Campbell Soup Company (NYSE: CPB) reported its financial results for the quarter ended April 26, 2020, on Wednesday before the market opens. The results exceeded analysts’ expectations. The company lifted its guidance for fiscal 2020.
The bottom line jumped by 34% for the third quarter of fiscal 2020 as increased demand for its products drove the top-line higher by 15%. In the quarter, the company experienced unprecedented broad-based demand across its brands as consumers sought food that delivered comfort, quality, and value.
The company lifted its fiscal 2020 outlook for net sales and adjusted EPS as a result of its performance in Q3, which was significantly impacted by the increase in demand of its products amidst the COVID-19 pandemic and its current outlook for continued demand for its products.
The net sales outlook for 2020 is now expected to grow by 5.5-6.5% compared to the previous estimate of down 1% to up 1%. The adjusted earnings guidance is lifted to the range of $2.87-2.92 per share from the prior range of $2.55-2.60 per share for fiscal 2020.
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