Campbell Soup Company (CPB - Analyst Report), the manufacturer of branded convenience food products, came out with third-quarter fiscal 2015 results, wherein adjusted earnings of 62 cents a share came much ahead of the Zacks Consensus Estimate of 51 cents. However, the bottom line remained flat year over year.

Following its third quarter results, Campbell Soup now expects the rate of change in sales for fiscal 2015 to come near the lower end of a -1% to +1% range. Further, adjusted earnings for the fiscal are now expected to decline at a favorable end of the range of 3% to 5%. This results in fiscal 2015 earnings at the higher end of the $2.32–$2.38 per share band.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 has been stable in the last 30 days. In the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 0.7%.

Revenues: Campbell Soup generated total sales of $1,900 million that slipped 3.6% year over year and missed the Zacks Consensus Estimate of $1,936 million. The year over year decline in sales was mainly a result of the adverse currency translations coupled with the negative impact from retailer inventory changes in the company’s U.S. soup business. Organic sales for the quarter dipped 1% year over year as the benefit from higher prices and lower promotional spending was offset by lower volumes.

Zacks Rank: Currently, Campbell Soup carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

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