(RTTNews) - Campbell Soup Co. (CPB: News ), the world's largest soup maker, on Friday reported a decline in fourth-quarter profit with sales declining across all segments, and the company incurring a higher impairment charge in the latest period. However, adjusted earnings grew from the previous year, and beat analysts' consensus estimate. Further, the company issued profit outlook for fiscal 2010.

The Camden, New Jersey-based company said its fourth-quarter net earnings declined to $69 million or $0.20 per share from $89 million or $0.24 per share reported in the year-ago period. Results of the latest period included adjustments related to commodity hedging and a non-cash impairment charge related to certain European trademarks. In the previous year, results included restructuring charges and related costs.

Excluding items impacting comparability in both periods, adjusted net earnings rose to $107 million from $96 million in the prior year's quarter. On a per share basis, adjusted net earnings grew 15% to $0.30 from $0.26 in the year-ago quarter. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

The company noted that adjusted net earnings per share for the quarter were hurt by $0.02 due to currency translation.

Campbell manufactures and markets branded convenience food products. It operates in four segments: U.S. Soup, Sauces, and Beverages; Baking and Snacking; International Soup, Sauces, and Beverages; and North America Foodservice.
Net sales for the quarter were $1.528 billion, compared to $1.715 billion in the prior year quarter. Analysts had a consensus revenue estimate of $1.52 billion for the quarter.

With the economic crisis discouraging discretionary spending, eating at home has become popular. Campbell noted today that that excluding the impact of one less week and the acquisition of Wolfgang Puck soups, broths and stocks, U.S. soup sales increased 7%, driven partly by Campbell's condensed soups and ready-to-serve soups.

Segment-wise, at U.S. Soup, Sauces and Beverages, sales declined to $650 million from $673 million in the previous year. Baking and Snacking sales were down at $466 million from $533 million in the prior year. International Soup, Sauces and Beverages reported quarterly sales of $289 million, compared to $362 million last year. At North America Foodservice, sales declined to $123 million from $147 million in the prior year.

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