Campbell Soup Co. has posted a 3.4% fall in quarterly earnings, despite an increase in revenues, as restructuring costs and a higher tax bill hit profits.
The world’s largest soup maker reported a drop in third-quarter net income to US$168m for the three months to 2 May, down from $174m last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Earnings per share remained unchanged at $0.49 as Campbell’s share capital dropped by 2.6% on the year.
However, the company said that adjusted earnings – stripping out the impact of restructuring and other charges – totalled $0.54 a share.
Gross margin widened to 41.2% from 40.6% amid the company’s restructuring efforts.
Revenues increased 6.9%, rising to $1.8bn from $1.69bn. Gains were driven by currency exchange – which added 5% – and a lift in volumes.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataClick here for the full release from Campbell Soup Co. and click here for more insight on the country’s promotional strategy in the US in the last quarter.
