Soup maker Campbell Soup Company (CPB) said Monday that its second-quarter profit rose 11% from last year, matching analyst expectations.
The Camden, New Jersey-based company reported fiscal second quarter net income of $259 million U.S., or 74 cents U.S. per share, compared with $233 million U.S., or 64 cents U.S.per share, in the year-ago period. Sales rose 1% from last year, to $2.15 billion U.S.
On average, Wall Street analysts expected a matching profit of 74 cents U.S. per share, albeit on higher sales of $2.23 billion U.S.
The company said its higher-priced read-to-serve soup sales plunged 18% in the U.S. in the period, while its lower-priced condensed soups, sold in the famous red and white cans, remained flat.
Campbell Soup shares were mostly flat in premarket trading Monday.
The Bottom Line
Shares of CPB have been recommended since Dec. 2, when the stock was trading at $35.56 U.S. The company has a 3.24% dividend yield, based on Friday's closing stock price of $33.93 U.S.
Campbell Soup Company (CPB) is a "recommended" dividend stock, holding a Dividend.com DARS Rating of 3.5 out of 5 stars.
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