CAMDEN (dpa-AFX) - Campbell Soup Co. (CPB) reported Wednesday weak profit in its third quarter, despite higher net sales. Adjusted earnings beat market view, while top line was in line with their forecast. Further, the company confirmed fiscal 2023 forecast, expecting adjusted earnings below market view.
In pre-market trading on the NYSE, Campbell Soup shares are down 2.4 percent to trade at $49.40.
For the third quarter, earnings dropped 14 percent to $254 million from last year's $294 million.
Earnings per share were $0.53, down 15 percent from $0.62 a year ago.
Adjusted earnings were $313 million or $0.68 per share, compared to prior year's $321 million or $0.70 per share.
On average, 15 analysts polled by Thomson Reuters expected earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales, however, grew 5 percent to $2.23 billion from last year's $2.13 billion. Organic sales growth was 5 percent.
The Street expected sales of $2.23 billion for the quarter.
Looking ahead for fiscal 2023, the company continues to expect adjusted earnings in a range of $2.95 to $3.00 per share, up 3.5 percent to 5 percent from last year's $2.85 per share.
Net sales are still expected to grow 8.5 to 10.0 percent on a reported and organic basis, from last year's net sales of $8.56 billion, implying sales between $9.29 billion and $9.42 billion, with organic net sales growth of 8.5 to 10.0 percent.
The Street expects earnings of $3.01 per share on sales of $9.37 billion for the year, representing a growth of 9.50 percent.
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