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Campbell Soup Profit Rises on Godiva Sale

Campbell Soupposted a jump in quarterly profit on the gain from the sale of its Godiva chocolate business, though earnings excluding one-time items fell.

The world's largest soup maker said profit was $532 million, or $1.40 a share, in the fiscal third quarter ended April 27, compared with $217 million, or 55 cents a share, a year earlier.

Excluding one-time items, earnings were 43 cents a share, compared with 45 cents a year earlier.

Campbell sold the Godiva business in March and recently sold its Australian salty snacks business. The company is also closing a plant in Canada as it looks to cut costs and focus on products like soup, Pepperidge Farm cookies and crackers and V8 juice.

Like most food makers, Campbell is also raising prices to try to offset rising costs for everything from oil to wheat.