Campbell Soup Co reported better than expected fourth-quarter sales, and in-line profits, as rising prices helped offset a drop in volumes.
The canned soup, foods and snacks company reported net income for the financial fourth quarter to July 30 of $169 million, or 57 cents a share, up from $96 million, or 32 cents a share, the year before.
Adjusted EPS of 50 cents per share was the same as the FactSet consensus while sales of $2.07 billion, which rose 4.1%, were above the FactSet consensus of $2.06 billion.
“We delivered a strong fiscal 2023 with both top and bottom-line growth, exceeding our initial expectations and demonstrating momentum against our strategic plan,” said Mark Clouse, Campbell's president and CEO.
“Looking ahead, we see fiscal 2024 as another year of sustained growth and continued progress against our strategic plan."
"We expect accelerated growth and margin improvement in Snacks, and sequential and steady improvement in Meals & Beverages throughout the year," he added.
Meals and beverages sales crept up 0.1% to $936 million and snacks sales climbed 7.6% to $1.13 billion.
Price increased 6% in meals and beverages and rose 13% in snacks, while volume fell 5% in both segments.
For financial 2024, the company expects adjusted EPS of $3.09 to $3.15 and sees sales growth of negative 5% to positive 1.5%.