CAMDEN, N.J. (AP) — Campbell Soup’s fiscal first-quarter adjusted profit easily topped analysts’ estimates and it increased its full-year earnings forecast, citing an improved margin outlook for the year.
Shares of the maker of canned soup, Pepperidge Farm cookies and V8 juice rose more than 4 percent in Tuesday premarket trading.
For the period ended Nov. 1, the Camden, New Jersey-based company earned $194 million, or 62 cents per share. That compares with $248 million, or 78 cents per share, a year ago.
Earnings, adjusted for one-time costs, came to 95 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
Revenue came in at $2.2 billion, meeting Wall Street forecasts.
Campbell Soup Co. now expects full-year adjusted earnings to grow by 4 percent to 7 percent, or be in the range of $2.75 to $2.83 per share.
Its previous guidance was for adjusted earnings to increase 3 percent to 5 percent. Analysts polled by FactSet predict $2.59 per share.
The company lowered its full-year sales outlook due to pressures from currency translation. It now anticipates sales being flat to down 1 percent. Its prior forecast was for sales to be flat to up 1 percent.
Its shares rose $2.21, or 4.4 percent, to $52 in premarket trading about an hour and a half before the market open Tuesday.