Campbell Soup (NYSE:CPB) earnings for the food company’s fiscal first quarter of 2020 have CPB stock up on Wednesday. This comes from the company’s adjusted earnings per share of 78 cents. That’s above Wall Street’s estimate of 71 cents per share. Revenue of $2.18 billion is below analysts’ estimates of $2.19 but isn’t hurting CPB stock.
Let’s see what else went on in the most recent Campbell Soup earnings report.
- Adjusted EPS is down 1.27% from 79 cents in its fiscal first quarter of 2019.
- Revenue comes in close to 1% lower than the $2.20 billion reported during the same time last year.
- Operating income of $169 million is a 6.11% drop YoY from $180 million.
- The Campbell Soup earnings report also includes a net income of $166 million.
- This is 14.43% worse than the $194 million reported during the same period of the year prior.
Mark Clouse, President and CEO of Campbell Soup, says this about the current CPB stock earnings report.
“Our performance to start the new fiscal year was largely in-line with our expectations and builds upon the solid foundation we set in fiscal 2019. I was especially pleased that our in-market consumption grew more than 1% in measured channels.”
The Campbell Soup earnings report also includes an update to its fiscal 2020 outlook. That includes effects from the sale of its European chip business. Due to this, it now expects revenue to be down 1% to up 1% for the fiscal year. This translates to revenue between $8.03 billion and $8.19 billion. Wall Street is looking for revenue of $8.18 billion for the period.
CPB stock was up 1.75% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.