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Campbell Soup (CPB) +1% after “positive finish” to fiscal year
Canned goods company Campbell Soup (CPB) made gains on Wednesday after easing past the Wall Street consensus in fiscal Q4 following “significant” internal progress.
Campbell Soup (CPB) eased 1% higher in midweek trading after the canned food company posted fiscal Q4 beats following a “positive finish to a solid year”.
Early on Wednesday, Campbell Soup reported $0.55 earnings per share for the latest three months, which was eight cents higher than the Wall Street consensus.
Revenue, driven by sales of snacks and other food products, reached $1.87bn to trump the pre-report forecast of $1.81bn.
CEO Mark Clouse admitted that the latest fiscal year had been challenging but that “significant progress” had been made in offsetting potential headwinds while successfully implementing its strategic plan.
Despite a strong Q4, net sales for the full 12 months did decline 2% year-over-year as its core ‘Beverages and Snacks’ and ‘Meals’ segments declined.
That was a slight setback considering the 5% uptick recorded in fiscal 2019, but Clouse is confident about the year ahead.
He noted that there are already “strong plans” in place to mitigate the risk of inflation, and more importantly for sales, a “robust in-market momentum” for its brands.
Campbell Soup, which is renowned for its flagship canned soup, has guided for net sales to either remain flat or fall slightly from the $8.48bn figure for fiscal 2021.
The New Jersey-based company has also given the green light to a $500m share repurchase programme, which follows on from the $250m buyback plan launched back in Q3.
Campbell Soup shares made modest gains in New York following the release of the report, with CPB rising 1.29% to $42.27 by late morning.
Solar company Sunrun (RUN) also climbed 6.24% to $47.01 on the Nasdaq after receiving positive analyst coverage from JPMorgan Chase and Wolfe Research.
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