Campbell Soup says it may outpace Wall Street profit estimate for 2024

By Steve Gelsi

Campbell Soup's stock rises but has lost about 24.6% of its value in 2023

Campbell Soup Co.'s stock rose Wednesday after the company said it may outpace analyst estimates for 2024 earnings per share.

Campbell Soup's stock (CPB) was up by about 6.4%, its first gain of that amount since December 2022, according to Dow Jones Market Data.

The food company said its first-quarter net income for the three months ending Oct. 29 fell to $407 million, or 78 cents a share, from $436 million, or 99 cents a share, in the year-ago quarter.

Adjusted first-quarter earnings of 91 cents a share beat the FactSet consensus estimate of 87 cents a share.

Revenue fell 2% to $2.52 billion, in line with the analyst estimate.

Looking ahead, Campbell Soup expects adjusted 2024 earnings of $3.09 to $3.15 a share, ahead of the FactSet consensus estimate of $3.07 a share.

Chief Executive Mark Clouse said the company's first-quarter results were in line with expectations.

"We are off to an encouraging start in our important holiday season," Clouse said.

Campbell Soup expects to close its acquisition of Sovos Brands in 2024.

While Campbell Soup's stock is up four of the past five days, the stock has lost about 24.6% of its value in 2023 and is on pace for its worst year since it fell 31.4% in 2018.

The stock remains 36.7% off its all-time high of $67.55 on July 6, 2016.

-Steve Gelsi

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12-06-23 1058ET

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