Campbell Soup

(CPB) - Get Report

said its fiscal fourth-quarter earnings dropped 54% from a year ago, but before items profits still topped expectations.

The Camden, N.J., company earned $44 million, or 11 cents a share, in the quarter ended July 30, compared with $96 million, or 23 cents a share, a year ago. Adjusted for items, Campbell would have earned 23 cents for the latest quarter, a penny ahead of estimates.

Fourth-quarter revenue rose 3.6% to $1.45 billion, below the analysts' estimate of $1.55 billion.

For fiscal 2007, the company expects to earn $1.82 to $1.85 a share from continuing operations on revenue of $7.56 billion to $7.64 billion. Analysts were expecting earnings of $1.88 a share on revenue of $7.77 billion.

During the fourth quarter of fiscal 2006, the company reached an agreement for the sale of its U.K. and Irish businesses. The operating results for these businesses are reflected as discontinued operations.

The shares of Campbell fell 63 cents, or 1.8% to $36.55.

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