Campbell Soup earnings beat, share buyback program revised

Campbell Soup Co. reported fiscal fourth-quarter net income of $288 million, or 95 cents per share, up from $86 million, or 28 cents per share, last year. Adjusted EPS of 55 cents beat the FactSet consensus for 47 cents. Sales of $1.873 billion were down from $2.108 billion last year but also ahead of the FactSet consensus for $1.809 billion. Campbell approved a $500 million share repurchase program, which replaces a canceled $1.5 billion program. This new program is in addition to the $250 million repurchase program announced during the last quarter. For full-year fiscal 2022, Campbell is guiding for flat sales to a 2% decline and an adjusted EPS of $2.75 to $2.85. The FactSet consensus is for sales of $8.338 billion, implying a 1.6% decline, and EPS of $2.83. Campbell Soup shares edged up 0.7% in Wednesday premarket trading and have fallen 13.7% for the year to date. The S&P 500 index has gained 20.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Campbell Soup earnings beat, share buyback program revised
Campbell Soup Co. reported fiscal fourth-quarter net income of $288 million, or 95 cents per share, up from $86 million, or 28 cents per share, last year. Adjusted EPS of 55 cents beat the FactSet consensus for 47 cents. Sales of $1.873 billion were down from $2.108 billion last year but also ahead of the FactSet consensus for $1.809 billion. Campbell approved a $500 million share repurchase program, which replaces a canceled $1.5 billion program. This new program is in addition to the $250 million repurchase program announced during the last quarter. For full-year fiscal 2022, Campbell is guiding for flat sales to a 2% decline and an adjusted EPS of $2.75 to $2.85. The FactSet consensus is for sales of $8.338 billion, implying a 1.6% decline, and EPS of $2.83. Campbell Soup shares edged up 0.7% in Wednesday premarket trading and have fallen 13.7% for the year to date. The S&P 500 index has gained 20.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.