Campbell Soup Reaffirms FY24 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Wednesday, Campbell Soup Co. (CPB) reaffirmed its adjusted earnings and net sales guidance for the full-year 2024, to reflect sequential volume and margin improvement for its key brands and categories.

For fiscal 2024, the company now projects adjusted earnings in a range of $3.09 to $3.15 per share on net sales between down 0.5 percent and up 1.5 percent from last year's $9.36 billion, implying sales between $9.31 billion and $9.50 billion, with organic net sales growth of flat to 2 percent.

On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $3.07 per share on net sales of $9.37 billion for the year. Analysts' estimates typically exclude special items.

Campbell also said it remains on track to deliver savings of $1 billion by the end of fiscal 2025.

The company said full year top-line growth rate is currently tracking to the lower end of the net sales guidance range, with possible upside should the pace of consumer recovery accelerate in the second half of the year.

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