November 20, 2012 / 1:51 PM / in 5 years

UPDATE 1-Campbell Soup profit beats Street, boosted by new soups

Nov 20 (Reuters) - Campbell Soup Co reported higher-than-expected quarterly earnings on Tuesday as the introduction of new soups helped lift sales, sending its shares up 2.2 percent in premarket trading.

The soup company, which also makes Prego pasta sauce and V8 juice, said net profit fell to $245 million, or 78 cents per share, in its fiscal first quarter ended Oct. 28, from $265 million, or 82 cents per share, a year earlier.

Excluding costs related to the recent acquisition of Bolthouse Farms and restructuring charges, earnings were 88 cents per share. On that basis, analysts on average were expecting 85 cents, according to Thomson Reuters I/B/E/S.

Sales rose nearly 1 percent to $2.34 billion, falling short of analysts’ estimate of $2.37 billion.

The company said it still expects earnings of $2.51 to $2.57 per share in fiscal 2013 on sales growth of 10 percent to 12 percent.

Campbell shares rose to $37.77 in premarket trade from their close on Monday at $36.95.

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