Campbell Soup's Earnings Rise 11% - TheStreet

CAMDEN, N.J. (

TheStreet

) --

Campbell Soup

(CPB) - Get Report

said second-quarter earnings rose 11% and sales rose 1% to $2.15 billion.

But U.S. soup sales fell 8%, particularly in its ready-to-serve business. Last week, the company announced a plan to

increase the performance of its condensed soups

in the U.S., including further sodium reduction and more contemporary packaging.

Campbell Soup said Monday it earned $259 million in the second quarter, or 74 cents a share, vs. $233 million, or 64 cents a share, a year earlier.

Analysts surveyed by Thomson Reuters estimated earnings of 74 cents a share on revenue of $2.23 billion.

Campbell Soup reiterated statements made last week when it slashed its sales growth guidance for fiscal 2010 to 2.5% to 3.5% from a previously expected range of 4% to 5%. It expects adjusted net per-share earnings growth of 9% to 11% from a fiscal 2009 adjusted base of $2.21 a share.

Analysts expect 2010 earnings of $2.46 a share.

-- Reported by Joseph Woelfel in New York.

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