Campbell Soup reports net income declines in 3Q even as sales of soup and other foods rise

Campbell Soup net income down, but sales rise

CAMDEN, N.J. — Campbell Soup says its third-quarter net income slipped 3.4 percent as restructuring expenses and taxes rose but that its U.S. soup revenue increased.

CEO Douglas R. Conant says its U.S. beverage and sauce businesses led by V8 V-Fusion juices and Prego and Pace sauces improved. He says Campbell’s products used to prepare meals at home are resonating with consumers.

The world’s largest soup maker says net income declined to $168 million, or 49 cents per share while overall revenue increased 2 percent to $1.8 billion. U.S. soup revenue also rose 2 percent.

The company says it adjusted earnings came to 54 cents a share. That beats the 51 cents that Wall Street analysts expected though revenue was in line with expectations.

The company, based on Camden, N.J., also makes Pepperidge Farm cookies and crackers.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

CAMDEN, N.J. (AP) — Campbell Soup says its third-quarter net income slipped 3.4 percent as restructuring expenses and taxes rose but that its U.S. soup sales increased.

CEO Douglas R. Conant says its U.S. beverage and sauce businesses led by V8 V-Fusion juices and Prego and Pace sauces improved. He says Campbell’s products used to prepare meals at home are resonating with consumers.

The world’s largest soup maker says net income declined 3.4 percent to $168 million, or 49 cents per share. But overall sales increased 2 percent to $1.8 billion. U.S. soup sales rose 2 percent.

Net earnings fell short of Wall Street expectations of 51 cents per share, though sales were in line with expectations.

The company, based on Camden, N.J., also makes Pepperidge Farm cookies and crackers.

(This version CORRECTS that adjusted earns topped analysts expectations sted missed.)