Campbell Soup Gains 7 percent Following Q1 Results

Shares of Campbell Soup (NYSE:CPB) grew more than 7% intra-day today following the release of their latest quarterly earnings, which exceeded profit expectations set by analysts.
The company reported first-quarter earnings of $0.91 per share, which is $0.03 higher than the analyst prediction of $0.88. However, their revenue for the quarter was $2.52 billion, a 2% decrease compared to the same period last year, aligning with the consensus estimate of $2.52 billion.
Campbell Soup stated that they are effectively adapting to the current consumer environment and anticipate gaining momentum as they move into 2024.
The company has also reaffirmed its guidance for the full fiscal year of 2024. They expect net sales to fluctuate between a decrease of 0.5% and an increase of 1.5%. Adjusted earnings per share are projected to grow by 3% to 5%, which would place them between $3.09 and $3.15.

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