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Investor Alert

Sept. 1, 2021, 7:42 a.m. EDT

Campbell Soup earnings beat, share buyback program revised

Campbell Soup Co. (NYS:CPB) reported fiscal fourth-quarter net income of $288 million, or 95 cents per share, up from $86 million, or 28 cents per share, last year. Adjusted EPS of 55 cents beat the FactSet consensus for 47 cents. Sales of $1.873 billion were down from $2.108 billion last year but also ahead of the FactSet consensus for $1.809 billion. Campbell approved a $500 million share repurchase program, which replaces a canceled $1.5 billion program. This new program is in addition to the $250 million repurchase program announced during the last quarter. For full-year fiscal 2022, Campbell is guiding for flat sales to a 2% decline and an adjusted EPS of $2.75 to $2.85. The FactSet consensus is for sales of $8.338 billion, implying a 1.6% decline, and EPS of $2.83. Campbell Soup shares edged up 0.7% in Wednesday premarket trading and have fallen 13.7% for the year to date. The S&P 500 index (S&P:SPX) has gained 20.4% for the period.

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