— Campbell Soup Company (NYSE: CPB) reported adjusted earnings of $0.78 per share for the first quarter of 2020, vs. $0.71 per share expected.
— Unadjusted profit, before interest and tax, dropped to $317 million from $326 million last year
— Net earnings attributable to the company was $166 million or $0.55 per share, compared to $194 million or $0.64 per share in the first quarter of 2019
— Net sales declined 1% annually to $2.18 billion, vs. $2.19 billion expected; organic sales were down 1%
— Gross margin increased to 33.8% from 33.0%; marketing and selling expenses decreased 2% to $206 million
— Expects net sales to be -1% to +1% in fiscal 2020, which is down from the earlier estimate
— Expects full-year organic sales to be -1% to +1%; maintains full-year adjusted earnings guidance in the range of $2.50 per share to $2.55 per share
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