Campbell Soup upgraded its annual sales estimates, taking advantage of higher prices and strong demand for its broths and sauces, raising its stake by 3% in pre-orders.
Packaged food companies are seeing a boom in demand due to the pandemic, while price increases are also boosting revenue, with companies upgrading their annual estimates to Kellogg and Kraft.
Campbell is also benefiting from easing supply chain problems and staffing improvements, helping to boost demand and reserves back to normal after the pandemic problems and labor shortages.
The company stressed that it expects net sales for the year 2022 to increase 1% -2% compared to the previous estimate for a decrease of 1% to an increase of 1%.
Net sales rose to $ 2.13 billion in the third quarter ending in May, from $ 1.98 billion a year ago.
Analysts had expected revenue of $ 2.05 billion.
Net income rose to $ 188 million, or 62 cents a share, from $ 160 million, or 52 cents, a year ago.
Source: Capital
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