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Campbell Soup raises profit guidance at investor meeting

Jul. 22, 2015 8:25 AM ETCampbell Soup Company (CPB) StockBy: Clark Schultz, SA News Editor1 Comment
  • Campbell Soup (NYSE:CPB) issues a strategic update ahead of an investor meeting.
  • The company highlighted the advantages of changing reporting segments by product type to Americas Simple Meals and Beverages, Global Biscuits and Snacks, and Campbell Fresh.
  • New cost reduction initiatives are seen generating $75M in savings this fiscal year. The annual savings target is lifted to $250M from $200M.
  • Favorable gross margin performance has led to a boost in profit guidance. Campbell sees 2015 EPS of $2.43-$2.48 vs. $2.32-$2.38 prior and $2.38 consensus.
  • CPB +1.65% premarket to $48.25.

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