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Campbell Soup Co. raised its outlook for adjusted earnings in fiscal 2020 as it reported better-than-expected results for the latest quarter.
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The Camden, N.J., company raised its expected adjusted earnings range by 5 cents to $2.55 to $2.60 a share for the year, reflecting 11 percent to 13 percent growth over the prior year. The company continues to expect sales in 2020 to be down 1 percent to up 1 percent.
Campbell on Wednesday reported second-quarter net income of $1.21 billion, or $3.97 a share, compared with a loss of $59 million, or 20 cents a share, in the comparable quarter a year earlier. Adjusted earnings were 72 cents a share, ahead of the 66 cents a share analysts polled by FactSet had expected.
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Sales fell 0.5 percent to $2.16 billion for the fiscal second quarter. Analysts were expecting $2.15 billion. Organic sales, which exclude the effect from the sale of the company's European chips business, rose 1 percent.
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Soup sales in the U.S. rose 1 percent, led by gains in condensed soup and broth, while ready-to-serve soup sales declined, the company said. Campbell has been trying to bolster its soups with new investment and attract sales through consumer trends around snacking. Overall sales in meals and beverages were about flat at $1.22 billion.
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Sales in its snacks business fell 1 percent to $938 million from the comparable quarter a year ago. Excluding the effect of the sale of the European chips business, snack sales rose 2 percent, driven by gains in Goldfish crackers and Pepperidge Farm cookies, as well as Kettle Brand and Cape Cod potato chips. Sales of fresh-bakery products declined, the company said.
The company's marketing and selling expenses rose 7 percent to $237 million for the quarter as it spent more on advertising and consumer promotion.
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