Campbell Soup Shares Fall Despite Strong Earnings, Sales

The Camden, New Jersey-based snack and soup giant on Thursday reported adjusted earnings 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 projections of 60 cents per share, as did its net sales of $2.1 billion, which were 18% higher than last year’s quarter. The company noted that fiscal 2020 had an extra week which fell in the fourth quarter, somewhat skewing the results.

Campbell said its snack division which includes Pepperidge Farm cookies and Goldfish crackers saw a 7% jump in sales after accounting for the extra week and other factors.

For the full fiscal year 2020, Campbell said net sales increased 7% over the previous year and that adjusted earnings per share jumped 28% to $2.95 per share.