Campbell Soup Company (NYSE: CPB) on Thursday reported lower fourth-quarter 2023 earnings, on an adjusted basis, despite an increase in revenues.
The company’s net sales increased 4% year-over-year to $2.1 billion in the July quarter. There was a 5% increase in organic net sales.
On a reported basis, fourth-quarter net income was $169 million or $0.57 per share, compared to $96 million or $0.32 per share in the corresponding period of 2022. On an adjusted basis, earnings decreased 11% year-over-year to $0.50 per share.
“Looking ahead, we see fiscal 2024 as another year of sustained growth and continued progress against our strategic plan. We expect accelerated growth and margin improvement in Snacks, and sequential and steady improvement in Meals and beverages throughout the year, and with the pending strategic acquisition of Sovos Brands, Campbell will be one of the most dependable, growth-oriented names in food,” said Mark Clouse, Campbell’s CEO.