CAMDEN (dpa-AFX) - Campbell Soup Co.'s (CPB) first-quarter net earnings attributable to the company decreased to $265 million from $279 million in the prior-year period. However, earnings for the first quarter of fiscal 2012 remained unchanged at $0.82 per share. The company added that earnings per share benefited from a reduction in shares outstanding from the company's share repurchase programs.
On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.79 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales totaled $2.16 billion compared with $2.17 billion in the earlier year quarter. Analysts estimated revenues of $2.21 billion for the quarter.
For fiscal 2012, Campbell Soup still expects a decline in adjusted earnings per share of between 7 and 5 percent, or $2.35 to $2.42 per share, from the fiscal 2011 adjusted base of $2.54. Analysts expect the company to report earnings of $2.37 per share for the full year.
Also, the company expects net sales growth to be between 0 and 2 percent.
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