Shares of Campbell Soup Co. were up more than 3% in premarket trading Wednesday after the company topped expectations with its latest results and increased its full-year forecast. Campbell reported fiscal first-quarter net earnings of $297 million, or 99 cents a share, compared with $261 million, or 86 cents a share, in the year-earlier period. After adjustments, Campbell earned $1.02 a share, up from 89 cents a share a year before. The FactSet consensus was for 88 cents a share. Net sales increased to $2.58 billion from $2.24 billion, while analysts were modeling $2.45 billion. “Through a combination of inflation-driven pricing actions and productivity improvements, we have substantially mitigated significant inflationary pressure in the quarter while continuing to provide quality and value to consumers,” Chief Executive Mark Clouse said in a release. Campbell now expects 7% to 9% growth in net sales for fiscal 2023, whereas its prior forecast was for 4% to 6% growth. The company also now expects $2.90 to $3.00 in adjusted earnings per share for the full fiscal year, compared with a prior outlook that calls for $2.85 to $2.95.
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