Shares of Campbell Soup Co. /zigman2/quotes/202107764/composite CPB +1.39% rallied 1.4% in premarket trading Wednesday, after the canned soup, snacks and simple meals company reported fiscal third-quarter profit and sales that rose above expectations, and boosted its full-year outlook, as the company experienced "unprecedented broad-based demand" amid the COVID-19 pandemic. Net income for the quarter to April 26 rose to $168 million, or 55 cents a share, from $84 million, or 28 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to 83 cents from 53 cents, above the FactSet consensus of 75 cents. Sales grew 15% to $2.24 billion, above the FactSet consensus of $2.21 billion, as meals and beverages sales rose 20% to $1.21 billion to beat expectations of $1.15 billion and snacks sales increased 9% to $1.03 billion to top expectations of $974.2 million. For fiscal 2020, the company raised its adjusted EPS guidance range to $2.87 to $2.92 from $2.55 to $2.60 and its sales growth guidance to up 5.5% to up 6.5% from down 1% to up 1%. "In the quarter, we experienced unprecedented broad-based demand across our brands as consumers sought food that delivered comfort, quality and value," said Chief Executive Mark Clouse. "In addition, Campbell's products were purchased by millions of new households, with total company household penetration increasing over 6 percentage points in the quarter compared to the third quarter of fiscal 2019." The stock has gained 5.2% year to date through Tuesday, while the SPDR Consumer Staples Select Sector ETF /zigman2/quotes/202107764/composite CPB +1.39% has lost 5.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.16% has declined 4.6%.