Key Takeaways CPB is down 20.4% YTD, trailing the market, its sector and industry amid broad underperformance. Weak demand in the Snacks segment hurt organic sales and is recovering slower than expected. Margin pressures from inflation, higher costs and flat pricing have pushed CPB downward.The Campbell's Company (CPB) has endured a challenging run in 2025, with its stock down 20.4% year to date. This sharp decline starkly contrasts with the broader market, underperforming the S&P 500’s modest 1.8% growth ...

多家零售巨头均表示，已上调部分商品价格或计划近期提价，以转嫁不断攀升的关税成本。 关税阴霾下，美国富裕家庭也开始精打细算。 传统上以低收入群体为主要客源的美国折扣店正见证关税措施给美国消费带来的改变。根据最新发布的 季度财报，Dollar Tree的9000家门店吸引了260万新顾客，其中大部分来自较高收入阶层。该公司首席 执行官克里登（Mike Creedon）称，家庭收入超过10万美元的顾客流量显著增加。 Dollar General首席执行官瓦索斯（Todd Vasos）也观察到："在我们最近的客户调查中，25%的客户报告 称他们的收入比一年前减少，近60%的核心客户表示他们感觉在未来一年需要牺牲一些必需品。" 与此同时，来自较富裕家庭的客户进行"折旧换新"的比例达到了四年来的最高水平。瓦索斯表示："我 们的核心客户群仍面临财务上的限制，我们看到来自中高收入客户开始更多参与换购活动。" 消费紧缩也改变了美国人的就餐行为。根据美国劳工局的数据，从2020年到2024年，所有食品的消费者 价格指数（CPI）上涨了23.6%，超过了整体CPI的同期增幅（21.2%）。 美国最大的加工食品公司之一金宝（Camp ...

Core Insights - Campbell's reported a 1% organic net sales growth for fiscal 2025 Q3, with adjusted EBIT increasing by 2% and adjusted EPS at $0.73, reflecting a 3% year-over-year decline, while full-year adjusted EPS is now expected at the low end of prior guidance [1] Meals and Beverages Performance - The meals and beverages segment achieved a 6% organic net sales growth and a 2% increase in consumption, marking six consecutive quarters of positive in-market consumption [2] - Strong household penetration gains in condensed cooking soups were noted, particularly among millennial consumers, with mac and cheese marketing adding approximately 1 million new households, the largest quarterly gain in four years for this subcategory [2][3] Snacks Segment Challenges - The snacks division experienced a 5% decline in organic net sales, with a 3% drop in consumption attributed to category-wide contraction and company-specific execution issues [4][5] - Recovery prospects for the snacks segment are now pushed into fiscal 2026, with management focusing on price-point strategies, multipack offerings, and targeted innovation to preserve share and margin [5] Cost Management and Acquisition Integration - The company achieved approximately $110 million in cost savings towards a $250 million multi-year target, with the SOVOS acquisition integration unlocking additional efficiencies [6][7] - Despite a 110 basis point contraction in adjusted gross profit margin, disciplined cost controls enabled a 2% adjusted EBIT gain, and acquisition synergies positively impacted adjusted EPS [6][8] Future Outlook - Management reaffirmed FY2025 guidance, now expecting adjusted EPS at the low end of the range, with meals and beverages facing shipment-related headwinds and snacks' full-year operating margin projected at 13% [8] - The FY2025 cost savings target has been raised to $130 million, and the company anticipates capital expenditures at approximately 4.5% of net sales, with tariff-related impacts on adjusted EPS estimated at $0.03–$0.05 [8]

Core Insights - The Campbell's Company (CPB) reported third-quarter fiscal 2025 results, with earnings and net sales exceeding Zacks Consensus Estimates, although quarterly earnings declined year over year while net sales increased [1][3] Financial Performance - Adjusted earnings were 73 cents, down 3% year over year, but beat the Zacks Consensus Estimate of 65 cents [3] - Net sales reached $2,475 million, a 4% increase year over year, surpassing the Zacks Consensus Estimate of $2,437.3 million, driven by the Sovos Brands acquisition [3] - Organic net sales rose 1%, primarily due to a 2% positive volume/mix impact, offset by planned lower net pricing [3] Profitability Metrics - Adjusted gross profit increased to $745 million from $740 million, while the adjusted gross profit margin declined by 110 basis points to 30.1% due to cost inflation and supply-chain expenses [4] - Adjusted marketing and selling expenses rose 5% to $207 million, while adjusted administrative expenses declined 4% to $150 million [5] - Adjusted EBIT increased 2% to $362 million [5] Segment Performance - Meals & Beverages segment net sales reached $1,463 million, up 15% year over year, with organic net sales growing 6% [6] - Snacks segment net sales totaled $1,012 million, down 8% year over year, with organic net sales down 5% primarily due to decreased sales of various snack products [7] Guidance and Outlook - Campbell's reaffirmed its full-year fiscal 2025 guidance, projecting net sales growth of 6-8% and adjusted EBIT growth of 3-5% [2][13] - Adjusted EPS is expected to decline 4-1%, ranging from $2.95 to $3.05 compared to $3.08 reported in fiscal 2024 [13] - The company estimates an additional headwind of three to five cents per share to its fiscal 2025 adjusted EPS due to current tariff actions [14]

Group 1 - The Campbell's Company (NASDAQ: CPB) has underperformed over the past year, recently reaching a 52-week low due to slow growth and high debt levels [1] - The company has been facing challenges related to its financial performance and market position, indicating potential concerns for investors [1] Group 2 - The article does not provide specific financial metrics or detailed analysis of the company's performance, focusing instead on general observations about its stock performance [1]

Core Insights - Campbell's reported revenue for the quarter ended April 2025 was $2.48 billion, reflecting a year-over-year increase of 4.5% [1] - The earnings per share (EPS) for the quarter was $0.73, a slight decrease from $0.75 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $2.44 billion by 1.55%, while the EPS surpassed the consensus estimate of $0.65 by 12.31% [1] Financial Performance Metrics - Net Sales in the Meals & Beverages segment reached $1.46 billion, exceeding the average estimate of $1.41 billion by five analysts, with a year-over-year increase of 15% [4] - Net Sales in the Snacks segment totaled $1.01 billion, slightly below the estimated $1.03 billion, representing a year-over-year decline of 7.8% [4] - Operating Earnings for Meals & Beverages were reported at $248 million, closely matching the average estimate of $248.40 million [4] - Operating Earnings for Snacks were $145 million, surpassing the average estimate of $137.08 million [4] - Corporate Operating Earnings were reported at -$226 million, significantly worse than the estimated -$42.90 million [4] Stock Performance - Over the past month, Campbell's shares have returned -5.1%, contrasting with a +6.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Company Performance - Campbell's reported quarterly earnings of $0.73 per share, exceeding the Zacks Consensus Estimate of $0.65 per share, but down from $0.75 per share a year ago [1] - The earnings surprise for the quarter was 12.31%, and the company has surpassed consensus EPS estimates in all four of the last quarters [2] - Revenues for the quarter were $2.48 billion, surpassing the Zacks Consensus Estimate by 1.55%, compared to $2.37 billion in the same quarter last year [3] Market Outlook - Campbell shares have declined approximately 18.7% since the beginning of the year, while the S&P 500 has gained 0.5% [4] - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $2.4 billion, and for the current fiscal year, it is $2.98 on revenues of $10.29 billion [8] Industry Context - The Food - Miscellaneous industry, to which Campbell belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [9] - General Mills, another company in the same industry, is expected to report quarterly earnings of $0.71 per share, reflecting a year-over-year decline of 29.7% [10]

Financial Data and Key Metrics Changes - The third quarter earnings performance exceeded expectations, with reported net sales increasing by 4% driven by the Sovos acquisition and organic net sales growth of 1% [5][29] - Adjusted EBIT increased by 2% year-over-year, resulting in a slight margin decrease due to lower net pricing realization [9][30] - Adjusted EPS was down 3%, with a net positive contribution from the Sovos acquisition [10][30] Business Line Data and Key Metrics Changes - Meals and Beverages division reported organic net sales growth of 6%, driven by volume and mix growth of 7% [13][35] - Snacks business experienced a 5% decline in organic net sales, primarily due to lower volume and mix [20][36] - The overall consumption of Meals and Beverages leadership brands increased by 2%, while Snacks leadership brand consumption declined by 3% [11][13] Market Data and Key Metrics Changes - In-market consumption for Meals and Beverages outpaced category consumption, while Snacks lagged behind due to competitive pressures [7][10] - The consumer environment showed a preference for home-cooked meals, leading to increased demand for Meals and Beverages products [11][62] - The Snacks category faced a 3% decline in in-market consumption, attributed to deteriorating consumer confidence and increased competition [20][72] Company Strategy and Development Direction - The company is focused on near-term in-market execution and mitigating tariff impacts while investing in brand growth and capabilities [8][27] - A growth office has been established to enhance consumer insights, brand activation, and innovation [27] - The company aims to improve efficiency and effectiveness across the organization to facilitate long-term growth [27][41] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are making more deliberate spending decisions, impacting the Snacks business negatively [6][26] - The company expects adjusted earnings to be at the low end of the guidance range due to slower recovery in the Snacks business [7][39] - There is optimism regarding the sustainability of the at-home cooking trend, which has positively impacted the Meals and Beverages division [60][64] Other Important Information - The company has estimated the net incremental headwind of tariff-related costs to be up to $0.03 to $0.05 per share for fiscal 2025 [39][40] - Capital expenditures for fiscal 2025 are expected to be approximately 4.5% of net sales, reflecting a decrease from prior guidance [41] Q&A Session Summary Question: What is the pressure on the Snacks business? - Management indicated that about two-thirds of the pressure is due to overall category performance and one-third from in-market execution, with a focus on innovation and value [45][47] Question: What are the key factors for fiscal 2026? - Management noted that recovery in the Snacks business is expected to take place in fiscal 2026, with a need for increased marketing support [52][54] Question: How sustainable is the at-home cooking trend? - Management expressed optimism about the sustainability of the at-home cooking trend, supported by the company's diverse portfolio [60][64] Question: What is the impact of tariffs on future guidance? - Management clarified that the estimated tariff impact is being phased in and should not be annualized at this time due to the evolving trade landscape [75][80] Question: What is the growth expectation for Rao's? - Management expects high single-digit growth for Rao's in fiscal 2025, with confidence in the brand's trajectory [83][84]

Financial Data and Key Metrics Changes - The company reported a 4% increase in net sales, driven by the Sovos acquisition and organic net sales growth of 1% [30][31] - Adjusted EBIT increased by 2% year-over-year, with a slight margin decrease due to lower net pricing realization [9][30] - Adjusted EPS was down 3% compared to the prior year, with a net positive contribution from the Sovos acquisition [10][30] Business Line Data and Key Metrics Changes - Meals and Beverages division saw organic net sales growth of 6%, driven by volume and mix growth of 7% [13][36] - Snacks division experienced an 8% decrease in net sales, with organic net sales declining by 5% due to lower volume and mix [37][20] - The overall consumption in Meals and Beverages increased by 2%, while Snacks leadership brand consumption declined by 3% [11][12] Market Data and Key Metrics Changes - The in-market performance of the company's 16 leadership brands remained stable, with more than half holding or gaining market share [10][11] - The Meals and Beverages category outpaced overall category consumption, while Snacks lagged behind due to competitive pressures [6][10] - Consumer trends indicate a growing preference for home-cooked meals, benefiting the Meals and Beverages division [11][65] Company Strategy and Development Direction - The company is focused on near-term in-market execution and mitigating tariff impacts while investing in brand growth [7][28] - A growth office has been established to enhance capabilities in consumer insights, brand activation, and innovation [28] - The company aims to improve efficiency and effectiveness across the organization to facilitate long-term growth [28][43] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer spending is becoming more intentional, impacting the Snacks business negatively [5][6] - The company expects adjusted earnings to be at the low end of the guidance range due to slower recovery in the Snacks business [6][41] - Management remains confident in the strength and long-term growth potential of the Snacks brands despite current challenges [12][27] Other Important Information - The company has estimated the net incremental headwind of tariff-related costs to be up to $0.03 to $0.05 per share for fiscal 2025 [41][42] - Capital expenditures for fiscal 2025 are expected to be approximately 4.5% of net sales, reflecting a decrease from prior guidance [43] - The company delivered approximately $110 million in total savings under its cost savings program, with 30% realized in cost of products sold [33] Q&A Session Summary Question: What is the pressure on the Snacks business? - Management indicated that about two-thirds of the pressure is due to worsening category dynamics, with one-third attributed to in-market performance [46][49] Question: What needs to happen for improvement in the Snacks category? - Management highlighted the need for improved consumer confidence and continued focus on meeting consumer needs through innovation [74][75] Question: What is the expectation for REOs growth this year? - Management expects high single-digit growth for REOs, with recent market consumption showing positive trends [88][89] Question: What is the margin outlook for the fourth quarter? - Management indicated that while Snacks margins improved sequentially in Q3, the outlook for Q4 remains cautious due to slower recovery [90]

Earnings Presentation Q3 Fiscal 2025 Rebecca Gardy Chief Investor Relations Officer Welcome Today's Agenda Mick Beekhuizen Chief Executive Officer Business Update Carrie Anderson Chief Financial Officer Financial Results and Outlook 2 Forward-looking Statements Safe Harbor Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations regarding our future results ...