Campbell Soup Q2 Net Sales Increase To $2.15bn
Campbell Soup company has reported net sales of $2.15bn for the second quarter of fiscal 2010, compared to $2.12bn for the same quarter prior year. EBIT for the quarter was $391m compared with $355m in the prior-year quarter.
For the quarter, net earnings were $259m, an increase of 11% compared with $233m in the same quarter previous year. Net earnings per share were $0.74 in the current quarter compared with $0.64 in the year ago quarter, an increase of 16%.
Net sales for the first half of fiscal 2010 was $4.35bn compared to $4.37bn for the same period previous year. EBIT for the first half was $869m compared with $754m in the previous year period.
Net earnings for the first half were $563m, or $1.61 per share, compared with $493m, or $1.34 per share, in the year-ago period.
Sales for US soup, sauces and beverages were $1.068bn for the second quarter, a decrease of 5% compared to a year ago quarter. Sales for baking and snacking were $489m in the second quarter, an increase of 11% compared to the same quarter prior year.
Sales for international soup, sauces and beverages were $437m for the second quarter, an increase of 12% compared with a year ago quarter. Sales for North America foodservice were $159m for the second quarter, a decrease of 2% compared with a same quarter previous year.
Douglas Conant, president and CEO of Campbell, said: In the quarter, we delivered good earnings growth driven mainly by overall strong cost management, productivity gains and favorable currency. In particular, our Baking and Snacking and International Soup, Sauces and Beverages segments improved their earnings performance.
In US Soup, Sauces and Beverages, earnings declined due to lower sales, particularly in ready-to-serve soup. Our condensed soup business, especially cooking varieties, and our broth business both delivered solid performance and remained well positioned in this economic environment. In the ready-to-serve business, our lower promotional spending and intense competitive activity in the broader simple meals category impacted our results. We have plans in place to drive improved performance in ready-to-serve soup in the second half.
Campbell maintained its full-year guidance for adjusted earnings growth before interest and taxes (EBIT) of 6% to 7% and adjusted net earnings per share growth of 9% to 11% from the fiscal 2009 adjusted base of $2.21. The company revised its fiscal 2010 guidance for sales growth to 2.5% to 3.5% from the prior range of 4 to 5%.
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