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Campbell Soup profit tops Wall Street estimates

Cans of vegetable Campbell's Condensed Soup are stocked on a shelf at a grocery store in Phoenix
Cans of vegetable Campbell's Condensed Soup are stocked on a shelf at a grocery store in Phoenix

(Reuters) - Campbell Soup Co reported better-than-expected quarterly profit on Friday, citing progress in its plan to turnaround its sagging U.S. soup business.

Its net income was $205 million, or 64 cents per share, in its fiscal second quarter ended on January 29, down from $239 million, or 71 cents per share, a year earlier.

Analysts on average were expecting 62 cents per share, according to Thomson Reuters I/B/E/S.

Sales fell 1 percent to $2.11 billion.

Campbell stood by its 2012 outlook, which calls for earnings of $2.35 to $2.42 per share and net sales to range from flat to up 2 percent.

(Reporting By Martinne Geller in New York; Editing by Derek Caney)

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