US food group Campbell Soup Co. has recorded a drop in first-half profits as costs related to its acquisition of Bolthouse Farms hit earnings.
Earnings in the six months ended 27 January fell to US$430m, a 7.3% decline on last year, the firm reported today (15 February). Excluding restructuring and acquisition-related costs, adjusted net earnings increased 5% to $499m.
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EBIT in the period amounted to $686m, down 7.9% on the prior year.
Sales, however, climbed 9.4% to $4.67bn.
Campbell reconfirmed its 2013 fiscal sales growth guidance of between 10-12%, adjusted EBIT of between 4-6% and adjusted EPS of between $2.51 and $2.57.
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