Campbell Soup Company (NYSE:CPB) stock rose 0.46% (As on December 8, 11:36:01 AM UTC-4, Source: Google Finance) after the company raised its annual sales and profit forecasts, supported by easing supply-chain issues and steady demand for its soups and meals even as the company raised prices to offset rising costs. Campbell said average selling prices across its meals & beverages, and snacks divisions rose 16% in the first quarter, while overall sales volumes fell about 1%. Campbell’s Spaghetti Carbonara, which costs about $1.53 per serving, was among its most popular recipes as consumers look for ways to stretch their at-home cooking budgets, Clouse said, but added that the company’s condensed soups and broths were losing market share to cheaper store-brand products. The Snacks unit also saw a 15 percent gain in net sales, driven by increased demand for Goldfish crackers, Snyder’s of Hanover pretzels and Cape Cod potato chips. The unit’s operating earnings rose 20 percent.

CPB in the first quarter of FY 23 has reported the adjusted earnings per share of 99 cents, beating the analysts’ estimates for the adjusted earnings per share of 13 cents. The company had reported the adjusted revenue growth of 15 percent to $2.58 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $2.45 billion, according to Refinitiv IBES data. The company reported earnings before interest and taxes (EBIT) rose by 16 percent to $436 million.

Cash flow from operations decreased from $288 million in the prior year to $227 million primarily due to changes in working capital, partially offset by higher cash earnings. Capital expenditures were $77 million compared to $69 million in the prior year. At the end of the first quarter, the company had approximately $375 million remaining under the current $500 million strategic share repurchase program and approximately $131 million remaining under its $250 million anti-dilutive share repurchase program.

The company expects fiscal year 2023 adjusted earnings per share between $2.90 and $3.00, compared with its prior expectations of $2.85 to $2.95. The Prego pasta sauces owner expects fiscal year 2023 net sales to rise 7% to 9%, compared with its previous forecast of a 4% to 6% increase. Campbell also noted it had achieved $10 million of total savings in the last quarter under its multi-year cost savings program. That brought total savings from the program to $860 million. Campbell remains on track to deliver savings of $1 billion by the end of fiscal 2025.