Campbell Soup is reporting a sharply lower third-quarter profit compared with last year, when it sold its Godiva Chocolatier brand. But its adjusted profit rose 3.6 percent even as its sales slumped.
The Camden, N.J.-based company says it earned $174 million, or 49 cents per share in the three months that ended May 3, down from $532 million, or $1.40 cents per share a year earlier.
Excluding one-time items such as the sale of Godiva, the nation's largest soup maker's third-quarter earnings rose to $171 million, or 48 cents a share, from $165 million, or 43 cents a share last year.
Revenue fell 10 percent to $1.69 billion. Analysts expected profit of 42 cents per share on revenue of $1.79 billion.