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Campbell Soup revises FY'19 outlook after Q3 earnings beat estimates

Campbell Soup Co. on June 5 updated its outlook for fiscal 2019 after reporting third-quarter earnings that surpassed analysts' expectations.

The food company now expects full-year adjusted EPS to range between $2.50 and $2.55, up from its prior guidance of $2.45 to $2.53. However, it lowered its net sales outlook to a range of $9.08 billion to $9.13 billion, from its old guidance of $9.98 billion to $10.10 billion.

The revised outlook takes into account divestments within its Campbell Fresh segment, which is now classified as a discontinued operation.

For the quarter ended April 28, Campbell said adjusted diluted EPS declined 20% year over year to 56 cents from 70 cents, still beating the S&P Global Market Intelligence consensus normalized EPS estimate of 47 cents.

Net sales totaled at $2.39 billion, up 12% from $2.13 billion in the year-ago period.

"In the quarter, we continued to drive sales growth in global biscuits and snacks, fueled by our U.S. snacks portfolio. The business continues its growth trends on Pepperidge Farm, coupled with improvements in the Snyder's-Lance portfolio. In the meals and beverages segment, although there is more to do, we are making steady improvements on gross margin and profit and this business is showing signs of stabilization," said CEO Mark Clouse.