CPB’s Q3 Earnings Exceed Street View; Records Sales Jump In Key US Soup Market

Campbell Soup Company CPB recorded higher sales in its key US soup market, driven by increased spending on promotions. CPB’s sales in this key market had been falling for the past two quarters. The Camden, New Jersey-based company said, however, that its profits dipped to $168 million, or $0.49 a share, from $174 million, or $0.49 a share last year. Excluding one-time items, CPB’S EPS stood at $0.54, as against the analyst expectations of $0.51 a share. Campbell Soup’s sales for the quarter rose 6.9% to $1.80 billion, in line with the Street view. US soup sales grew by 2%. The world's largest soup maker indicated that its full-year earnings growth might come in at the high end of its 9%-11% forecast. The company has also projected its sales growth for the year at 2.5%-3.5%. CPB rose 1.49% before closing at $35.48 on Friday. Read more from Benzinga's Company news.