Earnings for snack, soup and beverage provider Campbell Soup Company’s (NYSE:CPB) fiscal second quarter of 2020 have CPB stock on the rise Wednesday morning. This comes after reporting diluted earnings per share (EPS) of 72 cents on revenue of $2.16 billion. These figures both come in above Wall Street’s estimates of 66 cents per share in earnings and revenue of $2.15 billion.
Let’s take a closer look at the most recent Campbell Soup earnings report.
- Diluted EPS for the quarter comes in 10.8% higher than 65 cents in the same period of the year prior.
- Revenue is marginally lower than $2.17 billion during the fiscal fourth quarter of 2018.
- The Campbell Soup earnings report also includes a net income of $1.21 million.
- That’s much better compared to the company’s net loss of $59 million during the same time last year.
Mark Clouse, president and CEO of Campbell Soup Company, said this about the CPB stock earnings report:
“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. Additionally, I am very pleased with our successful deleveraging in the quarter, resulting in a much-improved leverage ratio.”
The Campbell Soup Company earnings report also contains its outlook for the fiscal full year of 2020. This includes an update to the company’s adjusted EPS guidance, which is now expected to be between $2.55 and $2.60. Meanwhile, Wall Street’s estimate is for adjusted EPS of $2.53 during the year.
CPB stock was up as much as 7.5% as of Wednesday morning.
As of this writing, Nick Clarkson did not hold a position in any of the aforementioned securities.