Campbell Soup Boosts FY20 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Wednesday, Campbell Soup Co. (CPB) raised its adjusted earnings guidance for the full-year 2020, but maintained net sales and organic sales growth guidance.

For fiscal 2020, the company raised its guidance to adjusted earnings to a range of $2.55 to $2.60 per share from the prior expectations in the range of $2.50 to $2.55 per share.

However, the company continues to expect net sales and organic sales change to between a decline of 1 percent and a growth of 1 percent, implying sales between $8.03 billion and $8.19 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.53 per share on net sales of $8.13 billion for the year. Analysts' estimates typically exclude special items.

"Given the momentum of the business and lower adjusted interest expense from our debt reduction, we are able to make important incremental investments in the business in the second half while increasing adjusted EPS guidance for the year," said Mark Clouse, President and CEO.

In the second quarter of fiscal 2020, Campbell achieved $45 million in savings under its multi-year cost savings program, inclusive of Snyder's-Lance synergies, bringing total program-to-date savings to $650 million.

As previously announced, the company expects to deliver cumulative annualized savings of $850 million by the end of fiscal 2022.