Campbell (CPB) Q1 Earnings Top, Sales View Cut On Divestiture
Zacks Investment Research | Dec 03, 2019 10:43PM ET
Campbell Soup Company (NYSE:CPB) released first-quarter fiscal 2020 results, wherein earnings beat the Zacks Consensus Estimate and increased year over year. However, sales were soft, owing to weakness at the Meals & Beverages segment. Moreover, management trimmed its sales view for fiscal 2020, considering the divestiture of its European chips business, which was conducted on Oct 11. Shares of the company were down more than 1% during the pre-market trading session.
Apart from this, the company divested Campbell Fresh in fiscal 2019 and Kelsen Group on Sep 23. Further, it anticipates concluding the sale of Arnott’s, and some of Campbell International operations in the second quarter. The Campbell Fresh and Campbell International segments are now part of discontinued operations.
Q1 Highlights
Adjusted earnings from continuing operations advanced 10% year over year to 78 cents and surpassed the Zacks Consensus Estimate of 69 cents. The upside was backed by greater adjusted EBIT and reduced interest expenses.
Campbell Soup Company Price, Consensus and EPS Surprise
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