Categories Analysis, Consumer

What to expect when Campbell Soup (CPB) reports Q3 2024 earnings results

The consensus estimate for EPS in Q3 2024 is $0.70

Shares of Campbell Soup Company (NYSE: CPB) rose over 1% on Friday. The stock has dropped 14% over the past 12 months. The food company is scheduled to report its third quarter 2024 earnings results on Wednesday, June 5, before market open. Here’s a look at what to expect from the report:


Analysts are projecting revenue of $2.35 billion for the third quarter of 2024. This compares to net sales of $2.23 billion reported in the same period last year. In the second quarter of 2024, net sales dipped 1% year-over-year to $2.5 billion.


The consensus estimate for EPS in Q3 2024 is $0.70, which compares to EPS of $0.68 reported in the year-ago quarter. In Q2 2024, adjusted EPS remained flat at $0.80.

Points to note

As indicated on its last quarterly earnings call, Campbell anticipates a modest sequential improvement in its top line through the remainder of fiscal year 2024. The company expects flat to low single-digit organic net sales growth in the third quarter of 2024, and continued sequential improvement in Q4.

The soup maker has been facing challenges in terms of a category slowdown and a tough economic environment. However, it expects to benefit from the trend of consumers giving priority to value, as they opt to cook meals at home and buy food that allows them to prepare stretchable meals thereby reducing the frequency of their shopping trips. Campbell believes its soup portfolio is suited to meet these needs.

Last quarter, Campbell’s Meals & Beverages segment saw a 2% decrease in sales, with a decline of 3% in US soup. Sales in the Snacks segment remained flat but the company benefited from strength in its power brands.

Campbell completed the acquisition of Sovos Brands and the addition of the latter’s products to its portfolio is expected to drive meaningful growth. Campbell plans to discuss the impact of the acquisition on its FY2024 guidance in its Q3 report.

Another point of note is the company’s recent decision to close its Tualatin, Oregon plant and make production changes at its Jeffersonville, Indiana plant. These actions will result in the reduction of 415 jobs. At the same time, Campbell is investing around $230 million in its newer facilities to drive growth and these projects are expected to create 210 new roles across the organization.

On its last earnings call, Campbell said it expects to see earnings growth and margin progress in the second half of fiscal 2024. The company said it would expect adjusted EPS to be in the lower $0.70 range in Q3.

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