Sun. Nov 17th, 2019

Campbell Soup shares jump 3.9% premarket after profit beat

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Campbell Soup Co. shares

CPB, +3.19%

rose 3.9% in premarket trade Friday, after the company posted a bigger-than-expected profit for its fiscal fourth quarter. The food company said it had a loss of $8 million, or 2 cents a share, in the quarter to July 28, after earnings of $94 million, or 42 cents a share, in the year-earlier period. Adjusted per-share earnings came to 42 cents, a penny ahead of the 41 cents FactSet consensus. Sales rose 2% to $1.780 billion from $1.745 billion. The company said it is treating its Campbell International business as discontinued operations, because it has agreed to sell assets in deals expected to close in the first half of fiscal 2020. Including sales from that business, it would have reported sales of $2.024 billion. The FactSet consensus was for sales of $1.978 billion. The company said it sill expects fiscal 2020 sales to grow 1% to 3% and for adjusted EPS to grow 9% to 11%. Shares have gained 31.3% in 2019, while the S&P 500

SPX, +1.27%

has gained 16.6%.

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