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Campbell Soup Backs FY20 Adj. EPS Outlook - Quick Facts

While reporting financial results for the first quarter of fiscal 2020 on Wednesday, Campbell Soup Co. (CPB) maintained its adjusted earnings and organic sales growth guidance for the full-year 2020, but lowered net sales growth guidance to reflect the impact of the sale of European Chips Business.

For fiscal 2020, the company continues to project adjusted earnings in a range of $2.50 to $2.55 per share on organic net sales change between a decline of 1 percent and a growth of 1 percent.

However, the company lowered its net sales change guidance to between a decline of 1 percent and a growth of 1 percent, implying sales between $8.03 billion and $8.19 billion, from the prior forecast for a growth of 1 to 3 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.52 per share on net sales of $8.18 billion for the year. Analysts' estimates typically exclude special items.

In the first quarter of fiscal 2020, Campbell achieved $45 million in savings under its multi-year cost savings program, inclusive of Snyder's-Lance synergies, bringing total program-to-date savings to $605 million.

As previously announced, the company expects to deliver cumulative annualized savings of $850 million by the end of fiscal 2022.

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