CAMDEN (dpa-AFX) - Campbell Soup Company (CPB) reaffirmed its previous guidance for fiscal 2014, which ends on Aug. 3, 2014. The company expects growth of approximately 3 percent in net sales from continuing operations and growth in adjusted EBIT at the low end of the 4 to 6 percent range. Adjusted earnings per share is expected to grow at the low end of the 2 to 4 percent range, or $2.53 to $2.58 per share.
Analysts polled by Thomson Reuters expect the company to report profit per share of $2.54 for the fiscal year. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2015, Campbell expects organic sales to increase, reflecting improvements in its key categories, continued growth from its innovation platforms, progress in its U.S. Beverages and Australian businesses and the contribution from recent acquisitions. Campbell also expects its gross margin percentage to be comparable to fiscal 2014. Campbell plans to provide fiscal 2015 guidance when it reports fourth-quarter results on Sept. 8, 2014.
Absent further acquisitions, the company expects it will resume strategic share repurchases next fiscal year. Campbell suspended its strategic share repurchase program following the Bolthouse Farms acquisition in 2012.
Campbell reiterated its long-term targets of 3 to 4 percent organic sales growth, 4 to 6 percent adjusted EBIT growth and 5 to 7 percent adjusted earnings per share growth. While Campbell expects an improvement in its organic sales performance for the coming year, the company's fiscal 2015 performance is expected to be below these long-term targets.
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