- Campbell Soup Co (NYSE: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
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
