Campbell Soup Co (NYSE:CPB) reported a slight decline in Q1 FY24 sales by 2% to $2.52 billion, matching analyst expectations. Adjusted EPS was $0.91, surpassing the consensus of $0.88. Organic net sales decreased by 1%, with the Meals & Beverages segment down by 4% and Snacks by 1%. Adjusted gross margin slightly fell to 32.1%, and adjusted EBIT dropped by 9% due to lower gross profit. Expenses rose by 1% to $2.16 billion. The company has $91 million in cash and generated $174 million in operating cash flow. Campbell Soup is on track for $1 billion in savings by fiscal 2025 and expects to close the Sovos Brands acquisition in CY24. The FY24 outlook is reaffirmed with an adjusted EPS of $3.09 - $3.15 and sales ranging from a 0.5% decline to 1.5% growth. CPB shares rose by 1.59% in premarket trading.