Continue Reading Below
The Camden, N.J., company posted sales of $2.24 billion for the fiscal third quarter, up 15% from the comparable period last year. Analysts polled by FactSet were expecting $2.19 billion. Organic sales, which exclude the effect from the sale of the company's European chips business, rose 17%.
Soup sales in the U.S. rose 35% for the quarter, driving sales of meals and beverages up 20%. The company also sells Prego pasta sauce, V8 beverages and Pace Mexican sauces, among other products.
As customers ate at home amid shelter-in-place measures, they also stockpiled on Pepperidge Farm cookies and Goldfish crackers, for which Campbell has said it was facing supply-chain issues. That drove its snacks segment to grow 9%. Other snack products include Kettle Brand and Cape Cod potato chips and Snyder's of Hanover pretzels.
Chief Executive Officer Mark Clouse said the company's household penetration rose more than six percentage points from the same quarter last year.
"In the quarter, we experienced unprecedented broad-based demand across our brands as consumers sought food that delivered comfort, quality and value," Mr. Clouse said.
|CPB||CAMPBELL SOUP CO.||49.32||+0.01||+0.02%|
The boost in snacks and canned-goods consumption helped Campbell accomplish its goal of getting customers to stock up on its iconic red-and-white cans of soup. Campbell and other big food makers have been trying to adapt to changing tastes after they lost customers to more health-conscious, artisanal brands.
Profit for the period through April rose to $168 million, or 55 cents a share, from $84 million, or 28 cents a share, in the same quarter last year.
Adjusted earnings were 83 cents a share, ahead of the 74 cents a share analysts were targeting.