Campbell Soup Co (CPB) reported first quarter net earnings of $304 million or $0.87 per share, compared to $260 million or $0.70 per share last year.
Adjusted net earnings were $304 million or $0.87 per share, compared to $281 million or $0.76 per share in the prior year quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share. Analysts' estimates typically exclude special items.
Net sales declined to $2.2 billion from $2.25 billion in the same quarter last year.
Ten analysts estimated revenues of $2.28 billion.
Campbell now expects fiscal 2010 sales growth of 4 to 5 percent, up from its original guidance of 3 to 4 percent for sales.
The company now expects to deliver adjusted EPS growth of 9 to 11 percent from the fiscal 2009 adjusted base of $2.21, up from its original estimate of 5 to 7 percent. This guidance includes the impact of currency translation, which at quarter-end rates of exchange would be favorable by 3 to 4 percentage points.
Analysts expect the company to earn $2.39 per share, on revenues of $7.94 billion.
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