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FILE PHOTO: Campbell Soup Co. logo and symbol are displayed on a floor screen of the New York Stock Exchange (NYSE) in New York, United States, May 18, 2018. REUTERS / Brendan McDermid – / File Photo
CHICAGO (Reuters) – Campbell Soup Co (CPB.NTuesday announced a smaller-than-expected decline in quarterly profits, pushing the troubled soup maker's share of 5.4% before pre-sale.
Net income attributable to the company fell to $ 194 million, or 64 cents per share, in the first quarter ended Oct. 28, from $ 275 million, or 91 cents per share, a year earlier.
Excluding items, Campbell earned 79 cents a share, surpassing the average analyst estimate of 70 cents, according to Refinitiv data.
Campbell, owner of the Prego pasta sauce brands and Goldfish crackers, also said he began the process of divesting his international operations and fresh produce.
The company said units, which went on sale in August, sparked strong interest from potential buyers.
Net sales jumped about 25% to $ 2.69 billion, boosted by recent acquisitions of Snyder's-Lance and Pacific Foods. Sales of organic products fell by 3%.
The 149-year-old company, which revolutionized the home cooking industry with easy-to-prepare soups and low-cost production techniques, is striving to attract younger consumers to its soups of the same name. his Pepperidge Farm cookies.
Campbell based in Camden, New Jersey, has not provided updates on its CEO search or its ongoing proxy struggle with the Third Point hedge fund.
Report by Richa Naidu; Edited by Nick Zieminski
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