Campbell Soup (CPB) shares gain as profit tops expectations, momentum expected to build

Campbell Soup (NYSE: CPB) shares are gaining premarket Wednesday following its latest quarterly earnings release, which saw it top consensus profit expectations.

The company reported Q1 earnings of $0.91, $0.03 better than the analyst estimate of $0.88, while revenue for the quarter came in at $2.52 billion, down 2% year-over-year and in line with the consensus estimate of $2.52 billion.

CPB shares are up more than 1.5% at the time of writing, trading back around the $41 per share level.

The company said it is continuing to effectively navigate the current consumer landscape and expects to build momentum heading into 2024.

"We are off to an encouraging start in our important holiday season, and we expect to build momentum for the balance of the fiscal year behind disciplined execution, stepped-up innovation, and the overall relevance of our brands in this current environment," said Mark Clouse, Campbell's President and CEO.

Campbell reaffirmed its full-year fiscal 2024 guidance, with net sales expected to grow between (0.5)% to 1.5%. Adjusted earnings per share are estimated to grow by 3% to 5% to between $3.09 and $3.15

By Sam Boughedda

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