Acquisitions boosted full-year sales but dented net profit at US soup-to-snack group Campbell Soup Co.
In a regulatory filing released today (29 August), Campbell said adjusted sales increased 11% to $8.58bn, from $7.7bn last year. Acquisitions, such as the purchase of baby food maker Plum Organics and Bolthouse, contributed to top line growth.
However, net earnings sank to $458m, or $1.44 per share, compared with $774m, or $2.41 per share, in the year-ago period. Excluding items impacting comparability, such as acquisition and restructuring charges, adjusted net earnings increased to $836m and adjusted net earnings per share increased 8% to $2.64.
Campbell said adjsuted operating profit, taking into account continued and discontinued operations, increased 6% to $1.3bn from $1.23bn in the prior year.
“Campbell made solid progress in fiscal 2013 as we executed our dual mandate to strengthen our core business and expand into higher-growth spaces,” president and CEO Denise Morrison. “Our full-year sales and adjusted EBIT growth were consistent with our most recent fiscal 2013 guidance, and our EPS growth exceeded that guidance.”