Campbell Soup’s Profit Up 31% on Higher Prices
Campbell Soup Co. said first-quarter profit surged 31% after it increased prices on its Chunky brand and other soups.
The earnings exceeded analysts’ estimates. Campbell’s shares jumped 4.3%, their biggest gain in a year.
Net income at the world’s largest soup maker jumped to $302 million, or 73 cents a share, from $230 million, or 56 cents, a year earlier.
Sales rose 1% to $2.11 billion, Campbell said.
Shares of Campbell, whose brands include Pepperidge Farm baked goods and Godiva chocolates, rose $1.27 to $30.97.
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