Campbell Soup Q4 Profit Tops View, Sees FY20 Profit Below View

(RTTNews) - Campbell Soup Co. (CPB) reported that its net loss attributable to the company for the fourth-quarter was $8 million or $0.03 per share, compared to net income of $94 million or $0.31 per share in the prior year.

The company reported a loss from continuing operations of $0.02 per share. Excluding items impacting comparability, adjusted earnings per share from continuing operations increased 14 percent to $0.42 per share primarily reflecting a lower adjusted tax rate.

Adjusted Combined earnings per share were $0.50 up from $0.44 prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Sales increased 2 percent to $1.8 billion from last year driven by gains in Snacks, as well as Meals & Beverages. Combined net Sales for the quarter grew to $2.02 billion from $1.99 billion in the prior year. Analysts expected revenues of $1.98 billion.

For fiscal 2020, the company expects net sales to grow by 1 to 3 percent, and adjusted earnings per share to grow by 9 to 11 percent. It expects adjusted earnings per share to be in the range of $2.50 to $2.55. Analysts expect annual earnings of $2.58 per share.

In Friday pre-market trade, CPB is trading at $45.22 up $1.90 or 4.39%.