The canned-soup company had US$285mln of net earnings, equating to 95 cents per share, up from US$101mln and 33 cents in the same period of 2016. It benefited from a US$124mln gain related to US tax changes.
Net sales increased to US$2.18bn, up from US$2.17bn and ahead of market expectations which came in at US$2.16bn.
Executive commentary was less positive, however, with chief executive Denise Morrison describing it as a ‘disappointing’ quarter, specifically referencing a decline in organic sales.
“We are making progress with this customer and expect sales declines in soup to moderate in the second half," Morrison said.
Campbell stock was down US$1.22 or 3.25% changing hands at US$46.15 ahead of Friday’s open.