Investors mostly shrug at Campbell Soup (CPB) today even though the company ladled out better-than-expected FY25 Q3 results.  Adjusted EPS came in at $0.73 vs. $0.66 est., while revenue rose 4 % yr/yr to $2.48 bln vs. $2.43 bln est.  Yet the stock is only up about ½ % in early trading and remains ~18 % lower YTD, suggesting the upside was already baked in after March’s guidance reset. ‍

• Solid beat—but a lopsided one.
  Meals & Beverages (soups, broths, Rao’s sauces) jumped +7 % thanks to an at-home-eating revival, while Snacks (Goldfish, Snyder’s pretzels) fell 5 %.  The uneven mix leaves questions about the health of the snack portfolio just as Sovos integration costs peak. ‍
• Guidance still carries a ‘tariff asterisk.’
  Management reaffirmed FY25 net-sales growth of 6-8 % but said adjusted EPS will likely hit the low end of the $2.95-$3.05 range, citing sluggish snack recovery and a 3-5 ¢ hit from aluminum-tariff pass-throughs.  That caveat mutes the headline beat and keeps valuation in check.
• Low bar after March reset.
  Back in early March CPB trimmed its outlook (sales growth trimmed from 9-11 % to 6-8 %), knocking the stock 15 % over the next few weeks.  Today’s in-line outlook merely stabilizes the narrative rather than igniting fresh enthusiasm.

Bottom line:
Campbell’s Q3 shows its core soup franchise simmering nicely, but snack softness and tariff-related margin caution limit the celebration.  Unless the Snacks turnaround gains traction or management can nudge FY25 EPS back toward the midpoint of its range, CPB’s shares may remain range-bound despite the earnings beat.