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Campbell Soup Co (NYSE:CPB) reported third-quarter FY23 net sales and organic sales growth of 5% year-over-year to $2.229 billion, missing the consensus of $2.23 billion.
Net sales from the Meals & Beverages segment declined 2% YoY, and the Snacks segment climbed 12%.
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The gross margin contracted by 120 bps to 30%, and the adjusted margin contracted by 60 bps to 30.9%. Adjusted EBIT was $313 million (-2% Y/Y), and the margin was 14%, down by 103 bps.
Adjusted EPS was $0.68 (-3% Y/Y), beating the consensus of $0.65.
Segment Operating Earning for Meals & Beverages was $182 million (-17% Y/Y), and Snacks was $179 million (+41% Y/Y).
The company held $223 million in cash and equivalents as of April 30, 2023. Operating cash flow for nine months totaled $918 million, compared to $1.1 billion a year ago.
The company stated that the recent Emerald nuts business divestiture would not materially impact FY23 adjusted results.
Campbell said it remains on track to deliver savings of $1 billion by the end of fiscal 2025.
FY23 Outlook reaffirmed: Campbell sees net sales growth of 8.5%-10%; adjusted EPS of $2.95-$3.00 versus consensus of $3.01. It sees Adjusted EBIT growth of 4.5%-6.5%.
Price Action: CPB shares are trading lower by 5.73% at $47.69 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.