Campbell Soup Company reported results for its first-quarter fiscal 2024 ended October 29, 2023.

It beat its Wall Street expectations and shares rose by 5% following the news.

Mark Clouse, CEO, said: “Our first-quarter results were in line with our expectations, as we continue to effectively navigate the current consumer landscape, while lapping 15% growth rates from a year ago.

“We are off to an encouraging start in our important holiday season, and we expect to build momentum for the balance of the fiscal year behind disciplined execution, stepped up innovation, and the overall relevance of our brands in this current environment. 

“As a result, we are confident in reaffirming our full-year guidance. Lastly, we remain excited about adding the Sovos Brands portfolio and expect to close the transaction in calendar year 2024.”

• Net Sales were $2.5 billion, decreasing 2% or 1% on an organic basis. On a two-year-compound annual growth rate (CAGR), net sales increased approximately 6% and organic net sales increased approximately 7% due to favorable net price realization and brand strength.
• Earnings Before Interest and Taxes (EBIT) were $358 million; Adjusted EBIT was $407 million, down 9%.
• Earnings Per Share (EPS) were $0.78; Adjusted EPS was $0.91, down 11%.
• Reaffirms full-year fiscal 2024 guidance and continues to expect the acquisition of Sovos Brands, Inc. (Sovos Brands) to close in calendar year 2024.