Campbell reported a rise in fiscal third-quarter profits despite a sales slump, with adjusted EPS of $0.50 beating analyst estimates. Revenue fell 4.4% to $2.37 billion, missing expectations as organic sales dropped 4% due to inflation and weakness in the snacks segment. The CEO noted a growing trend toward at-home cooking, warning of continued pressure on the restaurant industry.
The company posted Q3 adjusted EPS of 50 cents, beating estimates despite a 4.4% drop in net sales and weakening demand in the snacks segment.
Read the full storyThe company posted an EPS beat of $0.50, but revenue fell to $2.37 billion as organic sales volumes dropped 5% amid rising costs.
Campbell's reported a dip in fiscal third-quarter sales as snack demand faltered, though the company managed to grow its bottom-line profit during the period.