The Camden, New Jersey-based canned food maker reported first-quarter revenue of $2.34 billion with earnings of $1.02 per share. Analysts were expecting revenue of $2.32 billion on earnings of 91 cents per share.
"Our Meals & Beverages division continued to drive impressive sales and margin growth as we positioned our brands to align with macro consumer trends, and retailers rebuilt inventory for the holidays and the heart of soup season," said CEO Mark Clouse in a statement.
However, the company expects second-quarter revenue to grow between 5% and 7% year-over-year with earnings between 81 and 83 cents per share. Analysts, on the other hand, are modeling growth of 6.5% and earnings of 84 cents per share.
Campbell shares were down 0.5% premarket to $48.04 at last check.
Separately, the company announced a 6% increase in its quarterly dividend to 37 cents per share from 35 cents per share payable Feb. 1 to shareholders of record on Jan. 9.
"Snacks continued to deliver strong results while increasing capacity in key power brands. We continue to build a high-performing Snacks business with differentiated brands and improving margins," Clouse said.
In the previous quarter, Campbell Soup was able to top analyst estimates on the back of an 18% jump in revenue to $2.11 billion. Marketing expenses increased more than 30% in that quarter; however in the just-concluded first quarter, Campbell was able to hold marketing expense increases to just 1%.