Campbell Soup Co. stock (CPB) rose 0.5%in premarket trades on Wednesday after it reported better-than-expected adjusted third-quarter earnings, while its revenue was about flat with Wall Street estimates. Campbell Soup said its third-quarter profit fell to $160 million, or 53 cents a share, from $188 million, or 62 cents a share, in the year-ago quarter. Adjusted third-quarter earnings fell to 68 cents a share from 70 cents a share in the year-ago quarter, but beat the target of 65 cents a share in a survey of analyst estimates by FactSet. Revenue for the third quarter increased to $2.229 billion from $2.13 billion, compared to the analyst forecast of $2.231 billion. Looking ahead, Campbell Soup said its 2023 adjusted earnings per share are "currently tracking to the upper end of our guidance range." Campbell Soup expects 2023 earnings of $2.95 a share to $3 a share, compared to the analyst forecast of $3.01 a share.
-Steve Gelsi
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