Campbell Soup Co.’s stock
CPB,
fell 0.6% in premarket trading Wednesday after the food company’s revenue and adjusted second-quarter profit beat analyst estimates, but it said its 2024 performance is currently tracking at the low end of its sales guidance range. Campbell Soup net income for the three months ended Jan. 28 fell to $203 million, or 68 cents a share, from $232 million, or 77 cents a share, in the year-ago quarter. Adjusted profit of 80 cents a share beat the FactSet consensus estimate of 77 cents a share. Second-quarter revenue fell 1% to $2.46 billion, ahead of the analyst estimate of $2.44 billion. Looking ahead, Campbell reiterated its guidance from Aug. 31 for its expected financial performance in 2024. “Full year top-line growth rate is currently tracking to the lower end of the net sales guidance range, with possible upside should the pace of consumer recovery accelerate in the second half of the year,” the company said. In August, Campbell said it expected 2024 sales to either fall by about 0.5% or increase by up to 1.5%. Analysts currently expect 2024 sales of $9.35 billion, down slightly from $9.36 billion in 2023.
