Campbell Soup 2Q net declines on rising costs

CAMDEN, New Jersey (AP) ? Campbell Soup Co. says its second-quarter net income fell 14 percent as it faced higher commodity costs and spent more on marketing for its core soup business.

The company says net income for the three months ended Jan. 29 fell to $205 million, or 64 cents per share. That compares with $239 million, or 72 cents per share, last year. Analysts expected 62 cents per share.

Revenue edged down nearly 1 percent to $2.11 billion. Analysts expected $2.12 billion.

Campbell Soup, like other food makers, is facing higher costs and cautious consumer spending. Its soup sales fell 2 percent in the U.S., hurt by weakness in ready-to-serve soups. It has increased spending on advertising to boost its soup business.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-02-17-Earns-Campbell%20Soup/id-6b89f5a42b3d4472bf6fbc07ce5aba4a

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