Company reiterates its forecast for annual earnings of $1.66 per share to $1.69 per share, but cuts expectations for capital spending to $350 million from an earlier forecast of $380 million.Camden”s Campbell Soup (NYSE: CPB) Monday reported slightly higher third-quarter income, helped by strong domestic sales of baking and snack products and rising international sales of soups and sauces.
For the quarter ended May 1, Campbell reported net income of $146 million, or $0.35 per share, compared with $142 million, or $0.34 per share, in the year-ago period, which included a gain of $10 million, or $0.02 per share, from the settlement of a class action lawsuit. The earnings beat analysts” average estimate of $0.33 per share.
Sales totaled $1.74 billion, a gain of 4% from $1.67 billion a year earlier. While domestic sales of soups, sauces and beverages slipped 2% to $627 million, sales of baking and snack products jumped 8% to $421 million. International soup and sauce sales grew 6% to $435 million.
Campbell said cash flow from operations was strong, rising to $772 million for the first nine months of fiscal 2005, up from $576 million a year earlier.
Looking ahead, the company reiterated its forecast for annual earnings of $1.66 per share to $1.69 per share, but cut expectations for capital spending to $350 million from an earlier forecast of $380 million.
Analysts are expecting a profit of $1.68 per share on sales of $7.58 billion.
At the close of trading, Campbell shares were up $0.48 to $30.82.d