2023-03-08 07:34:32 ET
Shares of Campbell Soup Company ( NYSE: CPB ) rose sharply on Wednesday after edging past earnings expectations and hiking full-year forecasts.
The New Jersey-based consumer staples producer posted $0.80 in earnings per share for the fiscal second quarter on $2.49B in revenue. The consensus EPS and revenue estimates stood at $0.74 and $2.43B, respectively, for the quarter. Net sales increased 12% and organic net sales increased 13% driven by 14% net price realization.
“While the top line benefited from favorable net price realization, we also continued to see strong brand health. This demonstrates our powerful connection with consumers, especially as they turn to our products for the value they need to navigate the current economic environment,” CEO Mark Clouse commented. “The second-quarter results were consistent with our expectations and driven by the teams' focused execution and improved capabilities that are turning our supply chain into a competitive advantage. We are confident in our ability to deliver strong performance for the full year as reflected in our updated fiscal 2023 guidance.”
The company raised its full-year outlook for net sales growth to a range of 8.5% to +10 from a prior 7% to 9% forecast. Adjusted EPS guidance was narrowed to a $2.95 to $3.00 range from a prior $2.90 to $3 range, but still came in below the $3.15 consensus.
Shares of Campbell’s Soup ( CPB ) rose about 2% shortly after the print .
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Campbell Soup stock gains on earnings beat, raised sales guide