(Updates with acquisition of La Regina in the headline and in the sixth to eighth paragraphs.)

Campbell's (CPB) reported fiscal Q1 adjusted earnings Tuesday of $0.77 per diluted share, compared with $0.89 a year earlier.

Analysts surveyed by FactSet expected $0.74.

Revenue for the quarter ended Nov. 2 was $2.68 billion, compared with $2.77 billion a year earlier.

Analysts surveyed by FactSet expected $2.66 billion.

For fiscal 2026, the company said it continues to expect adjusted EPS of $2.40 to $2.55. Analysts polled by FactSet expect $2.45.

Additionally, Campbell's said in a regulatory filing that its subsidiaries entered into agreements to acquire 49% of La Regina di San Marzano di Antonio Romano and 49% of La Regina Atlantica for $286 million, to be paid in two tranches. La Regina produces all of Campbell's Rao's tomato-based pasta sauces, Campbell's said.

Each agreement has a "long-stop" outside date of June 8, 2026, which Campbell's may extend once by up to 30 business days upon prior notice, the company said.

The remaining 51% of the outstanding equity interests of La Regina are subject to a call option granted to Campbell's and a put option granted to La Regina under an option agreement to be entered into by each seller and Campbell's subsidiaries at closing, Campbell's added.