Campbell Soup first-quarter profit climbs 31 percent on tax benefit; board sets buyback - - Tulsa, OK - News, Weather, Video and Sports - |

Campbell Soup first-quarter profit climbs 31 percent on tax benefit; board sets buyback

CAMDEN, N.J. (AP) _ Campbell Soup Co. said Monday its first-quarter profit climbed 31 percent, aided by lower expenses and a large tax benefit. The world's biggest soup maker also said its board of directors authorized it to spend up to $600 million to buy back its own shares until the end of fiscal 2008.

Campbell shares rose $1.15, or 3.9 percent, to $30.85 in morning trading on the New York Stock Exchange.

Campbell Soup reported net income of $302 million, or 73 cents per share, for the quarter ended Oct. 30, compared with year-ago profit of $230 million, or 56 cents per share.

Excluding items, adjusted earnings were $242 million, or 58 cents per share, compared with $224 million, or 54 cents per share, in the year-ago period.

Sales edged up a percent to $2.11 billion from $2.09 billion last year.

Wall Street had forecast earnings of 56 cents per share, the average view of 16 analysts surveyed by Thomson Financial, on sales of $2.13 billion.

The quarter's results included a $47 million non-cash benefit resulting from the favorable resolution of a tax issue related to transactions involving government securities in a prior period.

Campbell also said it cut its interest expense and accrued interest payable by $21 million, and adjusted deferred tax expense by $13 million.

The items collectively bolstered profit by $60 million, or 14 cents per share, in the latest period.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.