Campbell Soup (NYSE: CPB) reported adjusted second-quarter earnings of 72 cents per share on Wednesday, which beat the analyst consensus estimate of 66 cents by 9.09%. This is a 6.49% decrease over earnings of 77 cents per share from the same period last year.
The company reported quarterly sales of $2.16 billion, which beat the analyst consensus estimate of $2.15 billion by 0.47%. This is a 20.38% decrease over sales of $2.713 billion the same period last year.
Campbell Soup raised fiscal year 2020 adjusted EPS guidance from $2.50-$2.55 to $2.55-$2.60 versus the $2.53 estimate.
"I am pleased that we delivered another high-quality quarter with organic sales, and adjusted gross margin, EBIT and earnings, growing in-line with or above our expectations,” said Mark Clouse, Campbell's CEO. “Additionally, I am very pleased with our successful deleveraging in the quarter, resulting in a much-improved leverage ratio. Given the momentum of the business and lower adjusted interest expense from our debt reduction, we are able to make important incremental investments in the business in the second half while increasing adjusted EPS guidance for the year."
Campbell Soup shares were trading up 2.13% at $48.90 in Wednesday’s pre-market session. The stock has a 52-week high of $49.56 and a 52-week low of $35.03.