Campbell Soup Co. (NYSE: CPB) reported adjusted fourth-quarter and full fiscal year 2014 results before markets opened on Monday. For the quarter, the food producer reported adjusted earnings per share (EPS) of $0.49 on $1.85 billion in sales. In the same period a year ago, the food producer reported EPS of $0.45 on revenue of $1.96 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.49 and $1.87 billion in revenue.

For the full year Campbell posted EPS of $2.56 on revenues of $8.27 billion. The consensus estimates called for EPS of $2.54 on revenues of $8.29 billion. Last year the company posted EPS of $2.64 on sales of $8.58 billion.

Campbell guided fiscal year 2015 net sales up 1% to 2% and adjusted EPS flat to up 2% in a range of $2.45 to $2.50. The consensus estimates for the first quarter call for EPS of $0.73 on revenues of $2.23 billion. For the full year analysts expect EPS of $2.57 on revenues of $8.35 billion.

Neither the 2014 nor 2015 fiscal years’ revenues has or is expected to match the 2013 total of $8.58 billion.

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Adjusted gross margin for the quarter slipped from a year-ago total of 36.2% to 34.1%, which the company attributed to increased supply chain costs, cost inflation and higher promotional spending. Productivity improvements helped offset some of the drags on gross margin. For the full year, adjusted gross margin slipped from 36.2% in 2013 to 35.1%.

The company’s largest division, U.S. Simple Meals, reported that quarterly sales increased by 5% to $518 million. The acquisition of Plum was the big boost for sales, while volume and mix weighed on sales. Canned condensed soup sales were down 1% and sales of ready-to-serve soup and broth were both down 8%.

The company’s president/CEO said:

We continued to make progress in reshaping Campbell, although we recognize that it is taking longer than originally anticipated. The Kelsen Group acquisition expanded our baked snacks business to China and Hong Kong. Bolthouse Farms achieved strong top-line growth as we increased distribution and invested in advertising and consumer programs to build brand equity. We divested our European simple meals business to focus on faster-growing markets. … Looking ahead, we plan to deliver modest growth in fiscal 2015, despite a consumer environment that is likely to remain challenging.

The company’s acquisition of Bolthouse Farms added 11% to annual sales (3% excluding the 53rd week), and the company is counting on its recent acquisitions to improve sales in Asia, particularly in China. Campbell also plans to introduce 200 new products in the coming year.

Shares were down about 1.2% in premarket trading, at $43.71 in a 52-week range of $38.30 to $46.67. Thomson Reuters had a consensus analyst price target of $41.10 before the results were announced.

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