Markets News

Campbell Soup beats sales estimates, sees up to 7% rise in current quarter revenue

Sept 3 (Reuters) - Campbell Soup Co beat analysts’ estimates for quarterly sales and forecast a 7% rise in current-quarter sales, benefiting from a surge in demand for Prego pasta sauces and Goldfish crackers from consumers stuck indoors due to the COVID-19 pandemic.

The company said on Thursday net sales rose to $2.11 billion in the fourth quarter ended on Aug. 2 from $1.78 billion a year earlier. Analysts on average had expected net sales of $2.08 billion, according to IBES data from Refinitiv.

It also forecast current-quarter net sales to rise between 5% and 7%, and adjusted profit to be between 88 cents and 92 cents per share. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli)