Campbell Soup: Soup Sales Improve in U.S.
Campbell Soup Co (NYSE:CPB) beat estimates when it reported its second quarter numbers, apparently due to its efforts to bolster the slowing U.S. soup business showing positive results.
Net income was $205 million (64 cents per share), against $239 million (71 cents) in the previous year. According to Thomson Reuters I/B/E/S analysts had forecast net income per share of 62 cents. However sales were down 1 percent to $2.11 billion.
The company maintained its earnings forecast for 2012 at $2.35 to $2.42 per share. Net sales ranged from flat to higher by 2 percent.
Here’s how shares of CPB are reacting to the news:
Campbell Soup Co. (NYSE:CPB): CPB shares recently traded at $33.14, up $1.08, or 3.37%. They have traded in a 52-week range of $29.69 to $35.66. Volume today was 1,994,313 shares versus a 3-month average volume of 2,028,050 shares. The company’s trailing P/E is 13.78, while trailing earnings are $2.41 per share.
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