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Campbell Soup Stock Rises on Earnings and Revenue Beat

Campbell expects 2022 revenue to range from flat with a year earlier to a drop of 2%.
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Shares of Campbell Soup  (CPB) - Get Campbell Soup Company Report were higher Wednesday after the consumer foods company reported fourth quarter earnings and revenue ahead of analyst estimates. 

The Camden, New Jersey based company reported fourth quarter earnings of 55 cents per share on revenue of $1.87 billion. 

Analysts were expecting earnings of 47 cents per share on revenue of $1.81 billion, according to FactSet. 

"The fourth quarter was a positive finish to a solid year during which we successfully navigated a difficult environment, made significant progress advancing our strategic plan and addressed the executional pressures we experienced in the third quarter," said CEO Mark Clouse. 

For the full year, the company saw net sales decrease 2%, compared to a 5% increase in fiscal 2019, as sales for both its Meals and Beverages and Snacks divisions saw declines. 

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Also for the full year, cash flows from operations decreased from $1.4 billion in the prior year to $1.04 billion this year. 

For fiscal 2022, the company expects net sales to range from flat with a year earlier to down 2% fiscal 2021's $8.48 billion. 

Campbell Soup shares at last check were 1.6% higher at $42.39. 

In addition, the board approved a $500 million share repurchase program with no expiration date. The new program is on top of the $250 million buyback plan unveiled in the fiscal third quarter. 

"As we head into fiscal 2022, we have robust in-market momentum on our brands, strong plans to manage inflation, and a talented and committed team to lead through what we expect to be a very challenging environment," Clouse said.