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EARNINGS

Cost-cutting boosts Campbell, HP

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From Miami Herald Wire Services

CAMPBELL SOUP CO.: Price-conscious grocery shoppers are being choosy about what they buy to cook at home, even from the value-oriented Campbell Soup Co.

The company reported Monday that its first quarter profit rose 17 percent with the help of lower costs from increased efficiency in getting its products from its plants to store shelves, as well as lower prices for grain ingredients.

But despite this, revenue fell 2.1 percent to $2.2 billion with dips in sales for most of its categories, ranging from condensed soup to Prego pasta sauce.

Earnings were $304 million, or 87 cents per share, in the first quarter, up from $260 million, or 70 cents per share, a year ago.

But the company says the year-ago profit figure included one-time charges, including some related to closing facilities in Australia and Canada and restructuring management.

HEWLETT PACKARD: Profit jumped 14 percent in the latest quarter, helped by cost-cutting and better results from its technology services division.

Those factors helped offsetthe fact that four of HP's major divisions -- personal computers, servers, software and printers -- each reported big revenue declines from last year. HP's overall revenue fell 8 percent.

HP's results are a yardstick for measuring the health of overall technology spending.

In the latest quarter, HP's net income rose to $2.4 billion, or 99 cents per share, while revenue fell to $30.7 billion.

TYSON FOODS: The world's largest meat producer predicts more improvements next year, but analysts worry the company's all-important chicken business is lagging others in the industry.

A hefty impairment charge in its beef business left it with a loss for the fourth quarter.

But all of its business units, including chicken and pork, were profitable, when excluding the $560 million noncash charge.

Tyson lost $455 million, or $1.22 per share in the three months ended Oct. 3.

That compares with a profit of $48 million, or 13 cents per share, a year ago.

Excluding the impairment charge, Tyson earned 28 cents per share. Sales rose slightly to $7.21 billion from $7.2 billion, with chicken sales up 11 percent.

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