RTTNews | Sep 3, 2020 07:29AM EDT

07:29 Thursday, September 3, 2020 (RTTNews.com) - While reporting financial results for the fourth quarter on Thursday, Campbell Soup Co. (CPB) provided adjusted earnings and sales guidance for the first quarter of fiscal 2021, given the uncertain operating environment due to the COVID-19 pandemic.

The company added that the continuing effect of the pandemic on the operating environment is difficult to predict with enough certainty to provide a full-year outlook at this time.

The company expects that demand for its products will remain elevated in the near term and accordingly, due to the increase in demand for its products amidst the COVID-19 pandemic. For the first quarter, the company now projects adjusted earnings in a range of $0.88 to $0.92 per share on net sales growth between 5 and 7 percent, implying net sales between $2.29 billion and $2.34 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.90 per share on net sales of $2.30 billion for the quarter. Analysts' estimates typically exclude special items.

The company said the guidance assumes that its supply chain operates effectively during this period of heightened demand and shifts in consumer behavior toward at-home consumption continue.

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