Campbell Soup Co. (NYSE: CPB) reported fourth-quarter and full fiscal year 2015 results before markets opened on Thursday. The food producer reported adjusted earnings per share (EPS) of $0.43 on $1.69 billion in sales. In the same period a year ago, the company reported EPS of $0.41 on revenue of $1.85 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.42 and $1.69 billion in revenue.

For the full year, Campbell posted EPS of $2.46 on revenues of $8.08 billion. The consensus estimates called for EPS of $2.44 on revenues of $8.08 billion. Last year the company posted EPS of $2.43 on sales of $8.27 billion.

Campbell guided fiscal year 2016 net sales flat to up 1% and adjusted EPS up 3% to 5% in a range of $2.53 to $2.58. For the full year, analysts expect EPS of $2.53 on revenues of $8.19 billion. The consensus estimates for the first quarter call for EPS of $0.77 on revenues of $2.25 billion.

Adjusted gross margin for the quarter increased from a year-ago total of 34.1% to 36.1%, which the company attributed to productivity improvements, higher selling prices and lower promotional spending. The increase was partially offset by lower volume. For the full year, adjusted gross margin slipped 0.7% due to currency exchange rate effects and higher incentive compensation expense.

The company’s president and CEO, Denise Morrison, said:

We had a solid finish to the fiscal year considering the difficult operating environment, and delivered sales, adjusted EBIT and adjusted EPS within our most recent guidance. I am pleased with the fourth-quarter performance in U.S. Simple Meals as well as organic sales growth in the Bolthouse and Foodservice segment. For the year, four of the company’s five reporting segments posted organic sales gains. Global Baking and Snacking performed well this year as we made progress in stabilizing our business in Australia. I am particularly encouraged by the improvement in gross margin across the company in the back half of the year. … Looking ahead to fiscal 2016, we believe that our focus on driving growth, aggressively reducing costs and reinvesting a portion of the savings in the areas of our business with the greatest growth potential is the best way to create shareholder value.

Shares were up about 0.5% in premarket trading, at $48.00 in a 52-week range of $41.15 to $50.80. Thomson Reuters had a consensus analyst price target of $46.27 before the results were announced.

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