Campbell Soup (CPB) Tops Q3 EPS by 12c, Raises FY20 Guidance

Campbell Soup (NYSE: CPB) reported Q3 EPS of $0.83, $0.12 better than the analyst estimate of $0.71. Revenue for the quarter came in at $2.24 billion versus the consensus estimate of $2.17 billion.

Campbell Raises Fiscal 2020 Guidance
As a result of our performance in the third quarter, which was significantly impacted by the increase in demand of our products amidst the COVID-19 pandemic, and our current outlook for continued demand for our products, we are raising our fiscal 2020 outlook for net sales, adjusted EBIT and adjusted EPS as shown in the table below. Although the effect of the COVID-19 pandemic on our sales, adjusted EBIT and adjusted EPS cannot be predicted with certainty, this revised outlook reflects our current expectation of trends through the balance of the fiscal year.

Fiscal 2020 comprises 53 weeks, one additional week compared to fiscal 2019. The benefit of the 53rd week, consistent with the prior fiscal 2020 guidance, is estimated to be worth two points of net sales, adjusted EBIT and adjusted EPS. The outlook for organic net sales excludes the negative impact from the sale of the European chips business along with the estimated contribution of the 53rd week.

For earnings history and earnings-related data on Campbell Soup (CPB) click here.

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