U.S. Movers: American Electric Power, Campbell Soup, CBS, Smucker

Mukesh Buch
15 Feb, 2013
New York City

American Electric Power fourth quarter net tumbled 93% and Campbell Soup second quarter net slipped 7%. CBS Corp fourth quarter net climbed 6% and Kraft Foods net tumbled 72%. Smucker third quarter net surged 32% and V.F. Corp fourth quarter net soared 30%.

[R]10:05 AM New York – American Electric Power fourth quarter net tumbled 93% and Campbell Soup second quarter net slipped 7%. CBS Corp fourth quarter net climbed 6% and Kraft Foods net tumbled 72%. Smucker third quarter net surged 32% and V.F. Corp fourth quarter net soared 30%.[/R]

American Electric Power Company, Inc. ((AEP)) gained 20 cents to $44.95 after the utility holding company said revenues in the fourth quarter ending in December slipped 6% to $3.6 billion from $3.4 billion in the same period of last year. Net earnings in the quarter tumbled 93% to $21 million or 5 cents a diluted share compared to $308 million or 64 cents a share a year ago.

The company expects fiscal 2013 operating earnings per share in the range of $3.05 to $3.25.

Brookfield Asset Management Inc. ((BAM)) slid 15 cents to $38.26 after the asset manager reported sale in the fourth quarter ending in December surged 31% to $5.39 billion from $4.12 billion in the same period of last year. Net earnings in the quarter dropped 16% to $492 million or 72 cents per diluted share compared to $588 million or 86 cents a share a year ago period.

Burger King Holdings, Inc., the fast food restaurant operator said sale in the fourth quarter ending in December grew 6% to $405 million from $581 million in the same period of last year. Net income in the quarter jumped 61% to $81 million or 23 cents per diluted share compared to $50 million or 14 cents a share a year ago quarter.

Campbell Soup Company ((CPB)) increased 1% or 40 cents to $39.11 after the food products maker reported sale in the second quarter ending in December climbed 10% to $2.33 billion from $2.11 billion in the same period of last year. Net earnings in the quarter slipped 7% to $190 million or 60 cents per diluted share compared to $205 million or 64 cents a share a year ago.

The Campbell said sales for U.S. simple meals segment rose 1% to $833 million and soup sales increased 1%. Global baking and snacking sales jumped 7% and U.S. beverages sales dropped 3%.

On Feb. 14, Campbell entered into arrangements with Grupo Jumex and Conservas La Costeña to expand manufacturing and distribution capabilities in Mexico. Campbell will close its plant in Villagrán, Mexico.

The company expects fiscal 2013 adjusted earnings per share to be between $2.51 and $2.57. For the year, Campbell expects Bolthouse Farms to contribute sales nearly $750 million and add 5 cents to 7 cents to adjusted earnings per share.

CBS Corporation ((CBS)) climbed 3.8% or $1.66 to $44.60 after the media company stated revenue in the fourth quarter ending in December rose 2% to $3.70 billion from $3.61 billion in the same period of last year. Net earnings in the quarter climbed 6% to $393 million or 60 cents per diluted share compared to $370 million or 55 cents a share a year ago earlier.

Advertising revenues grew 3% and subscription fee revenues climbed 9% and licensing and distribution revenues dropped 7%.

Entertainment revenues for the quarter flat to $1.99 billion and cable networks revenues increased 11% to $438 million. Publishing revenues declined 6% to $215 million and local broadcasting revenues increased 9% to $787 million.

Herbalife Ltd ((HLF)) surged 12.1% or $4.63 to $42.90 after the nutritional supplements provider climbed 18% in pre-market trading after the billionaire investor Carl Icahn filled to own 14 million shares of the company.

Kraft Foods Group, Inc. ((KRFT)) rose 9 cents to $47.25 after the food and beverage maker reported revenues in the fourth quarter ending in December dropped 11% to $4.94 billion from $5.03 billion in the same period of last year. Net income in the quarter tumbled 72% to $89 million or 15 cents per diluted share compared to $319 million or 54 cents a share a year ago.

Kraft Food expects net revenue for 2013 to be in line with the growth of the North American food and beverage market and earnings per share to be about $2.75, up from previous guidance of $2.60.

The J. M. Smucker Company ((SJM)) increased 1.5% or $1.31 to $93.47 after the food processing company stated net sales in the third quarter ending in December jumped 6% to $1.56 billion from $1.47 billion in the same period of last year. Net income in the quarter surged 32% to $154.2 million or $1.42 per diluted share compared to $116.8 million or $1.03 a share a year ago period.

Gross profit for the quarter increased 15% to $70.5 million and operating income increased $57.9 million from a year ago period.

The company added U.S. retail coffee segment net sales for the quarter fell 2% $627 million and profit climbed 27% to $36.8 million. U.S. retail consumer foods segment net sales advanced 4% and net sales of Pillsbury brand dropped 4%.

For fiscal 2013, the company expects net sales to increase above 6% and non-GAAP net income per diluted share in the range of $5.17 to $5.22 from earlier range of $5.12 to $5.22.

V.F. Corporation ((VFC)) jumped 2.5% or $3.83 to $156.64 after the apparel and footwear maker said revenue in the fourth quarter ending in December advanced 4% to $3 billion from $2.88 billion in the same period of last year. Net income in the quarter soared 30% to $334.2 million or $2.98 per diluted share compared to $257.3 million or $2.28 a share a year ago earlier.

The apparel maker expects full year increase about 6% to $11.5 billion and earnings per share to jump 9% to about $10.60.