Higher prices helped profit and guidance from Campbell Soup (CPB) beat expectations, and shares surged over 7% Wednesday, leading gains on the 澳洲幸运5官方开奖结果体彩网:S&P 500.

The maker of soup and other foods posted first quarter fiscal 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.91, beating estimates. Revenue was down 2% from the prior year to $2.52 billion, in line with expectations. The company noted that even though its volume/mix fell 5% from last year's levels, it was partially offset by a net price realization of 3%.

Sales at Campbell's Meals & Beverages unit dropped 4% from a year ago on declining demand for its soup in the U.S. Sales at its Snacks division slid 1%, but excluding the impact of the 澳洲幸运5官方开奖结果体彩网:divestiture of the Emerald Nuts business, 澳洲幸运5官方开奖结果体彩网:organic sales were up 1%. Campbell indicated that demand was strong for cookies and crackers, especia🌊lly the Lance and Goldfish brands. The Snacks group also benefited from a net price realization of 5%.

CEO Mark Clouse said that the company continued to "effectively navigate the current consumer landscape." He added that the important holiday season is off to an encouraging start, and "we expect to build momentum for the balance of the fiscal year." Campbell anticipates full-year fiscal 2024 EPS to be between $3.09 and $3.15, above analysts' forecasts.

Despite Wednesday's gains, shares of Campbell Soup have lost nearly a quarter of their value this year.