Campbell Soup (CPB) Earnings Up 16% in Q3, Sales Flat
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Price: $23.81 +4.16%
Revenue Growth %: -7.3%
Financial Fact:
Dividends: 0.35
Today's EPS Names:
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Revenue Growth %: -7.3%
Financial Fact:
Dividends: 0.35
Today's EPS Names:
JAGX, CLIR, ZTO, More
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Shares of Campbell Soup (NYSE: CPB) are down very modestly just minutes after Monday morning's opening bell following third-quarter results earlier. The stock last traded at $35.14.
Campbell Soup reported an 11 percent rise in quarterly net income from $168 million during the same quarter last year to $187 million in the latest quarter. Net income on a per-share basis rose 16 percent from 49 cents to 57 cents.
Third-quarter revenue was about flat at $1.81 billion. Net sales were down 15 percent sequentially; Campbell posted second-quarter sales of $2.13 billion.
Wall Street analysts had been expecting third-quarter EPS of 52 cents on sales of $1.80 billion.
COO of Campbell Denise Morrison, said, "This quarter we reported a modest increase in sales and EBIT and a significant improvement in earnings per share growth, with three of our four reporting segments contributing to this performance. While we are encouraged by our progress, we are not satisfied with this performance and clearly have more work to do."
The company said an increase in revenue during the quarter was the result of: volume and mix subtracted 2 percent, price and sales allowances added 1 percent and currency added 2 percent.
Gross margin came in at 40.4 percent, down 80 basis points from 41.2 percent during the same quarter last year. The decrease in gross margin percentage was primarily due to cost inflation and higher plant costs, partially offset by productivity improvements.
Campbell said it expects to be near the high end of its previously issued FY11 guidance: sales down 1 percent to up 1 percent, adjusted EBIT down 3 to 5 percent and EPS down 1 to 3 percent from FY10 levels.
Campbell Soup reported an 11 percent rise in quarterly net income from $168 million during the same quarter last year to $187 million in the latest quarter. Net income on a per-share basis rose 16 percent from 49 cents to 57 cents.
Third-quarter revenue was about flat at $1.81 billion. Net sales were down 15 percent sequentially; Campbell posted second-quarter sales of $2.13 billion.
Wall Street analysts had been expecting third-quarter EPS of 52 cents on sales of $1.80 billion.
COO of Campbell Denise Morrison, said, "This quarter we reported a modest increase in sales and EBIT and a significant improvement in earnings per share growth, with three of our four reporting segments contributing to this performance. While we are encouraged by our progress, we are not satisfied with this performance and clearly have more work to do."
The company said an increase in revenue during the quarter was the result of: volume and mix subtracted 2 percent, price and sales allowances added 1 percent and currency added 2 percent.
Gross margin came in at 40.4 percent, down 80 basis points from 41.2 percent during the same quarter last year. The decrease in gross margin percentage was primarily due to cost inflation and higher plant costs, partially offset by productivity improvements.
Campbell said it expects to be near the high end of its previously issued FY11 guidance: sales down 1 percent to up 1 percent, adjusted EBIT down 3 to 5 percent and EPS down 1 to 3 percent from FY10 levels.
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