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Campbell's profit cools off
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February 16, 1999: 8:42 a.m. ET
Soup maker's 2Q earnings decline amid cost-cutting measures
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NEW YORK (CNNfn) - Campbell Soup Co. posted a decline in its fiscal second-quarter results Tuesday, but profit was in line with Wall Street estimates.
The soup maker's earnings from continuing operations fell to $219 million, or 49 cents per diluted share, from $291 million, or 63 cents per diluted share, a year earlier.
Analysts surveyed by tracking firm First Call had forecast a profit of 49 cents per share.
The Camden, N.J.-based company previously warned that second-quarter results would fall short of the comparable period's, due to a cost-saving initiative in supply chain operations and decreased condensed-soup consumption. The initiative is expected to result in $100 million in annual savings.
Before the warning, analysts had expected earnings of 69 cents per share.
Net sales for the quarter ended Jan. 31 dipped $1.83 billion from $2.01 billion, a decline of 4 percent before the impact of currency and divestitures and 9 percent on an as-reported basis.
For the first half, the company earned $483 million, or $1.07 per diluted share, on sales of $3.63 billion. For the same period last year, profit totaled $567 million, or $1.18 per diluted share, on sales of $3.82 billion.
Shares of Campbell (CPB) closed down 1-3/16 to 40-1/4 Friday. 
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Campbell Soup Co.
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