June 5, 2019 / 12:05 PM / a year ago

UPDATE 1-Campbell Soup raises profit outlook after quarterly results beat estimates

(Adds details on profit, segment sales, forecast)

June 5 (Reuters) - U.S. food company Campbell Soup Co raised its full-year profit forecast after reporting better-than-expected quarterly earnings, boosted by higher demand for its snack brands, including Pepperidge Farm and Goldfish.

The company has been doubling down on its snack business with acquisitions, increased marketing investments and new product launches.

Last year, it acquired snacks maker Snyder's Lance for $4.87 billion, adding brands such as Cape Cod and Lance to its portfolio.

As a result, sales in global biscuits and snacks category climbed 37% to $1.15 billion in the third quarter.

"Our results this quarter were ahead of our expectations," said chief Executive officer Mark Clouse in a statement.

The company now expects full-year adjusted profit between $2.50 and $2.55 per share, compared with prior forecast of $2.45 and $2.53, factoring in the impact of its fresh business divestitures.

Net earnings attributable to the company was $84 million, or 28 cents per share, in the third quarter ended April 28, compared with a loss of $393 million, or $1.31 per share, a year earlier when the company recorded an impairment charge related to its fresh segment.

Excluding items, the company earned 56 cents per share, beating the average analyst estimate by 9 cents, according to IBES data from Refinitiv.

Net sales from continuing operation climbed 16% to $2.18 billion.

Shares of the company rose 3.3% to $39.38 before the bell, having gained about 16% this year. (Reporting by Soundarya J in Bengaluru; Editing by Shinjini Ganguli)

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