Campbell Soup Q2 Profit Climbs; Backs FY14 Guidance - Quick Facts

(RTTNews) - Campbell Soup Co. (CPB) posted higher second-quarter earnings from continuing operations of $235 million, or $0.74 per share, compared with last year's $171 million, or $0.54 per share.

In the second quarter of fiscal 2014, the firm and its joint venture partner Swire Pacific Ltd. agreed to restructure manufacturing and streamline operations for its soup business in China. The company recorded pre-tax restructuring charges of $13 million related to this initiative.

Excluding items impacting comparability in both periods, adjusted earnings from continuing operations totaled $240 million, or $0.76 per share in the quarter. For the recent period, adjusted net earnings per share attributable to Campbell Soup were $1.04. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.73 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly sales from continuing operations grew 6 percent year-on-year to $2.28 billion, from $2.16 billion, and organic sales went up by 3 percent. Thirteen analysts estimated revenues of $2.27 billion for the quarter.

Looking ahead to fiscal 2014, the company confirmed its outlook, still expecting adjusted earnings to grow 2 - 4 percent to $2.53 - $2.58 per share, on projected sales growth of 4 - 5 percent. Street is currently looking for fiscal 2014 earnings of $2.51 per share.