Campbell Soup net down 22 pct but earnings beat Street

* Q4 EPS 30 cents ex-items vs 26 cents

* Sees FY 2010 EPS up 5-7 pct from 2009's $2.22

* Shares up 1.5 pct

CHICAGO, Sept 11 (Reuters) - Campbell Soup Co (CPB.N) posted higher quarterly operating profit on Friday, helped by higher prices.

Operating earnings rose to 30 cents share in the fourth quarter, ended Aug. 2, from 26 cents a year earlier.

The latest results exclude changes in the market value of commodity hedging contracts and an impairment charge for certain European trademarks.

Net profit was $69 million, or 20 cents a share, compared with $89 million, or 24 cents, a year earlier.

The fourth quarter tends to be the slowest of the year for Campbell as fewer people eat soup in the summer. Campbell forecast a 5 percent to 7 percent rise in earnings in the current fiscal year from the adjusted $2.22 a share reported for fiscal 2009.

Campbell shares stood at $33.61 in premarket trading, up from Thursday's New York Stock Exchange close at $33.12.

(Reporting by Brad Dorfman; editing by John Wallace)

((bradley.dorfman@thomsonreuters.com; +1 312 408 8133; Reuters Messaging: bradley.dorfman.reuters.com@reuters.net))

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