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.
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