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Campbell Soup profit beats Street, boosted by new soups


Campbell Soup Co. reported higher-than-expected quarterly earnings on Tuesday as the introduction of new soups helped lift sales, sending its shares up 2.2 per cent in pre-market trading.

The soup company, which also makes Prego pasta sauce and V8 juice, said net profit fell to $245-million (U.S.), or 78 cents per share, in its fiscal first quarter ended Oct. 28, from $265-million, or 82 cents per share, a year earlier.

Excluding costs related to the recent acquisition of Bolthouse Farms and restructuring charges, earnings were 88 cents per share. On that basis, analysts on average were expecting 85 cents, according to Thomson Reuters I/B/E/S.

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Sales rose nearly 1 per cent to $2.34-billion, falling short of analysts' estimate of $2.37-billion.

The company said it still expects earnings of $2.51 to $2.57 per share in fiscal 2013 on sales growth of 10 per cent to 12 per cent.

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