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Profit rises, outlook falls

Thursday, Sept. 11, 2003 | 11:16 a.m.

Campbell Soup Co., the world's biggest soup maker, said fourth-quarter profit rose 35 percent as U.S. shoppers bought more ready-to-serve soups. The company said earnings this quarter and year will be less than expected.

Net income in the period ended Aug. 3 increased to $74 million, or 18 cents a share, from $55 million, or 13 cents, a year earlier, the Camden, N.J.-based company said in a statement. Campbell forecast first-quarter earnings will rise to as much as 50 cents a share, 1 cent less than analysts' average estimate according to Thomson Financial.

Chief Executive Douglas Conant spent 17 percent more on marketing and has introduced new products and packaging to try to regain sales from General Mills Inc.'s Progresso business. U.S. shipments of ready-to-serve soups rose 29 percent with new lines such as Soup at Hand sippable items, while condensed soups such as tomato and chicken noodle fell 5 percent.

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