Campbell Soup Co. (CPB) reported earnings on Wed 3 June 20 (b/o)

** charts after earnings **

 

Campbell Soup beats by $0.29, misses on revs; raises FY20 guidance

Reports Q3 (Apr) earnings of $0.83 per share, excluding non-recurring items, $0.29 better than the S&P Capital IQ Consensus of $0.54; revenues rose 14.6% year/year to $2.24 bln vs the $2.26 bln S&P Capital IQ Consensus.

In the third quarter of fiscal 2020, Campbell achieved $30 million in savings under its multi-year cost savings program, inclusive of Snyder's-Lance synergies, bringing total program-to-date savings to $680 million. Year-to-date savings were $120 million through the first nine months of fiscal 2020. As previously announced, the company expects to deliver cumulative annualized savings of $850 million by the end of fiscal 2022.

Co issues guidance for FY20, raises EPS to $2.87-2.92 from $2.55-2.60, excluding non-recurring items, vs. $2.89 S&P Capital IQ Consensus; sees FY20 revs of +5.5-6.0% from (1%) to 1% to $8.55-8.63 bln vs. $8.63 bln S&P Capital IQ Consensus.