Americans are firing up their stovetops at the "highest levels since early 2020," Campbell's Co. (CPB  ) chief executive Mick Beekhuizen told analysts on Monday.

What Happened: Beekhuizen declared in a post-earnings conference call that consumers are "turning to our brands for value, quality, and convenience" and "favoring ingredients that help stretch tighter food budgets."

Sales of condensed soup and broth - pantry staples that anchor low-cost meals - jumped 15% in Campbell's latest quarter, helping overall revenue beat Wall Street estimates even as the snacks division fell 5% on an organic basis.

The wallet shift comes as eating out grows pricier. Government data show the food-away-from-home index rose 3.9% in April from a year earlier, while prices for food at home slipped 0.4% on the month, widening the savings gap for households that choose their kitchens over restaurants.

Why It Matters: Fast-food giants are already feeling the heat. McDonald's (MCD  ) CEO Christopher Kempczinski said visits from low-income diners were down "nearly double digits" in the first quarter and middle-income consumers fell nearly as much. According to Reuters, Burger King's parent, Restaurant Brands (QSR  ), missed sales expectations after noting that customers were steering inflation-hit dollars toward groceries. Chipotle (CMG  ) cut its sales outlook too, blaming persistent inflation and economic uncertainty that keep guests at home.

Broader metrics also flash caution. The University of Michigan's consumer-sentiment gauge sank to a three-year low in May as households braced for higher prices.

Campbell Soup Company reported third-quarter sales of $2.475 billion, up 4% year-over-year and ahead of analyst expectations. Meals & Beverages sales jumped 15%, offsetting an 8% decline in Snacks, while adjusted EPS of $0.73 beat the $0.66 consensus. The company also expanded operating cash flow to $872 million over nine months, delivered $110 million in cost savings, and continues to return capital through dividends and share buybacks.

Price Action: Campbell's Co. shares closed 0.62% up at $34.25 on Monday.

Benzinga Edge Stock Rankings show CPB has a Growth score of 25%.