CAMDEN (dpa-AFX) - Campbell Soup Co. (CPB), while reporting weak
third-quarter earnings despite higher sales, on Wednesday updated its fiscal
2024 forecast to reflect the expected performance of the base business and the
impact of the recent Sovos Brands acquisition.

For the year, the company now expects adjusted earnings per share growth for the
combined business, including Sovos Brands, to be approximately 2 percent to 3
percent to $3.07 to $3.10, compared to $3.00 in the prior year.

The latest outlook reflects the expected dilution from the Sovos Brands
acquisition of between $0.01 and $0.02 per share.

The company previously expected adjusted earnings to grow around 3 percent to 5
percent to $3.09 to $3.15 per share.

Analysts on average expect the company to earn $3.03 per share, according to
figures compiled by Thomson Reuters. Analysts' estimates typically exclude
special items.

Full-year reported net sales growth is expected to be in the range of 3 percent
to 4 percent driven by the impact of the Sovos Brands acquisition, compared to
previous outlook of 0.5 percent drop to a growth of 1.5 percent.

Organic net sales growth is tracking to the midpoint of the updated range of
around 0 percent to down 1 percent. At the midpoint, this represents about half
a point lower than the bottom end of the previous outlook range of 0 percent to
2 percent growth.

Full-year adjusted EBIT growth for the combined business is expected to be
approximately 6.5 percent to 7 percent, compared to previous outlook of 3
percent to 5 percent growth.

In its third quarter, Campbell Soup's bottom line came in at $133 million, or
$0.44 per share, down from $160 million, or $0.53 per share last year.

Adjusted earnings were $224 million or $0.75 per share for the period, compared
to $0.68 per share a year ago. Analysts had expected the company to earn $0.70
per share.

The company's net sales for the quarter rose 6.3 percent to $2.37 billion from
$2.23 billion last year, driven by the benefit from Sovos Brands acquisition.

Net sales were comparable to prior year on an organic basis. On a
two-year-compound annual growth rate, net sales increased 5 percent and organic
net sales increased 2 percent.

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