Campbell Issues FY23 Guidance; Projects Organic Net Sales Growth In Range Of 4%-6%

(RTTNews) - While reporting fourth-quarter results on Thursday, Campbell Soup Company (CPB) issued fiscal 2023 guidance reflecting the expectation for continued elevated consumer demand for its brand portfolio. The company expects sales growth in both divisions. From continuing operations, the company projects adjusted EPS in a range of $2.85 to $2.95. Organic net sales is projected to increase in a range of 4% to 6%. Campbell noted that it remains on track to deliver savings of $1 billion by the end of fiscal 2025.

Fourth quarter adjusted EPS increased 8% to $0.56. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.56, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBIT increased 5% to $269 million.

The company's bottom line came in at $96 million, or $0.32 per share compared with $288 million, or $0.95 per share, in last year's fourth quarter.

Revenue for the quarter rose 6.4% to $1.99 billion from $1.87 billion last year. Analysts on average had estimated $1.99 billion in revenue. Organic net sales increased 6%, for the quarter. The company said the the impact of inflation-driven pricing and sales allowances of 14% more than offset volume declines of 4% and increased promotional spending of 3%.

Shares of Campbell Soup are down 2% in pre-market trade on Thursday.

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