CAMDEN, N.J. (AP) — Campbell Soup's first-quarter profit beat Wall Street's view, helped by reduced expenses and sharply lower restructuring charges.
Its shares rose more than 3 percent in morning trading.
The maker of canned soup, Pepperidge Farm cookies and V8 juice earned $292 million, or 94 cents per share, for the three months ended Oct. 30. A year earlier the Camden, New Jersey-based company earned $194 million, or 62 cents per share.
Earnings, adjusted for one-time costs and restructuring charges, came to $1 per share. This topped the 95 cents per share that analysts surveyed by Zacks Investment Research expected.
Revenue was basically flat at $2.2 billion. This met the expectations of analysts polled by Zacks.
Sales for the global biscuits and snacks unit edged up 1 percent mostly on gains in Pepperidge Farm. Sales for the Americas simple meals and beverages division were essentially flat, with gains in Plum products offset by lower sales of V8 beverages. U.S. soup sales were basically flat, with gains in ready-to-serve soup and broth offset by modest declines in condensed soups.
Campbell Soup Co. maintained that its fiscal 2017 adjusted earnings per share will climb by 2 percent to 5 percent, or $3 to $3.09 per share. It still anticipates sales being flat to up 1 percent. Analysts polled by FactSet expect earnings of $3.05 per share.
Its shares rose $1.80, or 3.3 percent, to $56.75 in morning trading Tuesday. Its shares are up more than 16 percent over the past year.