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Campbell Soup Co reported a higher-than-expected quarterly profit on Monday, helped by prices increases, easing costs for ingredients like grains and tomatoes and efforts to cut overhead costs.
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The world's largest soup maker also raised its sales and profit expectations for the fiscal year, and its shares rose 2.9 percent to $35.10 in premarket trading.
Campbell earned $304 million, or 87 cents a share, in the first quarter that ended November 1, up from $260 million, or 70 cents a share, a year earlier. Analysts, on average, had forecast 81 cents per share, according to Thomson Reuters I/B/E/S.
Sales fell 2.1 percent to $2.2 billion. U.S. soup sales were down 3 percent.
For the year, Campbell now expects sales to rise 4 percent to 5 percent, versus a prior forecast of 3 percent to 4 percent. It forecast fiscal 2010 adjusted earnings per share would rise 9 percent to 11 percent, including an expected lift from currency translation. It previously forecast a 5 percent to 7 percent gain.
Campbell said it has benefited from consumers eating more at home, pointing to the relative low price of a bowl of soup.
(Reporting by Phil Wahba, editing by Maureen Bavdek)
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