Campbell's (CPB $31.40 -0.46) reported fourth quarter earnings of
$0.43 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.38.
Revenues rose 5.9% year/year to $1.61 billion versus the $1.57 billion
consensus.
Campbell's fiscal year 2011 results were slightly ahead of the guidance issued
in July 2011. As a result, the company is adjusting its forecasted 2012 growth
rates.
Campbell now expects net sales growth to be between 0% to 2%, vs. consensus for
+1.5% sales growth, a decline in adjusted EBIT of between (9) and (7) percent
and a decline in adjusted EPS of between (7) and (5) percent from the adjusted
base of $2.54 (consensus calls for a decline of ~6.7%).
These growth rates maintain planned fiscal 2012 levels of spending on innovation
and brand building. The rates also exclude the impact in fiscal 2012 of the
previously announced restructuring program.






