rainn.png
Thursday April 15th, 2021 12:09AM

Campbell Soup shares fall despite strong earnings, sales

By The Associated Press
Related Articles
  Contact Editor

CAMDEN, N.J. (AP) — Campbell Soup reported strong fiscal fourth-quarter earnings on Thursday, boosted by people making more food at home because of the coronavirus pandemic.

But its stock fell as it cited the difficulty of predicting how the pandemic-driven demand for its products will hold up.

The Camden, New Jersey-based snack and soup giant on Thursday reported adjusted earnings per share of 63 cents for the three-month period that ended Aug. 2, a 50% increase over the same period last year.

That beat Wall Street projections of 60 cents per share, as did its net sales of $2.1 billion, which were 18% higher than last year's quarter. The company noted that fiscal 2020 had an extra week which fell in the fourth quarter, somewhat skewing the results.

Campbell said its snack division — which includes Pepperidge Farm cookies and Goldfish crackers — saw a 7% jump in sales after accounting for the extra week and other factors.

For the full fiscal year 2020, Campbell said net sales increased 7% over the previous year and that adjusted earnings per share jumped 28% to $2.95 per share.

Campbell released guidance only for the first quarter of fiscal 2021 due to economic uncertainty caused by the pandemic. The company said its expectation of a 5% to 7% increase in first quarter net sales over the previous year “assumes that the company’s supply chain operates effectively during this period of heightened demand and shifts in consumer behavior toward at-home consumption continue.”

Shares in Campbell Soup Co. fell 7.5% to close Thursday at $48.53.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Jack Daniel's master distiller stepping down after 12 years
Jeff Arnett is stepping down as master distiller after 12 years of leading production of the Jack Daniel's whiskey brand
3:04PM ( 16 minutes ago )
Stocks drop sharply as tech sector stumbles; Apple down 7.1%
Technology stocks took a tumble on Wall Street Thursday, giving back some of their spectacular gains over the past several months and dragging the rest of the market down with them
3:00PM ( 20 minutes ago )
Democrats request Hatch Act probe of Republican convention
Democrats on the House Oversight Committee are seeking an investigation of what they call repeated violations of the federal Hatch Act by members of the Trump administration during last month’s Republican National Convention
2:58PM ( 21 minutes ago )
Associated Press (AP)
Pelosi, Mnuchin agree on plan to avoid government shutdown
Democrats and the Trump administration are taking a key step toward avoiding a government shutdown in September
2:21PM ( 58 minutes ago )
After a long slumber, U.S. cinemas awaken on pivotal weekend
More Americans will make their way back to the movies this weekend than any since the pandemic shuttered theaters in March
2:19PM ( 1 hour ago )
The Latest: Gov. Cuomo won’t let NYC reopen restaurants
Gov. Andrew Cuomo says he won’t let New York City reopen its restaurants for indoor dining until the city has a plan to monitor and ensure they’re following regulations for coronavirus prevention
2:10PM ( 1 hour ago )
AP Business
The Latest: WHO panel to offer report on virus next year
An independent panel appointed by the World Health Organization to review its coordination of the response to the coronavirus pandemic says it will have full access to any internal U.N. agency documents, materials and emails
12:07PM ( 3 hours ago )
Greece suffers huge output loss but sticks to 2020 forecast
Greece has suffered a huge drop in output in the second quarter of the year, plummeting 15.2% on an annual basis, but the government insisted the figures did not worsen the country’s annual outlook
11:49AM ( 3 hours ago )
The Latest: Arkansas reports largest single-day deaths
Arkansas reported its largest single-day increase in deaths from the coronavirus, while the number of cases at the University of Arkansas’ Fayetteville campus increased to nearly 400
10:44AM ( 4 hours ago )
AP Business - Corporate News
US long-term mortgage rates little changed; 30-year at 2.93%
U.S. average rates on long-term mortgages changed little this week, remaining at historically low levels that has sparked demand for homes
11:59AM ( 3 hours ago )
Technology stocks stumble, leading rest of the market lower
Technology stocks took a tumble on Wall Street Thursday, giving back some of their spectacular gains over the past several months and dragging the rest of the market down with them
11:26AM ( 3 hours ago )
EU share of electric cars grew during virus lockdown months
Carmakers in Europe pressed ahead with their push for a bigger share for electric cars during and after the pandemic lockdowns
10:46AM ( 4 hours ago )
AP Business - Economy
Jack Daniel's master distiller stepping down after 12 years
Jeff Arnett is stepping down as master distiller after 12 years of leading production of the Jack Daniel's whiskey brand
3:04PM ( 16 minutes ago )
Stocks drop sharply as tech sector stumbles; Apple down 7.1%
Technology stocks took a tumble on Wall Street Thursday, giving back some of their spectacular gains over the past several months and dragging the rest of the market down with them
3:00PM ( 20 minutes ago )
Democrats request Hatch Act probe of Republican convention
Democrats on the House Oversight Committee are seeking an investigation of what they call repeated violations of the federal Hatch Act by members of the Trump administration during last month’s Republican National Convention
2:58PM ( 21 minutes ago )
Black man killed by Rochester police is remembered as loving
The aunt of a Black man who suffocated after police in New York’s third-largest city put a “spit hood” over his head says he was the loving father of five adult children and had just arrived in Rochester for a visit with his brother
2:54PM ( 26 minutes ago )
McIlroy's approach: Absolutely nothing beats fatherhood
Rory McIlroy plays his first tournament as a father at the Tour Championship
2:53PM ( 27 minutes ago )