Campbell Soup beats by $0.04, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance (40.37)
- Reports Q1 (Oct) earnings of $0.91 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.87; revenues fell 2.9% year/year to $2.5 bln vs the $2.52 bln FactSet Consensus.
- Sales decreased 1% on an organic basis.
- Adjusted gross profit margin declined 10 basis points to 32.1% and was primarily driven by unfavorable volume / mix, with net price realization, supply chain productivity improvements and cost savings initiatives offsetting higher cost inflation and other supply chain costs.
- Co reaffirms guidance for FY24, sees EPS of $3.09-$3.15 vs. $3.07 FactSet Consensus; sees FY24 revs of $9.31-$9.49 bln vs. $9.44 bln FactSet Consensus. Sees organic net sales growth of 0-2%