Campbell tries to reassure investors
Campbell Soup Co. has been trying to assure investors that the company is having a strong year even though soup sales were down for the third quarter, the Associated Press reports. The company released its quarterly results last Thursday afternoon -- a day before they were planned. While soup sales were down for the quarter, the company''s numbers showed a solid soup season. The quarterly report gave a good news-bad news picture. Profits were down, but adjusted profits were up -- and above the expectations of analysts surveyed by Thomson Reuters. While soup sales were down, the company said it expected profits for the fiscal year, which runs through July, to exceed its long-range target of growing by 5 to 7 percent. While the Camden, New Jersey-based company offers a range of food products from Pepperidge Farm Goldfish to Pace Mexican sauces, its business rises and falls with the fate of soup. Since the start of August, the company reported, soup sales are up 6 percent, driven by significant gains in sales of condensed soups and broths, with declines in ready-to-serve soups.