Net sales from the Meals & Beverages segment rose 6%, and the Snacks segment climbed 6%.
Gross margin contracted 260 basis points Y/Y to 28.7%. Adjusted EBIT of $269 million increased 5% Y/Y.
Total costs and expenses increased 24.3% to $1.8 billion.
Adjusted EPS of $0.56 was in line with the analyst consensus.
The company held $109 million in cash and equivalents as of July 31, 2022. Cash provided by operating activities for twelve months totaled $1.2 billion.
Campbell said it remains on track to deliver savings of $1 billion by the end of fiscal 2025.
Outlook: Campbell sees FY23 EPS of $2.85 – $2.95 versus the consensus of $2.92.
The company expects FY23 sales growth of 4% – 6%.
Price Action: CPB shares are trading lower by 2.77% at $48.98 on the last check Thursday.
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