By Dhirendra Tripathi

Investing.com – Campbell Soup Company (NYSE:) stock traded 2.8% higher Wednesday after the company reaffirmed its full-year guidance even as it missed analysts’ revenue estimates for the second quarter.

The quarter ended on January 30, saw a drop of 3% to $2.2 Billion due to decreased volumes and higher prices. President and CEO Mark Clouse attributed this to a “difficult comparison” and other factors, including labor and supply constraints, made tougher by the Omicron surge.

Sales in the same quarter a year ago rose, owing to a jump in at-home food consumption during the pandemic.

According to the company, organic net sales fell by 2% (excluding the impact of the Plum baby foods and snacks sale).

“However, heading into the second half of the fiscal year, we are seeing labor availability and service levels improve, better mitigation of inflation with pricing, and strong levels of demand all underpinning our confidence in our delivery of full-year guidance,” he said in a statement.

As price increases are fully implemented and supply conditions improve, the company expects that the second half will be even better.

Campbell projects that its sales for the current year will be flat, or fall by 2% under worst case scenarios. Organic net sales could rise by 1% or fall as much, according to the company’s estimates. For full-year 2022, adjusted profit per share will be either flat or decreasing by up to 4%.

The adjusted profit per share fell to 69cs in the second quarter, but it beat expectations.