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3mo ago

Campbell’s Q3 Revenue and Profit Exceed Estimates on Home Cooking Surge

Soft snack demand under tariff pressures keeps Campbell’s Company’s annual profit per share target at the bottom of its forecast range despite a maintained sales outlook.

Cans of Campbell's chunky beef soup line a supermarket shelf in Bellingham, Washington, U.S. April 25, 2024. REUTERS/Chris Helgren/File Photo
Image
FILE - Cans of Campbell's soup are displayed in a supermarket, March 25, 2021, in New York. (AP Photo/Mark Lennihan, File)
FILE - The logo for Campbell's Soup appears above a trading post on the floor of the New York Stock Exchange, May 18, 2018. (AP Photo/Richard Drew, File)

Overview

  • Campbell’s Company recorded a 4% rise in third-quarter net sales to $2.5 billion, topping analyst projections of $2.43 billion.
  • Adjusted earnings per share reached $0.73, outperforming the $0.66 consensus forecast.
  • The Meals & Beverages segment posted a 7% volume increase as cook-at-home trends hit their strongest levels since early 2020, according to CEO Mick Beekhuizen.
  • Snack volumes fell 5% even after the rollout of new Pepperidge Farm lines, including Milano white chocolate cookies and Pop’ums snack hybrids.
  • Management reaffirmed fiscal 2025 net sales growth guidance of 6%–8% but expects adjusted EPS to land at the low end of the $2.95–$3.05 range due to weaker snack performance and tariff headwinds.