Campbell Soup Posts Rise in Profit

Campbell Soup ( CPB) reported a rise in third-quarter earnings and said full-year results should beat estimates.

The company earned $129 million, or 31 cents a share, in the quarter ended April 27, compared with $96 million, or 23 cents a share, in the year-earlier quarter. Year-ago results included an amortization expense of 3 cents a share, or $13 million.

Analysts polled by Thomson First Call were expecting the company to earn 27 cents a share, on average.

Sales grew 17%, the company said, to $1.6 billion. Campbell said a reduction in promotional spending added 2% and acquisitions added 3% to sales.

"It's clear that the investments we have made in improving the quality and convenience of our products are beginning to have a meaningful impact on our results," said Douglas R. Conant, Campbell's chief executive.

Looking to full-year results, Campbell expects to earn $1.49 to $1.51 a share, ahead of analysts's estimate of $1.47 a share. The company earned $1.31 a share last year.

Shares of the Camden, N.J.-based company were up 5.4% at $22.60 in afternoon trading Monday.

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