Campbell Soup Co.’s stock
CPB,
was up by 0.6% in premarket trades on Wednesday after the company said it may outpace analyst estimates for 2024 earnings per share. Campbell Soup said its first-quarter net income for the three months ended 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 calculate of 87 cents a share. Revenue fell 2% to $2.52 billion, in line with the analyst calculate. Looking ahead, Campbell Soup expects adjusted 2024 earnings of $3.09 to $3.15 a share, ahead of the FactSet consensus calculate 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.
