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Jan 28, 2024
Campbell Soup Q2 2024 Earnings Report
Campbell Soup's Q2 2024 results reflected a slight decrease in net sales but improved volume trends and operating margin expansion.
Key Takeaways
Campbell Soup Company reported a 1% decrease in net sales to $2.5 billion for the second quarter of fiscal year 2024. Despite the sales dip, the company saw improvements in volume trends and operating margin expansion in both Meals & Beverages and Snacks divisions. Adjusted EPS remained comparable to the prior year at $0.80.
Net sales decreased by 1% on both a reported and organic basis, totaling $2.5 billion.
Adjusted EBIT increased by 1% to $364 million.
Adjusted EPS was $0.80, comparable to the prior year.
Campbell reaffirms full-year fiscal 2024 guidance and expects to complete the acquisition of Sovos Brands in March 2024.
Campbell Soup
Campbell Soup
Campbell Soup Revenue by Segment
Revenue by Segment
Meals & Beverages Revenue
CapyFin.comSnacks Revenue
CapyFin.com Forward Guidance
Campbell reaffirmed its full-year fiscal 2024 guidance, anticipating sequential earnings and margin progress, with the top-line growth rate tracking to the lower end of the net sales guidance range. The pending acquisition of Sovos Brands is not included in the current fiscal 2024 outlook but will be updated with third-quarter earnings.
Positive Outlook
- Reaffirms full-year fiscal 2024 guidance.
- Expects sequential earnings and margin progress in the balance of the fiscal year.
- Anticipates a moderating inflationary environment.
- Ongoing productivity improvements are expected.
- Possible upside should the pace of consumer recovery accelerate in the second half of the year.
Challenges Ahead
- Full year top-line growth rate is currently tracking to the lower end of the net sales guidance range.
- Sovos Brands acquisition is not included in the current fiscal 2024 outlook.
- Unspecified other additional guidance assumptions.
- Unspecified risks related to sales, EBIT and EPS guidance.
- Unspecified factors that could cause the company’s actual results to vary materially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income