Campbell: raises guidance after successful Q3
(CercleFinance.com) - On Wednesday Campbell Soup raised its growth target for the current fiscal year, after doing better than expected in Q3.
The US food group now expects to achieve positive organic sales growth of between 1% and 2%, compared with its previous expectation that was hovering around zero (-1% to 1%).
Q3 sales (to 1 May) rose by 7% to 2.1 billion dollars, with organic sales growth reaching 9%.
Meanwhile, underlying EBIT rose to 294 million dollars under GAAP accounting standards, compared to 272 million dollars a year ago.
The Camden, New Jersey-based company said that price increases and supply chain improvements had more than offset the pressure on margins that has been building up over the past year.
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