Why Campbell Soup (CPB) Shares Are Gaining Today - Campbell Soup (NASDAQ:CPB)

Campbell Soup Co CPB reported first-quarter FY23 sales growth of 15% year-on-year to $2.58 billion, beating the consensus of $2.45 billion.
Net sales from the Meals & Beverages segment rose 15%, and the Snacks segment climbed 15%.
Gross margin expanded 10 basis points Y/Y to 32.4%. Adjusted EBIT of $449 million increased 15% Y/Y.
Total costs and expenses increased 15% to $2.1 billion.
Adjusted EPS of $1.02 beat the analyst consensus of $0.88.
The company held $130 million in cash and equivalents as of Oct. 30, 2022.
The company's regular quarterly dividend of $0.37 per share will be payable on Jan. 30, 2023, to shareholders of record at the close of business as of Jan. 5, 2023.
Outlook: Campbell raised the FY23 adjusted EPS outlook from $2.85 - $2.95 to $2.90 - $3.00 versus the consensus of $2.91.
The company also raised FY23 sales growth guidance from 4% - 6% to 7% – 9%.
Price Action: CPB shares are trading higher by 3.04% at $54.60 in premarket on the last check Wednesday.
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Campbell Soup Surges On Q1 Earnings Beat, Raised FY23 Outlook