Campbell Soup's Adjusted Quarter Profit Rises

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.

Capbell's Soup
Capbell's Soup

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.