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Campbell Soup records higher net earnings

Campbell Soup Co.'s net earnings increased to $560 million for the six months ending Jan. 28, compared to $393 million in the same period last year.

Net sales for the period dropped to $4.34 billion from the prior year's $4.37 billion, while total costs and expenses fell to $3.69 billion compared to $3.71 billion previously.

The net earnings increase of 42.49% was buoyed by a tax benefit of $124 million recorded in the second quarter of its fiscal year 2018, which related to the enactment of U.S. tax changes.

On a GAAP basis, EBITDA for Campbell Soup fell 1.06% to $655 million from $662 million in the same period last year.

The company's basic EPS increased to $1.86, from $1.28 in the same period last year, whereas diluted EPS for the period stood at $1.85 compared to $1.27 in the comparative period.