CAMDEN, N.J. (AP) — Campbell Soup said Friday that its net income and revenue fell in the fiscal third quarter, with U.S. soup sales declining.
Its earnings topped Wall Street expectations, however, and the company reaffirmed its full-year profit guidance, and suggested it could skew toward the high end of that range. Its shares rose almost 2 percent in afternoon trading Friday.
The maker of canned soup, Pepperidge Farm cookies and V8 juice said the stronger dollar hurt its sales overseas, and sales of soup slumped in the U.S. Campbell’s said domestic soup sales fell 10 percent, with broths and ready-to-serve soups taking larger declines than its condensed soups.
Campbell Soup Co. said its net income slipped 1 percent to $182 million, or 58 cents per share. The Camden, New Jersey-based company said it earned 62 cents per share if one-time costs are excluded. Its revenue fell 3 percent to $1.9 billion over the three months that ended on May 3.
Analysts expected adjusted earnings of 51 cents per share and $1.94 billion in revenue, according to Zacks Investment Research.
Campbell Soup maintained its full-year profit forecast of $2.32 to $2.38 per share and said it thinks it will finish toward the high end of that range. Analysts surveyed by FactSet expect earnings of $2.35 per share.
Shares of Campbell Soup rose 91 cents, or 1.9 percent, to $47.84 in afternoon trading. The stock is up nearly 7 percent in 2015, while the Standard & Poor’s 500 index has risen 3.5 percent.