Campbell Soup Co. (NYSE: CPB) said on Wednesday that its sales in the fiscal second quarter fell shy of Wall Street estimates. The company, however, posted adjusted per-share earnings that were in line with what the analysts had anticipated.
Campbell Soup shares were reported about 2% down in premarket trading on Wednesday. Including the price action, the stock now is now trading at £33 per share after recovering from a low of £29.84 per share in the last week of March 2020.
Campbell Soup had started the year 2021 at a per-share price of £35. Here’s what you need to know about how do people make money on the stock market.
Campbell’s Q2 financial results versus analysts’ estimates
Campbell Soup said that its net income in the second quarter printed at £176.53 million that translates to 57.64 pence per share. In the same quarter last year, its net income stood at a sharply higher £870 million, or £2.86 per share.
On an adjusted basis, the processed food company earned 60.53 pence per share that matched the FactSet consensus. In the prior quarter (Q1), the American firm had noted £229.52 million of net income, as per the report published in early December.
Campbell valued its sales in Q2 at £1.64 billion – an increase from £1.56 billion in the comparable quarter of last year, but weaker than the experts’ forecast of £1.66 billion.
According to Chief Executive Mark Clouse, the ongoing Coronavirus pandemic that has so far infected more than 29 million people in the United States and caused over half a million deaths, resulted in supply constraints and disrupted its business in the recent quarter.
Campbell Soup’s guidance for the full financial year
For the full financial year, the Camden-based company forecasts a 2.5% to a 3.5% annualised decline in net sales. Campbell expects up to £2.24 per share of adjusted earnings this year. In comparison, analysts are calling for £2.18 of adjusted per-share earnings in 2021 and a 2.7% decline in net sales.
In separate news from the U.S., General Electric struck a deal to combine its Capital Aviation Services (aircraft leasing unit) with Ireland’s AerCap.
Campbell Soup remained flat on average in the stock market last year. At the time of writing, the American processed food and snack company has a market cap of £10.25 billion and a price to earnings ratio of 8.06.
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