Campbell baking and snack earnings flat in quarter

by Eric Schroeder
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CAMDEN, N.J. — Earnings were flat but sales rose 5% within the Global Baking and Snacking division of the Campbell Soup Co. during the third quarter ended April 28. Earnings for the quarter totaled $73 million, unchanged from the same period of fiscal 2012.

Sales for the division rose to $568 million from $543 million. Volume and mix added five percentage points while price and sales allowances added one percentage point. Currency subtracted one point.

For the first nine months of fiscal 2013, earnings in the segment were $232 million, unchanged from the same period of fiscal 2012, while sales increased 4% to $1,703 million from $1,637 million.

“Sales of Pepperidge Farm products increased, primarily driven by volume gains,” the company said. “In cookies and crackers, sales increases were driven by strong gains in both Goldfish snack crackers and Pepperidge Farm cookies. Sales of fresh bakery products increased double-digits versus the prior year, driven by volume gains.”

Campbell said increased sales at Arnott’s were driven by growth in Australia and gains in Indonesia, partially offset by the negative impact of currency. Sales growth in Australia was driven by increases in savory crackers and sweet cookie varieties.

For the quarter ended April 28, Campbell Soup Co. had earnings of $181 million, equal to 58c per share on the common stock, which compared with earnings of $177 million, or 56c per share, during the same quarter of the previous year. Sales for the quarter were $2,094 million, up 15% from $1,821 million.

For the nine months ended April 28, the company as a whole had earnings of $616 million, or $1.96 per share, down 5% from $647 million, or $2.03 per share, during the same period of the previous year. Sales for the period were $6,763 million, up 11% from $6,094 million.

The company revised its forecast adjusted earnings per share for fiscal 2013 to be in the range of $2.58 to $2.62, up from $2.51 and $2.57.

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