(AOF) – Campbell Soup published a quarterly profit above expectations and confirmed its annual forecasts thanks in particular to several increases in its prices. The agri-food group generated, in its third quarter of the staggered fiscal year, revenues up 5% to 2.23 billion dollars, in line with expectations. Adjusted earnings per share are 68 cents, against 64 cents consensus. The New Jersey firm still expects revenue growth ranging from 8.5 to 10%, for adjusted earnings per share housed between 2.95 and dollars.
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Soaring energy prices and a call for help
In the past, energy represented a fixed cost of 3% of turnover. This year, this percentage rises to 5% or even 7% for VSEs-SMEs, according to Ania (National Association of Food Industries). Professionals are very worried because until the end of 2022 they generally benefit from coverage to cushion these increases. However, they have not been renewed for 2023 and after. Consequently, 25 of the main inter-professional organizations (Intercereals, Inaporc, Semae, etc.) are calling on the State for help in the face of the erosion of their margins and their capacity to investment.
The State has proposed several devices, including an “electricity damper”, which are deemed insufficient. The organizations also deplore the failure of European negotiations to achieve a tariff shield to avoid distortions of competition. Agriculture and agri-food require a maximum ceiling price of €180/MWh, while many companies buy at prices above €500/MWh on the French market.