May 22, 2015 7:55 AM | 2 min read |
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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.
(NYSE: CPB) reported better-than-expected earnings for the fiscal third quarter. The Camden, New Jersey-based company posted a quarterly net profit of $182 million, or $0.58 per share, versus a year-ago profit of $184 million, or $0.58 per share. Excluding non-recurring items, the company's adjusted earnings came in at $0.62 per share. Its sales declined 4 percent to $1.9 billion, while organic sales slipped 1 percent. However, analysts were expecting earnings of $0.52 per share on revenue of $1.93 billion. The average estimate among 9 Estimize users was for earnings of $0.52 per share and revenue of $1.94 billion.U.S. Simple Meals sales dropped 6 percent to $630 million in the quarter. U.S. soup sales fell 10 percent.Global Baking and Snacking sales dropped 2 percent to $555 million, while International Simple Meals and Beverages sales fell 6 percent to $175 million in the quarter. U.S. Beverages sales dropped 2 percent to $187 million, while Bolthouse and Foodservice sales slipped 1 percent to $353 million in the quarter.Its gross margin widened to 35.9 percent from 34.3 percent. Adjusted EBIT dropped 2 percent year-over-year to $305 million in the quarter.Marketing and selling expenses dropped 2 percent to $213 million, while administrative expenses rose 5 percent to $141 million.Denise Morrison, Campbell's President and Chief Executive Officer, said, "In the third quarter, gross margin improved and adjusted EBIT and EPS were better than expected. Sales declined, primarily due to unfavorable currency and the impact of retailer inventory movements on our U.S. soup business.""In the quarter, we also made progress against our strategic enterprise redesign, including our cost reduction initiative. We believe that a strategy that focuses on driving growth, aggressively reducing costs and reinvesting a portion of the savings in the areas of our business with the greatest growth potential is the best way to create shareholder value over time," the executive added.For the full fiscal year, Campbell Soup now projects sales closer to the lower end of its earlier issued forecast for a 1 percent drop to a 1 percent growth. The company also projects adjusted earnings per share closer to the favorable end of its earlier outlook of $2.32 to $2.38 per share.Campbell Soup shares gained 0.49 percent to close at $46.93 yesterday.
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.
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