Campbell Soup Fiscal Q3 Adjusted Earnings, Sales Increase; Updates Fiscal 2024 Outlook for Sovos Brands Acquisition

MT Newswires Live06-05

Campbell Soup (CPB) reported fiscal Q3 adjusted earnings Wednesday of $0.75 per diluted share, up from $0.68 a year earlier.

Analysts surveyed by Capital IQ expected $0.70.

Net sales for the quarter ended April 28 were $2.37 billion, up from $2.23 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.35 billion.

For fiscal 2024, the company said it now expects adjusted EPS of $3.07 to $3.10 on year-on-year net sales growth of 3% to 4%, accounting for the impacts of the recently completed acquisition of Sovos Brands. It previously guided for adjusted EPS of $3.09 to $3.15 on a net sales decline of 0.5% to an increase of 1.5%.

Analysts polled by Capital IQ expect fiscal 2024 adjusted EPS of $3.03 on revenue of $9.70 billion.

Price: 44.79, Change: +0.61, Percent Change: +1.38

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