J.P. Morgan Comments On Campbell Soup Adjusted Earnings

According to J.P. Morgan, Campbell Soup Company

this morning reported adjusted earnings for its third fiscal (April) quarter of $0.57, ahead of the consensus estimate of $0.52 and its estimate of $0.53. J.P. Morgan said that While CPB beat consensus estimates this quarter, the meaningful reductions in marketing and advertising suggest a quality issue. “Management guided to the high end of its fiscal 2011 earnings range of 1-3% below its adjusted F2010 base of $2.47.” Campbell Soup Company closed on Friday at $35.24.