Campbell Soup Q1 2024 Earnings Report
Key Takeaways
Campbell Soup Company reported first-quarter fiscal 2024 results, with net sales decreasing by 2% and organic net sales decreasing by 1%. Adjusted EPS decreased by 11%. The company reaffirmed its full-year fiscal 2024 guidance and expects the acquisition of Sovos Brands to close in calendar year 2024.
Net sales decreased by 2%, with organic net sales down 1%.
Adjusted EBIT decreased by 9%.
Adjusted EPS decreased by 11%.
Full-year fiscal 2024 guidance was reaffirmed.
Campbell Soup
Campbell Soup
Campbell Soup Revenue by Segment
Forward Guidance
Campbell reaffirmed its full-year fiscal 2024 guidance. Net sales are expected to reflect volume declines in the first half of fiscal 2024 with sequential improvement leading to positive volume trends in the second half. The company continues to expect modest earnings and margin progress in fiscal 2024, weighted to the second half, reflecting a moderating inflationary environment and on-going productivity improvements.
Positive Outlook
- Net sales for the full year are expected to reflect volume declines in the first half of fiscal 2024 with sequential improvement leading to positive volume trends in the second half.
- Net sales growth will reflect lower contribution from pricing and disciplined levels of promotion.
- The company continues to expect modest earnings and margin progress in fiscal 2024, weighted to the second half, reflecting a moderating inflationary environment
- On-going productivity improvements
- Reaffirming full-year fiscal 2024 guidance
Challenges Ahead
- Volume declines in the first half of fiscal 2024
- Lower contribution from pricing
- Disciplined levels of promotion
- Moderating inflationary environment
- Modest earnings and margin progress
Revenue & Expenses
Visualization of income flow from segment revenue to net income