Campbell Soup shares fall despite strong earnings
CAMDEN, N.J. — Campbell Soup reported strong fiscal fourth-quarter earnings on Thursday, boosted by people making more food at home because of the coronavirus pandemic.
But its stock fell as it cited the difficulty of predicting how the pandemic-driven demand for its products will hold up.
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.
