Campbell Soup's Adjusted 3rd-quarter Profit Rises

Campbell's had planned to announce its earnings on Friday morning but released the results Thursday after the market closed. Shares of Campbell's fell 15 cents Thursday to close at $26.79. In after-hours trading, the shares rose 81 cents, or 3 percent, to $26.79.

The company said overall soup sales fell 2 percent to $808 million from $811 million in the quarter. Ready-to-serve soups fell 7 percent, which continues the trend of declining convenience soup sales, Campbell's said. That line includes soups in pre-filled microwavable bowls and cups.

The trends of consumers cutting their food budgets, trimming nonessentials and eating more at home during the recession helped Campbell's condensed soup sales, though. Those sales rose 2 percent in the quarter, with varieties used in cooking achieving strong gains.

Chief Executive Douglas Conant said in a statement that soup sales rose 6 percent in the first nine months of the year.

"Consumers continued to view soup as a simple, nourishing and affordable meal," he said. "In particular, condensed cooking soups provided strong growth, as our value marketing message resonated with consumers."

Sales of Prego pasta sauces and Pace Mexican sauces grew in the double digits, also benefiting from the eat-at-home trend.