Retailers, consumers and prices
Check out the latest better-than-expected earnings, this time from Campbell Soup and Tyson Foods.
It looks like food investors may have plenty to be thankful for when they sit down to their Thanksgiving tables later this week.
Campbell’s first quarter profit came in well ahead of analysts’ expectations. The soup maker also said its full-year profit and sales should be stronger than it had expected. In September, Campbell forecast adjusted earnings per share growth of 5 percent to 7 percent. Now, just one quarter into the year, it expects adjusted earnings per share to jump 9 percent to 11 percent.
Tyson Foods, the world’s largest meat producer, posted a net loss. But excluding an impairment charge it earned 28 cents per share, topping analysts’ expectations by 2 cents. Revenue came in a little bit higher than last year, and well ahead of analysts’ projections.
Check out Campbell Soup’s better-than-expected profit .
The world’s largest soup company posted operating earnings of 30 cents a share in the fourth quarter of fiscal 2009.
That was four cents better than Wall Street had expected, thanks to higher prices and increased sales of condensed soup and Prego pasta sauce as people ate at home more to save money during the economic slump.
“Our lives are incredibly chaotic,” said the 57-year-old CEO, who says he has found an easy way to step up his exercise and burn off calories from some of his favorite foods, such as Campbell’s tomato rice soup and a grilled cheese sandwich made on his company’s Pepperidge Farm bread.
Check Out the lineup at Reuters Food and Agriculture Summit 2009.
Executives from various food firms are slated to speak at the Reuters Summit in Chicago beginning today, with the first handful of executives from companies such as Wal-Mart Stores, Campbell Soup and Hormel.
With the economy front and center, executives are expected to discuss the tug of war to keep food prices at current levels, even as they fight hard to entice shoppers to buy their products on a tight household budget.
The maker of Pepperidge Farm cookies and V8 juice has raised prices to offset soaring commodity costs and announced a $1.2 billion share buyback program that should help boost shares.