Campbell Soup Boosts FY23 Outlook - Update

(RTTNews) - While reporting financial results for the first quarter on Wednesday, Campbell Soup Co. (CPB) raised its adjusted earnings and net sales guidance for the full-year 2023, to reflect strong first-quarter results, sustained brand momentum and strengthened supply chain.

For fiscal 2023, the company now projects adjusted earnings in a range of $2.90 to $3.00 per share on net sales growth of 7 to 9 percent from last year's net sales of $8.56 billion, implying sales between $9.16 billion and $9.33 billion, with organic net sales growth of 7 to 9 percent.

Previously, the company expected adjusted earnings in the range of $2.85 to $2.95 per share on net sales growth of 4 to 6 percent, with organic net sales growth of 4 to 6 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.91 per share on net sales of $9.0 billion for the year. Analysts' estimates typically exclude special items.

Campbell also said it remains on track to deliver savings of $1 billion by the end of fiscal 2025.

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