Campbell Soup Company delivers on quarterly earnings and beats Wall Street expectations on 2023 guidance despite ongoing inflation and threat of recession.
The Bear Traps Report founder Larry McDonald reacts to Federal Reserve Chairman Jerome Powell's testimony to Congress, previews the February jobs report and discusses a potential stock market crash., Campbell’s Goldfish was the company’s largest revenue driver for crackers, climbing to $1 billion in annual sales.on Wednesday, CEO Mark Clouse said Goldfish "continues to be the star of the snacks business.
"As one of the company's primary growth engines, the brand continues to perform extremely well with 21% consumption growth and share gains of 0.7 points," he continued. "Our strategy to expand consumer target has been more successful than expected with growth versus prior year in both buy rates and repeat rates among households without children about equal to households with children.
The maker of Pepperidge Farm, Swnson and Prego products reported net earnings of $232 million for the quarter ended Jan. 29 compared to $212 million a year ago. Diluted earnings per share were 80 cents, beating out Wall Street’s 74 cent estimate by analysts tracking the stock on FactSet.Clouse said the company used a variety of levers to mitigate inflation, including targeted pricing, cost savings initiatives and productivity improvements.
Organic net sales increased 13%, supported by favorable inflation-driven net price realization and strong consumer demand. The company raised the lower end of its fiscal 2023 adjusted earnings per share forecast to $2.95 per share, up from $2.90 per share while implying a 3.5% gain from the prior year.
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