US: Campbell Soup records “strong” earnings growth
Campbell Soup Co has delivered strong earnings growth in what it described as a “challenging year”.For the twelve-month period, net earnings amounted to US$844m compared to $736m in the prior year period.
Sales edged up 1% to $7.67bn, while EBIT climbed to $1.35bn from $1.18bn in the prior year.
Douglas Conant, Campbell’s president and CEO, said: “In a challenging year,
we delivered strong earnings growth, overcoming softer-than-expected sales, particularly in our US soup business. We had another year of strong cash flow performance, generating more than $1 billion in cash flow from operations.”
In fiscal 2011, Campbell said it expects sales growth of 2 to 3% and adjusted
earnings growth before interest and taxes (EBIT) of 4 to 5%, both slightly below the company’s long-term growth targets.
just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/