Camden, NJ-based Campbell’s Soup (NYSE:CPB), the largest soup maker in the world, earned $.54 cents per share in the 3rd quarter ended on May 2nd. Campbell’s profit announcement beat Thomson Reuters’ consensus estimate by $.03 cents per share [see call transcript].
Revenues rose 6.9% to $1.80 billion, in-line with analysts’ consensus estimate.
Douglas R. Conant, Campbell’s President and CEO, said, “U.S. soup delivered strong volume gains, particularly in ready-to-serve soups. The promotional plans we executed in the third quarter drove volume growth in all formats—condensed, ready-to-serve and broth.”
From a technical perspective, Campbell’s stock price is now in the ‘chop zone,’ between the 50-day and 200-day moving price averages (see chart).
Campbell Soup guided full-year adjusted earnings growth at the high end of the 9-11% range, from the previous fiscal year’s adjusted base of $2.21 a share. CEO Conant concluded, “Based on our third-quarter performance and outlook for the remainder of the year, we expect adjusted net earnings per share growth to be at the high end of our range.” Wall Street analysts increased their full-year profit target expectation to $2.45 per share.
If you have not stocked up on soup for the storm yet, it’s still not too late…
Disclosure: no position in Campbell's