Campbell Soup Co. Expects Strong Earnings Performance

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.