Campbell Soup Company (NYSE: CPB) came out with third-quarter fiscal 2024 results, wherein the top and bottom lines increased year over year and beat their respective Zacks Consensus Estimate. While the top line gained from the recent acquisition of Sovos Brands (concluded in March 2024), the bottom line was driven by factors like enhanced supply-chain productivity and cost savings. Campbell Soup updated its guidance to include the impacts of its Sovos Brands acquisition and the anticipated performance of the base business. The company raised its net sales and adjusted EBIT guidance for fiscal 2024 while curtailing its view for organic net sales and adjusted earnings per share. Quarterly Highlights Adjusted earnings came in at 75 cents, up 10% from the year-ago quarter's figure. The bottom line came ahead of the Zacks Consensus Estimate of 70 cents. Earnings growth was backed by higher adjusted EBIT and the reduced adjusted effective tax rate, partly negated by increased adjusted interest expenses. Campbell Soup Company Price, Consensus and EPS Surprise Campbell Soup Company price-consensus-eps-surprise-chart | Campbell Soup Company Quote Net sales of $2,369 million grew 6% year over year, surpassing the Zacks Consensus Estimate of $2,340 million. Sales were backed by the Sovos Brands acquisition. Organic net sales and the volume/mix remained flat year over year. The company's adjusted gross profit was $740 million, up from $689 million reported in the prior-year quarter. The adjusted gross profit margin expanded 30 basis points (bps) to 31.2%. The uptick can be attributed to improved supply chain productivity and gains from cost savings efforts. These factors negated elevated cost inflation and other supply chain costs. Our model suggested adjusted gross margin growth of 20 bps to 31.1%. Adjusted marketing and selling expenses grew 2% to $198 million. Adjusted administrative expenditures rose 1% to $156 million. The adjusted EBIT jumped 13% to $354 million, mainly driven by the increased adjusted gross profit, ...