Campbells reports profit increase

May 19, 2008 6:59:44 AM PDT
The news is mmm, mmm good for Campbells Soup Co.

Campbell says its profit climbed in the third quarter as it completed the sale of its Godiva Chocolatier brand. But profit fell if the impact of the Godiva sale is excluded.

The company said Monday it earned $532 million, or $1.40 per share, in the three months ended April 27. That was up from $217 million, or 55 cents a share, a year ago.

But the latest results include the $850 million sale of Godiva to Yildiz Holding AS. Without the sale, Campbell says its earnings were $165 million, or 43 cents per share.

Campbell says revenue rose to $1.88 billion from $1.75 billion a year ago.

Like other food companies, Campbell's says its profit margin is being pinched by higher costs of ingredients.