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Apr 28, 2024
Campbell Soup Q3 2024 Earnings Report
Campbell Soup's Q3 2024 performance reflected a solid quarter with net sales increasing, driven by the Sovos Brands acquisition, and adjusted EBIT and EPS growth.
Key Takeaways
Campbell Soup Company reported a 6% increase in net sales to $2.4 billion, driven by the acquisition of Sovos Brands. Organic net sales were comparable to the prior year. Adjusted EBIT increased by 13%, and adjusted EPS grew by 10% to $0.75.
Net sales increased by 6% to $2.4 billion, with organic net sales comparable to the prior year.
Adjusted EBIT increased by 13%, driven by the Sovos Brands acquisition.
Adjusted EPS increased by 10% to $0.75 per share.
Full-year fiscal 2024 guidance updated to include Sovos Brands.
Revenue by Segment
Forward Guidance
The company is updating its fiscal 2024 full-year guidance to reflect the expected performance of the base business and the impact of the recent acquisition. Full-year reported net sales growth is expected to be in the range of 3% to 4% driven by the incremental impact of the Sovos Brands acquisition.
Positive Outlook
- Full-year reported net sales growth is expected to be in the range of 3% to 4%.
- Adjusted EBIT growth for the combined business is expected to be approximately 6.5% to 7%.
- Lower adjusted marketing and selling expenses.
- Favorable price realization, productivity and cost savings.
- Build momentum into the fourth quarter.
Challenges Ahead
- Organic net sales growth is tracking to the midpoint of the updated range of approximately 0% to down 1%.
- Inflation and other supply chain costs.
- Expected dilution from the Sovos Brands acquisition of between $0.01 and $0.02 per share.
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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