Campbell Soup tightens FY23 adjusted EPS view to $2.95-$3.00 from $2.90-$3.00

Consensus $3.00. Raises FY23 revenue view to up 8.5%-10% from up 7%-9%, consensus $9.27B. Sees FY23 adjusted EBIT up 4.5%-6.5%. The company said, "Campbell is raising its full-year fiscal 2023 net sales outlook and raising the midpoint of its adjusted EBIT and adjusted EPS outlook from the guidance provided on December 7, 2022. The higher revenue expectations reflect the strength of Campbell’s brands with price elasticities remaining favorable to historical norms and continued strong supply chain execution. Updated adjusted EBIT and adjusted EPS guidance reflect planned investment to sustain momentum and value for consumers, as well as higher year-over-year estimated pension and post retirement headwinds. Fiscal year 2023 pre-tax pension and post-retirement benefit income is now expected to be lower by approximately $45 million, or $0.12 per share, compared to the prior year. This represents approximately 3.5% of adjusted EBIT growth and approximately 4% of adjusted EPS growth, a 50-basis point increase from previous estimates as a result of interim remeasurements. The plans continue to be well-funded."