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Campbell Raises Second Quarter Earnings Estimate Based on Stronger Than Expected Performances in U.S. Soup and Beverage Businesses; Fiscal Year 2004 Guidance of $1.58 is Maintained

CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 12, 2004–Campbell Soup
Company (NYSE:CPB) today raised its earnings per share estimate to
$.57 for the fiscal 2004 second quarter ended February 1, 2004.
Campbell said the revised second quarter earnings estimate is
principally the result of better than expected volume results in its
U.S. soup and beverage businesses.

On November 24, 2003, the company said that it expected earnings
per share to be in the range of $.52 to $.54, which was below prior
year due to planned marketing investment. In the year ago quarter,
Campbell reported earnings per share of $.56.

The company is maintaining its earnings per share guidance for
fiscal 2004 at approximately $1.58. In the second half of the fiscal
year the company expects to have continued higher marketing investment
in its U.S. soup business. In addition, the company cited slower
category growth in its U.S. pasta sauce business and increased
competitive challenges in its Australian snack foods business.

As scheduled, the company will release its second quarter earnings
on February 23, 2004. A conference call to discuss the results will be
held the same day at 10:00 a.m. Eastern Standard Time.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future plans and
performance, including statements concerning marketing investments,
sales and earnings. These forward-looking statements rely on a number
of assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any forward-looking
statement made by the company. Please refer to the company’s most
recent Form 10-K and subsequent filings for a further discussion of
these risks and uncertainties. The company disclaims any obligation or
intent to update the forward-looking statements in order to reflect
events or circumstances after the date of this release.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauce, beverage, biscuit, confectionery and
prepared food products. The Company is 134 years old, with nearly $7
billion in annual sales and a portfolio of more than 20 market-leading
brands. For more information on the company, visit Campbell’s website
on the Internet at www.campbellsoup.com.


    CONTACT: Campbell Soup Company
             Jerry S. Buckley (Media), 856-342-6007
             Leonard F. Griehs (Analysts), 856-342-6428

    SOURCE: Campbell Soup Company