CAMDEN (dpa-AFX) - Campbell Soup Co. (CPB) posted lower third-quarter net earnings attributable to the company of $177 million, or $0.55 per share, compared with $187 million, or $0.57 per share last year.
The company said the recent quarter's reported net profit included charges related to a restructuring program announced in June 2011. Excluding items impacting comparability, quarterly adjusted net earnings decreased to $180 million or $0.56 per share. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales totaled $1.82 billion, versus $1.81 billion in the prior-year quarter, whereas thirteen analysts estimated revenues of $1.81 billion for the quarter.
For fiscal 2012, the company still expects net sales growth to be between 0 and 2 percent, a decline in adjusted earnings per share of between 7 and 5 percent, thereby putting it in the range of $2.35 - $2.42. Seventeen analysts project earnings of $2.37 per share for the full year. Also, Campbell Soup anticipates to achieve this guidance range, with sales and adjusted earnings per share, benefiting from a favorable tax rate, near the upper end of the range.
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