Campbell Soup Co. has posted a 3.4% fall in quarterly earnings, despite an increase in revenues of almost 7%, as restructuring costs and a higher tax bill hit profits.

The world’s largest soup maker reported a drop in third-quarter net income to US$168m for the three months to 2 May, down from $174m last year.

Earnings per share remained unchanged at $0.49 as Campbell’s share capital dropped by 2.6% on the year.

However, the company said that adjusted earnings – stripping out the impact of restructuring and other charges – totalled $0.54 a share.

Gross margin widened to 41.2% from 40.6% amid the company’s restructuring efforts.

Revenues increased 6.9%, rising to $1.8bn from $1.69bn. Gains were driven by currency exchange – which added 5% – and a lift in volumes.

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