CAMDEN, N.J.(AP)– Campbell Soup reported strong financial fourth-quarter profits on Thursday, increased by people making more food in your home since of the coronavirus pandemic. But its stock fell as it pointed out the problem of forecasting how the pandemic-driven demand for its products will hold up.
The Camden, New Jersey-based snack and soup giant on Thursday reported adjusted revenues 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 forecasts of 60 cents per share, as did its net sales of $2.1 billion, which were 18% greater than in 2015's quarter. The business kept in mind that fiscal 2020 had an additional week which fell in the 4th quarter, rather skewing the results.
Campbell stated its snack division– that includes Pepperidge Farm cookies and Goldfish crackers– saw a 7% jump in sales after representing the additional week and other factors.
For the full 2020, Campbell stated net sales increased 7% over the previous year which adjusted profits per share leapt 28% to $2.95 per share.
Campbell launched guidance only for the very first quarter of financial 2021 due to economic unpredictability triggered by the pandemic. The business stated its expectation of a 5% to 7% increase in first-quarter net sales over the previous year “assumes that the business's supply chain operates successfully during this period of heightened demand and shifts in consumer habits toward at-home usage continue.”
Shares in Campbell Soup Co. fell 7.5% to close Thursday at $48.53.
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