flavors in most of its products in North America by the end of fiscal 2018. It also previously announced that it will take added MSG out of condensed soup for children.
Campbell, which also makes V8 juice, earned $68 million, or 22 cents per share, for the period ended Aug. 2. That compares with $137 million, or 43 cents cents per share, a year earlier.
The prior-year period included an extra week.
Earnings, adjusted for restructuring costs, came to 43 cents per share. This beat the average estimate of seven analysts surveyed by Zacks Investment Research by a penny.
Revenue for the Camden, New Jersey-based company dropped to $1.69 billion from $1.85 billion, missing Wall Street forecasts. Four analysts surveyed by Zacks expected $1.71 billion in revenue.
Campbell said Thursday that sales were hurt by a stronger dollar and having one less week in the period.
For the year, the company reported an adjusted profit of $2.46 per share on revenue of $8.08 billion.
Going forward, Campbell foresees fiscal 2016 adjusted earnings in a range of $2.53 to $2.58 per share. Analysts polled by FactSet predict $2.55 per share.