Campbell Soup boosts outlook as strength in snack brands helps company beat estimates

Last year, it acquired snacks maker Snyder’s Lance for $4.87 billion, adding brands such as Cape Cod and Lance to its portfolio.As a result, sales in global biscuits and snacks category climbed 37 per cent to $1.15 billion in the third quarter.

“Our results this quarter were ahead of our expectations,” said chief Executive officer Mark Clouse in a statement. The company now expects full-year adjusted profit between $2.50 and $2.55 per share, compared with prior forecast of $2.45 and $2.53, factoring in the impact of its fresh business divestitures.

Net earnings attributable to the company was $84 million, or 28 cents per share, in the third quarter ended April 28, compared with a loss of $393 million, or $1.31 per share, a year earlier when the company recorded an impairment charge related to its fresh segment. Excluding items, the company earned 56 cents per share, beating the average analyst estimate by 9 cents, according to IBES data from Refinitiv.Shares of the company rose 3.3 per cent to $39.38 before the bell, having gained about 16 per cent this year.

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