Campbell Soup Co.'s stock (CPB) saw a 0.6% increase in premarket trades on Wednesday following the company's announcement that it may surpass analyst expectations for 2024 earnings per share.

First-Quarter Performance

For the three months ended Oct. 29, Campbell Soup reported a decline in net income, with $407 million, or 78 cents a share, compared to $436 million, or 99 cents a share, in the year-ago quarter. However, adjusted first-quarter earnings came in at 91 cents a share, exceeding the FactSet consensus estimate of 87 cents a share.

Steady Revenue

While revenue dipped by 2% to $2.52 billion, it remained in line with the analyst estimate.

Future Outlook

Campbell Soup remains optimistic about its future earnings, expecting adjusted 2024 earnings to range from $3.09 to $3.15 per share. This projection surpasses the FactSet consensus estimate of $3.07 per share.

Positive Start to Holiday Season

CEO Mark Clouse expressed satisfaction with the company's first-quarter results, stating that they were in line with expectations. He also shared his optimism for the upcoming holiday season, describing the start as "encouraging."

Acquisition Update

Campbell Soup anticipates finalizing its acquisition of Sovos Brands in 2024.

United Natural Foods Inc.'s Fiscal Q1 Results: A Mixed Bag

PayPal Announces Leadership Transition and New President of Global Markets

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Embraer Reports Profit in Q3
News

Embraer Reports Profit in Q3

Embraer reports a profitable third quarter with increased net income and sales of commercial jets

Apple Sports App: Enhancing Fan Experience
News

Apple Sports App: Enhancing Fan Experience

Apple Sports is a game-changer in real-time sports information, offering up-to-the-minute updates, live betting odds, an...

Germany's Economy Contracts in Q4 2023
News

Germany's Economy Contracts in Q4 2023

Germany's economy experienced a contraction in the final quarter of 2023, narrowly avoiding a recession. The decline can...

Crude Oil Futures Show Modest Increase, Refined Product Contracts Mixed
News

Crude Oil Futures Show Modest Increase, Refined Product Contracts Mixed

Crude oil futures see small gains, with refined product contracts showing mixed performance. Volatile trading seen due t...