Campbell Soup's Food and Beverage Sales Help Offset Slide in Snacks

Core Insights - Campbell Soup (CPB) reported third-quarter revenue of $2.37 billion, a 6.3% increase year-over-year, surpassing analysts' estimates [2][5] - Diluted earnings per share (EPS) fell 17% to 44 cents, missing projections [2][3] - The acquisition of Sovos Brands contributed to revenue growth, while organic sales remained flat [3][4] Revenue Breakdown - Meal and beverage product sales increased by 14.8% to $1.27 billion [3] - Snack sales decreased by 2.1% to $1.1 billion due to economic pressures affecting consumer behavior [3][5] Acquisition Impact - The acquisition of Sovos Brands is expected to drive significant incremental growth, prompting the company to raise its full-year revenue growth estimate to 3% to 4% [4] - Adjusted EPS forecast was lowered to $3.07 to $3.10 from a previous range of $3.09 to $3.15 [4] Stock Performance - Shares of Campbell Soup were stable at $44.13, with a year-to-date gain of approximately 2% [5]