Plus   Neg

Campbell Soup Boosts FY20 Outlook - Quick Facts

While reporting financial results for the third quarter on Wednesday, Campbell Soup Co. (CPB) raised its adjusted earnings, net sales and organic sales growth guidance for the full-year 2020, to reflect improved outlook based on current operating environment and the performance in the third quarter, which was significantly impacted by the increase in demand of its products amidst the COVID-19 pandemic.

For fiscal 2020, the company now projects adjusted earnings in a range of $2.87 to $2.92 per share on both net sales and organic sales growth between 5.5 and 6.5 percent, implying sales between $8.55 billion and $8.63 billion.

Previously, the company expected adjusted earnings in the range of $2.55 to $2.60 per share on both net sales and organic sales change between a decline of 1 percent and a growth of 1 percent, implying sales between $8.03 billion and $8.19 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.85 per share on net sales of $8.60 billion for the year. Analysts' estimates typically exclude special items.

The company noted that although the effect of the COVID-19 pandemic on its sales, adjusted EBIT and adjusted earnings cannot be predicted with certainty, this revised outlook reflects its current expectation of trends through the balance of the fiscal year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Electric Co. filed a lawsuit against Siemens Energy AG, accusing the German power distribution company of stealing trade secrets for gas turbines. Siemens Energy allegedly used the information to get at least nine contracts to supply gas turbines to public utilities, and also covered up improper business gains. Following a court ruling, the U.S. Food and Drug Administration postponed the effective date for tobacco manufacturing companies to display new health warnings on cigarette packets and in advertisements, by additional 90 days. The warnings with color images is to promote greater public understanding of the negative health consequences of smoking. JPMorgan Chase & Co (JPM) reported strong results in the fourth quarter of 2020, with net profit up 42% largely driven by credit reserve releases of $2.9 billion. The Group said it ended the year with a CET1 ratio of 13.1% and capital above $200 billion, providing with meaningful capacity to further...
Follow RTT