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Apr 30, 2023
Campbell Soup Q3 2023 Earnings Report
Campbell Soup's Q3 2023 results reflected a mix of sales growth and earnings decrease, driven by pricing strategies and cost management.
Key Takeaways
Campbell Soup Company reported a 5% increase in both reported and organic net sales, reaching $2.2 billion. However, the company experienced a decrease in reported EBIT by 14% to $254 million and a decrease in reported EPS by 15% to $0.53. The results were driven by favorable net price realization, offset by volume declines and increased expenses.
Net Sales increased by 5% due to favorable net price realization.
Reported EBIT decreased by 14% to $254 million, while adjusted EBIT decreased by 2% to $313 million.
Reported EPS decreased by 15% to $0.53, and adjusted EPS decreased by 3% to $0.68.
Full-year fiscal 2023 guidance reaffirmed.
Revenue by Segment
Forward Guidance
Campbell reaffirmed its full-year fiscal 2023 net sales, adjusted EBIT and adjusted EPS outlook from the guidance provided on March 8, 2023.
Positive Outlook
- Full-year fiscal 2023 net sales outlook reaffirmed.
- Full-year fiscal 2023 adjusted EBIT outlook reaffirmed.
- Full-year fiscal 2023 adjusted EPS outlook reaffirmed.
- The recent Emerald nuts business divestiture is not expected to have a material impact on fiscal year adjusted 2023 results.
- Adjusted EBIT and adjusted EPS guidance reflects planned investments in the fourth quarter to sustain momentum and value for consumers.
Challenges Ahead
- Fiscal year 2023 pre-tax pension and postretirement benefit income outlook is expected to be lower by approximately $45 million, or $0.12 per share, compared to the prior year.
- Lower pension and postretirement benefit income this year drove an approximate $12 million headwind to adjusted EBIT in the quarter.
- Lower pension and postretirement benefit income this year drove an approximate $0.03 headwind to adjusted EPS in the quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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