Campbell Soup’s earnings surpassed analysts’ expectations for the third quarter. The canned soup maker also bumped up its full-year profit guidance.
Earnings for the quarter came in at 56 cents per share, exceeding analysts’ estimates of 47 cents. Quarterly sales surged +12% to $2.39 billion, compared to estimates of $2.35 billion.
For the full year, Campbell projects that its adjusted profit would range between $2.50 and $2.55 per share, compared with prior forecast of $2.45 and $2.53.
Apparently trying to bulk up its snacks business, Campbell Soup acquired snacks maker Snyder’s Lance for $4.87 billion last year. Also, the company participated in marketing campaigns for Snyder’s of Hanover pretzels and Kettle chips. What's more, it launched the Epic Crunch line of nachos and crackers under its Goldfish brand.