Campbell Soup Company (NYSE: CPB) today raised its earnings estimate for the fiscal 2002 first quarter ended October 28, 2001. On September 6, 2001, the company said that it expected diluted earnings per share to be between $.33-$.36 for the quarter before continuing special charges associated with the previously announced reconfiguration of manufacturing operations in Australia. The company now expects diluted earnings per share for the first quarter to be between $.40-$.42, excluding these special charges.
Campbell said the revised earnings estimate is principally the result of stronger than expected shipments of U.S. soup and sauce products resulting from positive consumer trends. During the period following September 11, 2001, the company experienced a significant increase in consumer purchases of U.S. soup and sauces.
Marketing investments for the quarter were up significantly, consistent with the company’s July 27, 2001 announcement that marketing investments in the fiscal year would be increased by 15 percent, or $200 million. The company expects this increased investment to continue throughout the year and is maintaining its previous earnings estimate of approximately $1.30 per share.
As scheduled, the company will release its first quarter earnings on November 14, 2001. A conference call to discuss the results will be held the same day at 10:00 a.m. Eastern Standard Time.
This release contains “forward-looking statements” which reflect the company’s current expectations about its future performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. These include, but are not limited to, the inherent risks associated with trade and consumer acceptance of product improvements and new product introductions, the effectiveness of promotional programs and new advertising, the company’s ability to achieve its cost savings objectives, uncertainty relating to the prediction of trade inventory movements by trade customers, and other factors described in the company’s most recent Form 10-K as updated from time to time by the company in its subsequent filings with the Securities and Exchange Commission. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the company. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverage, biscuits, confectionery and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include “Campbell’s” soups worldwide, “Erasco” soups in Germany and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers, “V8” and “V8 Splash” juices, “Pace” Mexican sauces, “Prego” Italian sauces, “Franco- American” pastas and gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom, “Arnott’s” biscuits in Australia and “Godiva” chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse Tasse,” “Blå Band” and “McDonnells” brands. The company is ably supported by 24,000 employees worldwide. For more information on the company, visit Campbell’s website on the Internet at www.campbellsoup.com.