By Kelly Cloonan
Campbell's had lower sales in its latest quarter, driven in part by further declines in its snacks business, but said its profit rose.
The soup-and-snack maker on Monday posted a fiscal third-quarter profit of $124 million, or 41 cents a share, up from $66 million, or 22 cents a share, a year earlier.
Adjusted earnings per share were 50 cents, compared with estimates of 48 cents a share according to analysts polled by FactSet.
Sales fell 4% to $2.37 billion, compared with analyst estimates of $2.38 billion.
Snacks net sales fell 4%, driven by declines in the salty snacks, crackers and fresh bakery business. Meals and beverages net sales fell 4%, including a decline in soup sales in the U.S.
Chief Executive Mick Beekhuizen said the company's results were in line with its expectations but remained under pressure, pointing to soft sales as well as pressure on its margins from inflation.
However, Campbell's is seeing early signs of progress as it works to bolster its salty snacks portfolio, among other initiatives, Beekhuizen said. The company's top meals and beverages brands--including Campbell's, Rao's and Swanson-also continue to benefit from at-home cooking trends, he said.
"Across the company, we are focused on simplifying the business, accelerating productivity and cost savings, and creating fuel to invest behind our strongest opportunities," Beekhuizen said.
For the fiscal year, Campbell's continues to forecast an organic net sales decline of 2% to 1% and adjusted earnings per share of $2.15 to $2.25. Analysts polled by FactSet expect adjusted earnings of $2.17 a share for the year.
The Camden, N.J.-based company had cut its initial fiscal-year outlook in March as weak demand for its snacks dragged on sales. The company said at the time it's working to become more competitive, with plans to increase promotions, consider price cuts and roll out new products.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
June 08, 2026 07:44 ET (11:44 GMT)
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