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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.

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