Why Is Campbell Soup Stock Ticking Higher Today?
Portfolio Pulse from Shivani Kumaresan
Campbell Soup Company (NYSE:CPB) reported a slight decline in Q2 FY24 revenue but beat analyst estimates, with a 1.2% year-on-year decrease to $2.46 billion. The company saw a gross margin expansion and an increase in adjusted EBIT. Adjusted EPS also surpassed expectations. Campbell reaffirmed its FY24 outlook and highlighted the anticipated acquisition of Sovos Brands to boost its Meals & Beverages division. Shares rose 2.68% to $44.10.
March 06, 2024 | 2:45 pm
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Campbell Soup reported a slight revenue decline but exceeded analyst expectations for Q2 FY24, with shares increasing by 2.68% to $44.10. The company also reaffirmed its FY24 outlook and is optimistic about the Sovos Brands acquisition.
The positive earnings report and the beat on both revenue and EPS estimates are likely to instill investor confidence in the short term, leading to a positive impact on CPB's stock price. The reaffirmation of the FY24 outlook and the strategic acquisition of Sovos Brands further support a bullish outlook for CPB.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100