Campbell Soup Shares Soar After Company Raises Earnings Outlook For Full Year
Campbell Soup Co. shares are up 20.6% in pre-market trading after the company raised its earnings-per-share outlook for fiscal 2016 to between $2.75 and $2.83, or growth of 4% to 7%. The previous outlook was for growth of 3% to 5%. Sales are expected to drop by 1% or remain flat, down from a previous outlook of flat to 1%. The revised guidance includes currency translation, expected to have a negative 3% impact, and the Garden Fresh Gourmet acquisition, which took place in June. Campbell Soup said it had net income of $194 million, or 62 cents per share, in the first quarter of 2016, down from $248 million, or 78 cents per share, for the same period last year. Adjusted earnings were 75 cents per share. The FactSet consensus was 75 cents per share. Sales were $2.2 billion versus $2.3 billion the previous year. The FactSet consensus was $2.2 billion.
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