Campbell Soup Stock Rises After Beating Q3 Earnings with EPS $0.75 and Revenue $2.37B, Raises FY24 Guidance

Jun 5, 2024, 11:24 AM

Campbell Soup's stock has risen following the release of its Q3 2024 earnings report, which exceeded market expectations. The company reported an adjusted EPS of $0.75, surpassing the estimated $0.71, and revenue of $2.37 billion, beating the forecasted $2.33 billion. Net sales were $2.4 billion, increasing 6%. This performance was driven by strong results in its meals and beverages segment. Additionally, Campbell Soup raised its full-year 2024 guidance, now expecting EPS to be between $3.07 and $3.10, compared to the previous range of $3.09 to $3.15, and net sales growth to be between 3% and 4%, up from the prior forecast of -0.5% to 1.5%. The company attributed the improved outlook to a recovery in demand for its ready-to-eat soups and meals.