Shares of Campbell Soup (CPB) are trading higher on Friday after reporting adjusted earnings that beat analysts’ expectations. Campbell said it earned $182 million in the quarter, down from $184 million a year ago. Excluding special items, earnings were flat at $0.62 a share, easily topping analysts’ expectations for earnings of $0.52 a share, according to Thomson Reuters. Revenue slipped 3.6% to $1.9 billion, slightly missing estimates. The results included $11 million in restructuring charges. Campbell president and chief executive officer Denise Morrison attributed the sales decline primarily to unfavorable currency and the impact of retailer inventory movements on the company’s U.S. soup business. She said in a statement, ‘Our focus on gross margin performance began to pay dividends, as we expanded margins in a challenging environment. In addition to our productivity improvements and moderating inflation, we achieved net price realization by reducing promotional spending and taking pricing actions on the core businesses.’ TheStreet’s Brittany Umar reports from Wall Street.
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