US food group Campbell Soup Co. has recorded a drop in first-quarter earnings as costs related to its acquisition of Bolthouse Farms hit profits.
In the three months to 28 October, net earnings amounted to US$265m, an 8% drop on last year, the company reported today (20 November). Excluding acquisition-related charges, adjusted net earnings increased 5% to $279m.
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EBIT dropped to $385m from $416m last year, while sales climbed 8% to $2.34bn. Campbell attributed the sales increase to the acquisition of Bolthouse, price and sales allowances and increased promotional spend.
Campbell reconfirmed its 2013 fiscal sales growth guidance of between 10-12%, adjusted EBIT of between 4-6% and adjusted EPS of 3-5%.
Campbell’s share price was down 2% at $36.21 at 10:59 ET today.
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