Campbells Soup recorded "strong" earnings growth in its 2010 results

Campbells Soup recorded "strong" earnings growth in its 2010 results

Campbell Soup Co. has delivered strong earnings growth in what it described as a "challenging year".

For the twelve-month period, net earnings amounted to US$844m compared to $736m in the prior year period.

Sales edged up 1% to $7.67bn, while EBIT climbed to $1.35bn from $1.18bn in the prior year.

Douglas Conant, Campbell's president and CEO, said: "In a challenging year,
we delivered strong earnings growth, overcoming softer-than-expected sales, particularly in our US soup business. We had another year of strong cash flow performance, generating more than $1 billion in cash flow from operations."

In fiscal 2011, Campbell said it expects sales growth of 2 to 3% and adjusted
earnings growth before interest and taxes (EBIT) of 4 to 5%, both slightly below the company’s long-term growth targets.

Click here to view the full earnings release and check back later for further insight into the company’s half year results.