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.