Shares of Campbell Soup (CPB) are unchanged at $35.48 after the company this morning said it merely met fiscal Q3 revenue estimates and forecast full-year profit below estimates.
Q3 revenue rose 7%, year over year, to $1.8 billion, as expected, yielding profit of 54 cents, ahead of the 51-cent average estimate.
The company mostly enjoyed volume increases, while pricing was held back by “promotional spending,” the company said. Volume of soup sales rose 5%, while beverage sales rose 13%.
For the full year, the company forecast $7.78 billion to $7.85 billion, ahead of the average $7.78 billion estimate. Campbell expects EPS to be at the high end of a previously offered forecast for $2.41 to $2.45, which is in line with the average $2.45 per share of analysts.
Correction: In. A previous version of this post, I stated that the company’s fiscal year forecast of $2.41 to $2.45 in EPS missed the average $2.45. However, the company’s revision to the “high end” of it’s target range actually is in line with the $2.45 estimae. My apologies for any confusion caused by this error.
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