By Sabela Ojea

Campbell's fiscal first quarter profit fell on higher marketing and other expenses, while it cited a dynamic consumer environment.

The company formerly known as Campbell Soup on Tuesday posted a net profit for the three months ended Oct. 27 of 72 cents per share compared with 78 cents per share for the same period a year earlier.

Stripping out one-time items, the company's earnings per share came in at 89 cents. Analysts polled by FactSet had forecast adjusted earnings of 87 cents per share.

Sales rose 10% to $2.77 billion, missing the $2.80 billion expected by Wall Street, according to FactSet.

"Our first-quarter results were largely aligned with our expectations," departing Chief Executive Mark Clouse said. "While navigating this dynamic consumer environment and uneven pace of category recovery, we remain agile, focusing on balancing investments and earnings to meet our commitments for this year and the long term."

Campbell's kept unchanged its outlook for the year and said Clouse is expected leave the company on Jan. 31 to become president of the National Football League's Washington Commanders, the company said.

The company named Mick Beekhuizen as its next chief executive. He currently serves as the president of the meals and beverages division.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 03, 2024 16:42 ET (21:42 GMT)

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