Today, Campbell Soup Co. (NYSE: CPB) reported its fiscal second quarter financial results, which beat earnings estimates and caused shares of the Company to rise 3.9% in premarket trading.
Campbell declared net sales that were comparable to the prior year, as well as increased organic net sales of 1%.
For the second quarter of fiscal 2020, Campbell published a net income of USD 350, or USD 0.56 earnings per share (EPS), increased by 8% and compared to a net income of USD 325, or earnings per share of USD 0.58 in the same period of fiscal 2019.
Adjusted EPS came to USD 0,72, up 11% from USD 6.5 in the same period last year.
Campbell also raised the adjusted earnings per share guidance range for fiscal 2020 up from USD 2.50 – USD 2.55, to USD 2.55 – USD 2.60.
Mark Clouse, Campbell’s President and CEO, stated: “I am pleased that we delivered another high-quality quarter with organic sales, and adjusted gross margin, EBIT and earnings, growing in-line with or above our expectations.”
The Company further announced a significant reduction in debt levels, compared to the previous year, after a successful completion of its earlier published divestiture plan.
“Additionally, I am very pleased with our successful deleveraging in the quarter, resulting in a much-improved leverage ratio. Given the momentum of the business and lower adjusted interest expense from our debt reduction, we are able to make important incremental investments in the business in the second half while increasing adjusted EPS guidance for the year,” continues the CEO.