Campbell Soup's stock price climbed more than +5% Wednesday morning, on the back of better-than-expected earnings for the fiscal second quarter.
The producer of canned soup reported adjusted earnings of 77 cents a share for the quarter, beating analysts’ estimates of 70 cents a share. Revenue came in at $2.71 billion - which is higher than analysts' expectations of $2.66 billion.
Campbell is currently in the middle of a restructuring, as it seeks to divest some of its international businesses and Campbell Fresh. It wants to focus on its packaged food offerings in North America.
For the full-fiscal year 2019, the company forecasts that its adjusted earnings per share would be in the range of $2.45 and $2.53 before the divestitures. It expects its pre-divestiture net sales to range between $9.975 billion and $10.1 billion.