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Campbell Soup: shares rise after 'strong' results

(CercleFinance.com) - Campbell posted "strong" fourth-quarter results on Friday, having met or exceeded expectations for a fourth consecutive quarter this year.

The world's biggest soup maker - which is refocusing its portfolio on its snacks and meals core businesses in North America - reported a loss from continuing operations of 0.02 dollar per share, on sales that increased 2% to 1.8 billion dollars.

The company - that has sold its Arnott's biscuits and some of its international operations - now reports these businesses as discontinued operations, along with Campbell Fresh.

In its statement, Campbell said it is improving its market performance; overdelivering its cost savings programs; and strengthening our relationships with key retailers, which has created a "solid" foundation to build upon in fiscal 2020.

For fiscal 2020, Campbell expects net sales to grow by 1% to 3%, with adjusted EBIT up by 2% to 4%.

Its share rose by 7.7% after this report.

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