Camden, N.J., June 30, 2008-Campbell Soup Company today announced that its Board of Directors has authorized a new share repurchase program. Under the new program, Campbell is authorized to purchase up to $1.2 billion of its outstanding shares in open market and privately negotiated transactions. The program will be in place through the end of Campbell's 2011 fiscal year.
This new share repurchase program is in addition to Campbell's ongoing practice of buying back shares sufficient to offset shares issued under incentive compensation plans. Campbell expects to complete in fiscal year 2008 the share repurchase program utilizing approximately $600 million of the net proceeds from the sale of the Godiva business.
Douglas R. Conant, Campbell's President and Chief Executive Officer, said, "This $1.2 billion share repurchase program reflects the ongoing confidence we have in Campbell's long-term growth potential and is a continuation of our commitment to enhance shareowner value."
Additionally, Campbell updated its fiscal 2008 full-year guidance. The company now expects adjusted net earnings per share growth for its fiscal year ending August 3, 2008 to be at the upper end of the 5 to 7 percent range from the fiscal 2007 adjusted base of $1.95.