CAMDEN, N.J. (AP) — Campbell Soup moved to a profit in its fiscal fourth quarter, led by higher Bolthouse and foodservice sales.
Its adjusted profit met Wall Street's view, but revenue fell short of estimates. Its profit outlook for this fiscal year also disappointed investors, and shares fell in morning trading Monday.
The maker of canned soup, Pepperidge Farm cookies, V8 juice and other items earned $137 million, or 43 cents per share, for the three months ended Aug. 3. That compares with a loss of $158 million, or 50 cents per share, a year earlier.
Stripping out certain items, earnings from continuing operations were 49 cents per share, matching expectations of analysts surveyed by FactSet.
Campbell Soup said its quarterly results benefited from an extra week.
Revenue for the Camden, New Jersey company rose to $1.85 billion from $1.72 billion. Wall Street was calling for revenue of $1.87 billion.
Bolthouse and foodservice sales climbed 11 percent, while global baking and snack sales rose 10 percent. Sales for the U.S. simple meals unit gained 5 percent.
For the year, Campbell Soup Co. earned $818 million, or $2.59 per share. In the previous year it earned $458 million, or $1.44 per share.
Adjusted earnings from continuing operations were $2.53 per share.
Annual revenue increased to $8.27 billion from $8.05 billion.
Campbell Soup anticipates earnings for this fiscal year, which runs through summer 2015, of $2.45 to $2.50 per share. Analysts predict earnings of $2.56 per share.
The company's stock declined 96 cents, or 2.2 percent, to $43.58 in morning trading on Monday.
