CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB - News) today reported net earnings for the quarter ended April 27, 2008 of $532 million, or $1.40 per share, compared to $217 million, or $0.55 per share, in the year-ago period. The current quarter’s reported net earnings included a gain from the sale of the Godiva business, partially offset by charges associated with previously announced restructuring initiatives. Excluding all items impacting comparability in both periods, adjusted net earnings were $165 million compared to $179 million in the prior year’s quarter and adjusted net earnings per share were $0.43 in the current quarter compared to $0.45 in the year-ago period.A detailed reconciliation of the adjusted fiscal 2008 and 2007 financial information to the reported information is attached to this release.
On March 18, 2008, Campbell completed the sale of the Godiva business, the results of which are reported as discontinued operations for all periods. Additionally, in the third quarter, Campbell recorded restructuring charges related to previously announced initiatives to improve operational efficiency and enhance long-term profitability, including the sale of certain salty snack foods brands and assets in Australia, the closure of production facilities in Australia and Canada, and the streamlining of its management structure.
The current and prior quarter’s net earnings included items that impacted comparability. These items are summarized below:
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