(CercleFinance.com) – Campbell Soup announced on Wednesday an upward revision of its growth target for the current financial year after having done better than expected over the past quarter.
The American agri-food group now says it is counting on organic growth in its annual turnover of between 1% and 2%, whereas it had so far envisaged an evolution of between -1% and 1%.
In its third fiscal quarter, which ended on May 1, its turnover increased by 7% to reach 2.1 billion dollars.
Expressed in organic data, sales growth reached 9%.
Its current operating income (Ebit) increased to $294 million under GAAP accounting standards, against $272 million a year earlier.
The group of Camden (New Jersey) explains that its price increases and the progress made at the level of its supply chain have allowed it to more than compensate for the pressures which have been exerted on its margins for a year now.
While it says it expects a still ‘challenging’ operating environment and continued high levels of inflation, the canned soup maker founded in 1869 believes it is on a ‘much stronger’ footing today.
The stock was expected to rise more than 4% on Wednesday at the opening of Wall Street.
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