Campbell Soup (NYSE:CPB) earnings for the third quarter of fiscal 2020 have CPB stock down on Wednesday. This is despite reporting revenue of $2.24 billion, which is above Wall Street’s estimate of $2.22 billion. Also, the company reported adjusted earnings per share (EPS) of 83 cents, while analysts were expecting earnings of 75 cents for the quarter.
Additionally, the company reported GAAP EPS of 55 cents for the period.
Now let’s see what else is worth mentioning from the most recent Campbell Soup earnings report.
- Adjusted EPS was up 57% from 53 cents during Q3 2019.
- Revenue for the quarter comes in 15% better compared to $1.95 billion during the same time last year.
- Campbell Soup’s earnings also includes a net income of $168 million.
- That is 100% higher than $84 million from the third quarter of 2019.
The company also reported a rise of six percentage points in the number of new households purchasing Campbell Soup products during the period.
Mark Clouse, president and CEO of Campbell Soup, said this about the CPB stock earnings report:
“Since the onset of the COVID-19 pandemic, we have simplified our mission to keep our people safe, while meeting the urgent need for food and supporting the communities in which we operate. …In the quarter, we experienced unprecedented broad-based demand across our brands as consumers sought food that delivered comfort, quality and value. This demand resulted in double-digit increases in organic sales, adjusted EBIT and adjusted EPS.”
The company also raised its FY2020 guidance in the release. This includes expected adjusted EPS between $2.87 to $2.92 on a revenue increase of between 5.5% and 6.5%. Meanwhile, Wall Street is calling for EPS of $2.85 on revenue of $8.6 billion.
CPB stock was down 5.1% on Wednesday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.