Campbell Soup Increased Sales Outlook After Positive Third-Quarter Earnings
Jun 8, 2022 By MarketDepth
Campbell Soup Co (NYSE: CPB) increased its annual core sales outlook on Wednesday after reporting positive third-quarter earnings. The news comes amid improving supply-chains that have helped fulfill demand of its products.
Higher Than Expected Earnings
The processed food and snack company reported earnings of USD0.70 a share, compared to the expected USD0.61 a share. Revenue amounted to USD2.13 Billion, higher than analysts anticipated USD2.04 Billion.
“As expected, we had a strong recovery across the business in the quarter with high-single-digit sales growth driven by sustained consumer demand for our brands and significantly improved supply. Our improved supply chain execution along with inflation-driven pricing began to mitigate the margin pressure we have experienced over the last 12 months. While the operating environment remains challenging and we continue to expect significant inflation, our team is executing well, and Campbell is on a much stronger foundation today. 3 Looking ahead, we are raising our full-year fiscal 2022 net sales outlook and reaffirming our prior adjusted EBIT and adjusted EPS guidance reflecting the on-going inflation-driven margin pressure.”President and CEO Mark Clouse
The company now expects fiscal year 2022 organic net sales to rise anywhere between 1% and 2%, in comparison to its previous forecast of a 1% decline and a 1% rise.