The third quarter results for Campbell Soup Company (CPB) clearly indicate the effect of "pantry loading" associated with March and April home confinement.  Revenue increased by  14.5 percent for the quarter ending April 26th to $2.24 billion.  Gross margin for most recent quarter rose slightly to 34 percent compared to the corresponding quarter of 2019.  Net earnings doubled to $186 million with a corresponding increase in EPS to $0.56.  The Meals and Beverages segment that includes soup generated 54.1 percent of sales but contributed 64.2 percent to operating profit.  The Snacks segment represented 45.9 percent of sales and contributed 35.8 percent of operating profit.

Campbell Soup has a market capitalization of $14.7 million with assets of $12.7 billion and long-term debt of $5.2 billion.  CPB has traded in a fifty-two-week range of $39.24 to $57.54 with a fifty-day moving average of $50.38.  Campbell Soup opened at $50.74 on June 3rd and post-release closed at $48.82,  down 6.1 percent on a day when the DJI was up two percent.

Campbell Soup has achieved a twelve-month trailing operating margin of 14.4 percent and a profit margin of 18.0 percent.  The return on assets was 5.7 percent and on equity 24.3 percent.

Despite the marked increase in revenue and bottom-line performance CPB will now have to capitalize on increased home cooking and rediscovery of its iconic soups many of which have been reformulated to attract millennials.  Stay-at-homes will continue to consume Pepperidge Farm cookies and goldfish crackers.  Although some benefits will accrue in subsequent quarters, Campbell Soup will have to compete with store brands and less expensive alternatives in order to capitalize on their third quarter windfall.