Shares of Campbell Soup Company (NYSE: CPB) gained in pre-market trading on Wednesday after the processed food and snack company’s adjusted earnings increased 16% year-over-year to $0.80 per share in the fiscal second quarter and beat analysts’ consensus estimate of $0.74 per share.
Sales increased by 12% year-over-year to $2.49 billion, beating analysts’ expectations of $2.4 billion.
More encouragingly, management raised its FY23 sales outlook and now expects sales to rise in the range of 8.5% to 10% year-over-year versus its prior guidance between growth of 7% to 9%. Adjusted EPS is projected to be between $2.95 and $3 per share as compared to its prior guidance in the range of $2.90 to $3. However, this raised guidance is still below consensus estimates of adjusted earnings of $3.15 per share.
CPB stock has increased by more than 25% in the past year.