CAMDEN, NJ. — After soup volume declined, as expected, in the third quarter ended April 30, the stock price for Campbell Soup Co. fell as well.

Companywide net earnings of $160 million, equal to 54¢ per share on the common stock, in the quarter were down 15% from $188 million, or 62¢ per share, in the previous year’s third quarter. Net sales of $2.23 billion were up 5% from $2.13 billion due to net price realization. An expected decline in volume/mix and lower volume consumption partially offset the growth.

“Our third quarter tracked to our expectations driven by strong price realization and operational execution, including in our supply chain,” said Carrie L. Anderson, chief financial officer, in a June 7 earnings call. “While we did see volume and mix decline in the quarter, it was largely a function of year-over-year comparisons, which masked base volume trends.”

Campbell Soup’s share price on the New York Stock Exchange closed at $46.08 on June 7, down 9% from a close of $50.59 per share on June 6.

In the Meals and Beverages segment, net sales of $1.11 billion were down 2%. Organic net sales dipped 1%, primarily due to declines in US Soup, which were offset partially by gains in foodservice. Lapping last year’s retail inventory rebuild drove an expected decrease in volume/mix.

“Dollar consumption (in soup) was essentially flat versus prior year, reflecting inflation-driven pricing, mitigated by below historical norm elasticities and some increasing share pressure,” said Mark A. Clouse, president and chief executive officer for Camden-based Campbell Soup. “As competitors improve supply, we are seeing some increased promotional activity.

“On a net sales basis, soup was down 11%, primarily reflecting the disproportionate impact of cycling the inventory recovery from a year ago, which accounts for the majority of this decline.”

The Pacific Foods brand continues to be a “growth engine” in soup, Clouse said.

“This organic premium line has proven to be a fantastic acquisition, driving incremental consumers to our portfolio,” he said. “Its results over the last four years have been impressive, up 56% in dollar consumption and 0.9 share points. With offerings across broth and ready-to-serve soup, Pacific gives us a high-growth premium platform to keep expanding the category and our soup business.”

In the Snacks segment third-quarter net sales of $1.12 billion were up 12%. Organic sales also increased 12%. Goldfish crackers and Lance sandwich crackers primarily drove increases in cookies and crackers. Kettle Brand potato chips, Snack Factory pretzel crisps, Cape Cod potato chips and Snyder’s of Hanover pretzels primarily drove increases in salty snacks.

Inflation in the third quarter was about 8%, which compared with 15% in the previous year’s third quarter, Anderson said.

“In terms of commodity exposure, all of our raw materials are essentially covered for the balance of the fiscal year, and we continue to closely monitor the overall commodity markets,” she said.

Campbell Soup is back to pre-COVID service levels with percentages in the mid- to high-90s, Clouse said.

“We don't expect further significant inventory-driven volatility as retailers have returned to targeted inventory levels, taking advantage of these improvements in our service levels,” he said.

Through the first nine months of the fiscal year, companywide net earnings of $299 million, or $2.29 per share on the common stock, were down 1% from $302 million, or $2.18 per share, in the same time of the previous year. Nine-month net sales of $7.29 billion were up 11% from $6.58 billion.