Campbell Soup Company (NYSE:CPB) is expected to report a dip in revenue and earnings when it releases its first-quarter financials before the market opens on Wednesday.
The canned soup, foods and snacks company is likely to post a 2.7% decline in revenue to $2.5 billion for the quarter while earnings per share are pegged at $0.87, down 14.7% from a year ago, according to the Zacks Consensus Estimate.
While the company has faced cost inflation and a decline in volumes, these have been offset to some degree by higher selling prices and consumer demand. Additionally, planned investments in marketing and selling may have dented the bottom line in the first quarter, Zacks said.
For the full-year 2024, the company previously guided investors to expect adjusted EPS of $3.09 to $3.15 and sales growth of negative 5% to positive 1.5%.
With the release of its 2023 results, Campbell said it expected volume declines in the first half of FY2024, with sequential improvement throughout the fiscal year leading to positive trends in the second half.
Ahead of its results, the company’s shares were up 1.5% at $41.06 in early Monday morning trade.
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