Stock Alert: Campbell Soup Co. (CPB) Shares Hit 52-Week High

(RTTNews) - Shares of Campbell Soup Co. (CPB) rallied to touch a 52-week high of $52.83 on March 4, after the company raised its fiscal 2020 earnings forecast, while reporting upbeat Q2 earnings.

The stock has been trading between $35.03 and $52.83 in the past one year, and closed Wednesday's trading session at $52.72, up $4.84 or 10.11%. Trading volume surged to 9.28 million versus an average volume of 2.13 million shares.

FY Guidance

The company raised its fiscal 2020 adjusted earnings per share outlook to a range of $2.55 - $2.60 from the prior expectations of $2.50 - $2.55 per share. Analysts expect annual earnings of $2.53 per share.

Q2 Results

Campbell reported second-quarter net income of $1.21 billion or $3.97 per share, compared to a net loss of $59 million or $0.20 per share last year. Campbell's income from continuing operations was $171 million or $0.56 per share versus $176 million or $0.58 per share in the previous year.

Adjusted earnings rose 11% to $0.72 per share. Analysts expected the company to report earnings of $0.66 per share for the quarter. Net sales were slightly down 0.5% at $2.16 billion, from $2.17 billion in the previous year.