-Campbell Soup on Wednesday raised its forecast for annual net sales growth, banking on a recovery in demand for its ready-to-eat soups and meals and from its acquisition of Rao's sauce maker Sovos Brands.
Both volumes and price realization in the third quarter were flat, compared with a 2% drop in volumes and a 1% rise in prices in the preceding quarter.The company, which sells ready-to-eat meals and snacks, also benefited from consumers, particularly in the lower-income cohort, looking for more affordable meals at home.
It reported organic net sales of $2.2 billion for the quarter. Analysts, on an average, were expecting net sales of $2.36 billion, as per LSEG data. The Goldfish crackers owner expects to deliver an annual adjusted profit between $3.07 and $3.10 per share, compared to a prior range of $3.09 to $3.15 per share.
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