: Campbell Soup says it may outpace Wall Street profit estimate for 2024

Campbell Soup Co.’s stock CPB was up by 0.6% in premarket trades on Wednesday after the company said it may outpace analyst estimates for 2024 earnings per share. Campbell Soup said its first-quarter net income for the three months ended Oct. 29 fell to $407 million, or 78 cents a share, from $436 million, or 99 cents a share in the year-ago quarter. Adjusted first-quarter earnings of 91 cents a share beat the FactSet consensus estimate of 87 cents a share. Revenue fell 2% to $2.52 billion, in line with the analyst estimate. Looking ahead, Campbell Soup expects adjusted 2024 earnings of $3.09 to $3.15 a share, ahead of the FactSet consensus estimate of $3.07 a share. Chief Executive Mark Clouse said the company’s first-quarter results were in line with expectations. “We are off to an encouraging start in our important holiday season,” Clouse said. Campbell Soup expects to close its acquisition of Sovos Brands in 2024.

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