Campbell Soup (CPB) Tops Q3 EPS by 10c
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Campbell Soup (NYSE: CPB) reported Q3 adjusted EPS of $0.62, $0.10 better than the analyst estimate of $0.52. Revenue for the quarter came in at $1.9 million versus the consensus estimate of $1.94 million.
Denise Morrison, Campbell’s President and Chief Executive Officer, said, “In the third quarter, gross margin improved and adjusted EBIT and EPS were better than expected. Sales declined, primarily due to unfavorable currency and the impact of retailer inventory movements on our U.S. soup business.
“Our focus on gross margin performance began to pay dividends, as we expanded margins in a challenging environment. In addition to our productivity improvements and moderating inflation, we achieved net price realization by reducing promotional spending and taking pricing actions on the core businesses. We also made progress in addressing many of the supply chain issues we faced in the first half. Most importantly, several of our businesses delivered strong operating earnings, including the Bolthouse and Foodservice segment. I am especially satisfied with the top- and bottom-line results of our Global Baking and Snacking segment.
“In the quarter, we also made progress against our strategic enterprise redesign, including our cost reduction initiative. We believe that a strategy that focuses on driving growth, aggressively reducing costs and reinvesting a portion of the savings in the areas of our business with the greatest growth potential is the best way to create shareholder value over time.”
For earnings history and earnings-related data on Campbell Soup (CPB) click here.
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