Campbell Soup's Q2 Highlights: 12% Top-Line Growth, Earnings Beat, Brand Strength, FY23 Sales Outlook Boost & More

  • Campbell Soup Co CPB reported second-quarter FY23 sales growth of 12% year-on-year to $2.48 billion, beating the consensus of $2.44 billion.
  • Organic net sales rose 13% as favorable inflation-driven net price realization was partially offset by volume / mix declines.
  • Net sales from the Meals & Beverages segment rose 10%, and the Snacks segment climbed 15%.
  • Gross margin expanded 20 basis points Y/Y to 30.5%. Adjusted EBIT of $362 million increased 14% Y/Y.
  • Total costs and expenses increased 13.2% to $2.1 billion.
  • Adjusted EPS of $0.80 beat the analyst consensus of $0.74.
  • The company held $158 million in cash and equivalents as of Jan. 29, 2023. Cash provided by operating activities for six months totaled $732 million.
  • Total debt as of Jan. 29, 2023, totaled $4.6 billion.
  • Outlook: Campbell raised the lower end of the prior FY23 adjusted EPS guidance and updated the forecast from $2.90-$3.00 to $2.95-$3.00 versus the consensus of $3.00.
  • The company raised its FY23 sales growth outlook from 7%-9% to 8.5%-10%.
  • Campbell said it remains on track to deliver savings of $1 billion by the end of fiscal 2025.
  • Price Action: CPB shares are trading higher by 1.49% at $52.91 on the last check Wednesday.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!