Campbell Soup (NYSE:CPB) reported earnings this morning, and though the company announced a better-than-expected quarterly profit, investors have bid the shares down about 3% today. Analysts had been expecting adjusted earnings per share of $0.42, but the soup maker delivered $0.45 per share.
The company is in the midst of a turnaround effort after several quarters of weak sales in soups. Acquisitions, including those of Bolthouse Farms and Plum Organics, accounted for about 13% of sales. Total sales climbed 13% to 1.82 billion in the quarter. The company is forecasting earnings growth of 3%-5% for the full year.
Despite shares' already-impressive growth year to date, Motley Fool analyst David Hanson has a positive outlook on the stock, noting that the company is diversifying its offerings while also scaling back its exposure to still-shaky Europe. In addition to the company's iconic red-and-white cans, Campbell also boasts ownership of Prego and Pepperidge Farm brands, and sells products in more than 100 countries worldwide.
David Hanson has no position in any stocks mentioned. Erin Kennedy has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.