Campbell’s Profit Beats, Driven by Snacks Unit’s Cookie Sales

Campbell’s Co.’s earnings beat estimates as Milano cookies helped its snacks business outperform.

Adjusted earnings per share of 62 cents topped the 56-cent estimate. The Pepperidge Farm owner’s organic snack sales declined 2% in the quarter, less than half the rate analysts anticipated.

“In cookies, we gained share as we grew consumption during the quarter, outperforming the category through successful innovation launches, most notably our Milano White Chocolate lineup” Chief Executive Officer Mick Beekhuizen said in a statement Wednesday.

Shares climbed as much as 3% in premarket trading. The stock had dropped 25% this year through Tuesday’s close.

The ...