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What to expect when Campbell Soup (CPB) reports third-quarter 2024 earnings

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Campbell Soup Q2 2024 Earnings Infographic Scaled.jpg

Campbell Soup Co. (NYSE: CPB) shares rose more than 1% on Friday. Over the past 12 months, the stock has fallen 14%. The food company is scheduled to report its third-quarter 2024 earnings before the market opens on Wednesday, June 5. Let’s take a look at what to expect from the report.


Analysts expect revenues of $2.35 billion in the third quarter of 2024. This compares to net sales of $2.23 billion reported in the same period last year. Net sales for the second quarter of 2024 were $2.5 billion, down 1% year over year.


The consensus EPS estimate for Q3 2024 is $0.70, up from $0.68 in the same period last year. Adjusted EPS for Q2 2024 was flat at $0.80.

Things to note

As indicated in its last quarterly earnings call, Campbell expects sales to improve slightly sequentially through the remainder of fiscal 2024. The company expects organic net sales to show flat to low single-digit growth in the third quarter of 2024, with continued sequential improvement in the fourth quarter.

The soup maker faces challenges from a weak category and a tough economic environment, but expects to benefit from a trend toward prioritizing value as consumers cook meals at home and shop less frequently by purchasing foods they can afford. Campbell believes its soup portfolio is well-positioned to meet these needs.

Last quarter, Campbell’s food and beverage sales fell 2%, while soup sales in the U.S. fell 3%. Snacks sales were flat, but the company benefited from strength in its core brands.

Campbell has completed its acquisition of Sobos Brands, which will add significant growth potential to its portfolio, and the company plans to discuss the impact of the acquisition on its fiscal 2024 guidance in its third quarter report.

Also of note is the company’s recent decision to close its Tualatin, Oregon, plant and reconfigure production at its Jeffersonville, Indiana, plant. These actions will result in the elimination of 415 jobs. At the same time, Campbell is investing approximately $230 million in new facilities to fuel growth, and these projects are expected to create 210 new positions across the organization.

Campbell said in its last earnings call that it expects revenue growth and improved margins in the second half of fiscal 2024. The company said it expects third-quarter adjusted EPS to be in the low $0.70s.

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