Campbell Soup Shares Gain On Q3 Earnings Beat

Campbell Soup Co CPB reported third-quarter FY22 sales growth of 7% year-on-year to $2.13 billion, beating the consensus of $2.05 billion.
Net sales from the Meals & Beverages segment rose 6%, and the Snacks segment climbed 8%.
The gross margin contracted 50 basis points Y/Y to 31.2%. Adjusted EBIT of $321 million increased 23% Y/Y.
Total costs and expenses increased 7.2% to $1.8 billion.
Adjusted EPS of $0.70 beat the analyst consensus of $0.61.
The company held $196 million in cash and equivalents as of May 1, 2022. Cash provided by operating activities for nine months totaled $1.1 billion.
CEO Mark Clouse said, "Looking ahead, we are raising our full-year fiscal 2022 net sales outlook and reaffirming our prior adjusted EBIT and adjusted EPS guidance reflecting the on-going inflation-driven margin pressure."
Outlook: Campbell raised the FY22 sales growth outlook to 0% ($8.476 billion) – 1% ($8.56 billion) from the previous (0.2)% - 0%, versus the consensus of $8.41 billion.
The company continues to expect adjusted EPS of $2.75 - $2.85, against the consensus of $2.78.
Price Action: CPB shares are trading higher by 2.32% at $47.68 in premarket on the last check Wednesday.
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