Campbell Soup Company (NYSE:CPB), known for its flagship canned soup products, reported fiscal third quarter results that topped Wall Street estimates, driven by strength in its meals and beverages segment.
Sales for the three months ending April 27 were $2.48 billion, up 4% year-over-year and ahead of estimates of $2.43 billion.
Its meals and beverages segment saw a 6% jump in organic net sales, with snacks facing challenges, with a 5% decline in organic net sales.
Adjusted earnings per share (EPS) were $0.73, down from $0.75 in the year-ago period but $0.08 higher than estimates of $0.65.
Campbell’s CEO Mick Beekhuizen noted that the company’s Q3 results exceeded expectations due to favorable shipment timing and improved consumption across all consumer income groups in its meals and beverages segment.
“Consumers are cooking at home at the highest levels since early 2020 and turning to our brands for value, quality, and convenience,” Beekhuizen said.
Campbell’s also reaffirmed its full-year fiscal 2025 guidance and said adjusted EPS will be at the low end of the range, excluding the impact of tariffs. Tariffs are expected to result in a $0.03 to $0.05 headwind, assuming the current policy remains in effect.
Shares of Campbell’s moved higher post-earnings, up 1.4% at about $27.