Net Income Up 6 Pct. at Campbell’s
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TRENTON, N.J. (AP) _ Campbell Soup Co. posted a 6 percent increase in its fourth-quarter profits, and revenues were up nearly as much as the food maker completed the first year of its turnaround plan.
Net income for the quarter ended July 28 was $55 million, or 13 cents per share, Campbell said Thursday. That beat by a penny the consensus forecast of analysts surveyed by Thomson Financial/First Call.
A year earlier, the Camden-based company reported net income of $52 million, or 13 cents per share.
Sales in the fourth quarter totaled $1.22 billion, up 5 percent from $1.16 billion a year earlier.
Douglas R. Conant, president and chief executive officer, said the company has made substantial progress in the restructuring plan and that a big increase in marketing spending had brought solid sales growth. That helped products including its ready-to-serve soups, V8 vegetable juices, Prego pasta sauces, Arnott’s biscuits and the Pepperidge Farm line.
For the full 2002 fiscal year, net income was down 19 percent, to $525 million or $1.28 per share, from $649 million to $1.55 per share in the 2001 fiscal year.
Sales for the year were up 6 percent, to $6.13 billion from $5.77 billion a year earlier, but that was offset by a 12.5 percent jump in expenses from sales, administration and other overhead costs.
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