Campbell Soup increases revenue estimates due to solid demand and price increases

Campbell Soup increases revenue estimates due to solid demand and

(Finance) – Campbell Soupa historic US canning company famous for its soups, has registered net sales up 7% from a year earlier, to $ 2.13 billion, in the third quarter of fiscal 2022 (ended May 1, 2022). The organic net sales they went up by 9%. Inflation-driven prices and sales rebates had an impact of + 11%, compared to offset volume decreases of -3%. The adjusted gross margin it increased 90 basis points to 31.5% due to inflation-driven price actions, supply chain productivity improvements, and cost-saving initiatives.

L’Net income attributable to the company rose to $ 188 million, or 62 cents per share, from $ 160 million, or 52 cents per share, a year earlier. L’adjusted earnings per share rose 37% to $ 0.70. The market, according to Refinitiv data, expected earnings per share of $ 0.61 on sales of $ 2.05 billion.

“As expected in the quarter we have had a strong recovery across the business with sales growth driven by sustained consumer demand for our brands and a significantly improved offering – commented the CEO Mark Clouse – Our improved supply chain, coupled with price action, has begun to mitigate the pressure on margins we have experienced over the past 12 months. ”

“While the operating environment remains challenging and we continue to expect significant inflation, we are increasing our net sales prospects for the full fiscal year 2022 and reaffirming our previous guidance on Adjusted EBIT and Adjusted EPS, “he added. The company now expects organic net sales to increase fiscal 2022 between 1% and 2%. %, compared to its previous estimate of a range between -1% and + 1%.

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