Campbell Soup (CPB) Tops Q1 EPS by 5c; Reaffirms Fiscal 2017 Guidance
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Campbell Soup (NYSE: CPB) reported Q1 EPS of $1.00, $0.05 better than the analyst estimate of $0.95. Revenue for the quarter came in at $2.2 billion versus the consensus estimate of $2.2 billion.
Reaffirms Fiscal 2017 Guidance.
Denise Morrison, Campbell’s President and Chief Executive Officer, said, “Fiscal 2017 is off to a solid start relative to our expectations. We continue to execute against our strategic imperatives, reinvest in our business to stimulate topline growth and aggressively manage our costs. We delivered expanded gross margin, and adjusted EBIT and EPS growth cycling a strong year-ago quarter. As expected, organic sales were down slightly compared to the prior year, due to the performance of Campbell Fresh. Campbell Fresh continues to rebuild capacity for Bolthouse FarmsProtein PLUS drinks following a voluntary recall last quarter, and remains focused on working to regain lost carrot customers over time with improved quality.
“Looking ahead, I remain optimistic about plans to accelerate growth with improving trends in U.S. soup and the upcoming launch of Well Yes! ready-to-serve soup, continued strong performance in Pepperidge Farm and a return to growth in Campbell Fresh. Our guidance for the year remains unchanged.”
For earnings history and earnings-related data on Campbell Soup (CPB) click here.
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