Core Viewpoint - Campbell's quarterly earnings of $0.77 per share exceeded the Zacks Consensus Estimate of $0.73, although it represents a decline from $0.89 per share a year ago [1][2] Financial Performance - The company reported revenues of $2.68 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 0.67%, but down from $2.77 billion year-over-year [3] - Over the last four quarters, Campbell has surpassed consensus EPS estimates four times and topped consensus revenue estimates twice [2][3] Stock Performance - Campbell shares have declined approximately 28.3% year-to-date, contrasting with the S&P 500's gain of 16.4% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $2.66 billion, and for the current fiscal year, it is $2.45 on revenues of $9.94 billion [8] - The trend of estimate revisions for Campbell was mixed ahead of the earnings release, which may change following the recent results [7] Industry Context - The Food - Miscellaneous industry, to which Campbell belongs, is currently ranked in the bottom 21% of over 250 Zacks industries, indicating potential challenges ahead [9] - Conagra Brands, another company in the same industry, is expected to report a significant year-over-year earnings decline of 37.1% in its upcoming results [10][11]

金宝汤公司（Campbell's）一季度调整后每股收益（ADJ EPS）为 77 美分，市场预期为 73 美分；一季 度净销售额（NET SALES）为 26.8 亿美元，市场预期为 26.6 亿美元。 来源：视频滚动新闻 ...

Financial Data and Key Metrics Changes - Organic net sales decreased by 1%, primarily due to a 2% decline in consumption, with retailers building inventory in snacks ahead of promotional activities [7][8] - Adjusted EBIT decreased by 11% to $383 million, and adjusted EPS decreased by 13% to $0.77 [29] - Net sales were $2.7 billion, a decrease of 3%, with organic net sales down 1% due to unfavorable volume and mix [28][29] Business Line Data and Key Metrics Changes - Meals and Beverages segment reported a 4% decrease in net sales, with organic net sales down 2%, driven by declines in U.S. soup and other products [32] - Snacks segment reported a 2% decrease in net sales, with organic net sales down 1%, primarily due to lower sales in Snyder's of Hanover pretzels and Cape Cod potato chips [34] - Leadership brands in meals and beverages held or grew share for the ninth consecutive quarter, while snacks saw mixed performance with some brands gaining share [11][12] Market Data and Key Metrics Changes - Total in-market consumption was down 2%, but leadership brands' consumption was down only 1%, maintaining share for eight consecutive quarters [8][11] - Broth consumption grew for the ninth straight quarter, driven by increased household penetration and buy rates [13] - The overall soup portfolio lagged the category on share, with cooking varieties performing well while eating soups faced pressure [12][14] Company Strategy and Development Direction - The company is focused on mitigating cost pressures while maintaining marketing support for brands, emphasizing consumer-led innovation and brand activations [9][10] - The acquisition of a 49% interest in La Regina is aimed at securing high-quality ingredients for Rao's sauces and enhancing growth potential [16][17] - The company is committed to crafting high-quality food at the right value and investing in omnichannel execution and innovation [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a dynamic operating environment and reiterated fiscal 2026 guidance, including expected tariff impacts [9][36] - The company is focused on evolving consumer needs and maintaining strong connections with consumers through brand activations and innovation [10][63] - Management expressed confidence in the strength of leadership brands and the ability to navigate short-term challenges while building long-term shareholder value [37] Other Important Information - The company achieved approximately $15 million in new cost savings, bringing total savings to $160 million towards a target of $375 million by fiscal 2028 [30] - The gross impact of tariffs on Q1 adjusted EPS was $0.14, with a net impact of $0.04 [32] Q&A Session Summary Question: Details on the La Regina acquisition - The acquisition supports the growth of Rao's by securing supply and enhancing the partnership with the Romano family, with a purchase price of $286 million for 49% [39][41][42] Question: Conviction in snack segment stabilization - Management expects stabilization in the snack segment in the second half of the fiscal year, with ongoing focus on innovation and value [49][51][55] Question: Impact of mega trends on salty snacks - Management is focused on evolving consumer needs and believes premiumization and health trends will benefit their brands, despite some competitive pressures [59][63] Question: Pricing strategy for eating soups - Management is aware of the need to balance pricing with value, particularly in the eating soup category, and is taking selective actions to remain competitive [66][70] Question: Implications of La Regina deal on top-line momentum - The acquisition is expected to enhance margins and provide flexibility for investments in innovation and strategy, supporting top-line growth [75][78][80]

Financial Data and Key Metrics Changes - Organic net sales decreased by 1%, primarily due to a 2% decline in consumption, with retailers building inventory ahead of promotions [6][8] - Adjusted EBIT declined by 11% year-over-year to $383 million, driven by lower adjusted gross profit [27] - Adjusted EPS decreased by 13% to $0.77, impacted by lower adjusted EBIT and a higher adjusted tax rate [29][32] Business Line Data and Key Metrics Changes - Meals and Beverages segment reported a 4% decrease in net sales, with organic net sales down 2% due to declines in U.S. soup and other products [30] - Snacks segment saw a 2% decrease in net sales, with organic net sales down 1%, primarily due to lower sales in Snyder's of Hanover pretzels and Cape Cod potato chips [31][32] - Leadership brands in meals and beverages held or grew share for the ninth consecutive quarter, while snacks leadership brands saw mixed performance [11][12] Market Data and Key Metrics Changes - Total in-market consumption for the company was down 2%, but leadership brands' consumption was only down 1%, maintaining market share [7][11] - Broth consumption grew for the ninth consecutive quarter, driven by increased household penetration and buy rates [13] - The overall soup portfolio lagged the category on share, with cooking varieties performing well while eating soups faced pressure [12][14] Company Strategy and Development Direction - The company is focused on mitigating cost pressures while maintaining marketing support for its brands, emphasizing consumer-led innovation and brand activations [9][10] - A strategic partnership with La Regina was announced to enhance Rao's brand growth and secure high-quality ingredient supply [17][18] - The company aims to reignite growth in its snacks portfolio, particularly focusing on Goldfish, through innovation and targeted marketing [24][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a dynamic operating environment and reiterated fiscal 2026 guidance, including expected tariff impacts [9][33] - The company is committed to crafting high-quality food at the right value while investing in omnichannel execution and brand activation [25][26] - Management expressed confidence in the strength of leadership brands and the ability to adapt to evolving consumer preferences [35][49] Other Important Information - The company achieved approximately $15 million in new cost savings, contributing to a total of $160 million towards its fiscal 2028 target of $375 million [28] - The gross impact of tariffs on Q1 adjusted EPS was $0.14, with a net impact of $0.04 [29] - The company has approximately $168 million in cash and cash equivalents and $1.4 billion available under its revolving credit facility [32] Q&A Session Summary Question: Details on the La Regina acquisition - The acquisition supports the growth of Rao's by securing high-quality ingredient supply and enhancing the partnership with the Romano family [36][38] - The first payment of $146 million is expected upon closing, with a second payment of $140 million one year later [39] Question: Stabilization of the snack segment - Management expects stabilization in the second half of the fiscal year, with ongoing focus on evolving consumer preferences [41][42] - The company is addressing performance issues in specific snack categories, particularly with Goldfish [44][60] Question: Impact of mega trends on salty snacks - Management is focused on consumer value and evolving preferences, particularly in premiumization and health and wellness [46][48] - The company is adapting its portfolio to align with these trends while maintaining competitive pricing [49] Question: Soup business pricing and value - Management is aware of the need to balance pricing actions with providing value, particularly in the eating soup category [50][53] - Selective pricing actions are being taken to remain competitive during the soup season [52][53] Question: Initial perspectives on opportunities for improvement - The new CFO sees potential in streamlining analysis and focusing on the right investments to drive growth and profitability [57][58] Question: Goldfish brand performance and marketing focus - Household penetration for Goldfish remains stable, but buy rates have declined, prompting a focus on innovation and clear messaging [60][61] - The company is prioritizing value and execution in the marketplace to support Goldfish's growth [62]

Group 1: Earnings Season Overview - The Q3 earnings season has shown solid results, with 99% of S&P 500 companies reporting a 13.4% increase in earnings per share, marking the fourth consecutive quarter of double-digit growth [2][3] - Analysts had initially expected a lower earnings growth of 7.9% for Q3, indicating a significant positive surprise in actual results [3] Group 2: Company-Specific Earnings Reports - AutoZone (AZO) reported earnings of $31.04 per share on revenue of $4.62 billion, missing estimates of $32.40 and $4.64 billion respectively, with gross profit decreasing due to inventory charges [6][7] - Campbell's Company (CPB) saw a 3% decline in net sales to $2.67 billion and earnings per share of $0.65, below the expected $0.71 [8][9] - Toll Brothers (TOL) reported earnings per share of $4.58, missing estimates of $4.89, while revenue was $3.41 billion, exceeding estimates of $3.31 billion [11][12] - Victoria's Secret (VSCO) stock rose over 13% after raising its 2025 guidance for net sales and earnings, forecasting net sales between $6.45 billion and $6.48 billion [18][19] - Hewlett Packard Enterprise (HPE) shares fell 4% after forecasting Q1 revenue below estimates, expecting $9 billion to $9.4 billion compared to the $9.9 billion expected [22] - CrowdStrike (CRWD) reported a 22% revenue increase to $1.23 billion, raising its full-year guidance to $4.79 billion to $4.80 billion [55][56] Group 3: AI Mentions and Market Sentiment - Mentions of "AI" on earnings calls reached a record high, with 306 S&P 500 companies citing the term, reflecting the growing importance of AI in corporate strategies [14][15] - Companies mentioning AI have experienced higher average stock price increases compared to those that did not, indicating a market trend favoring AI-related narratives [15][16] - Oracle (ORCL) is expected to report earnings soon, which may influence sentiment around AI and its cloud business backlog [17]

Core Insights - Campbell's reported a decline in both profit and revenue for its latest quarter, primarily attributed to weak demand for snacks [1] Company Performance - The company experienced lower profit and revenue figures compared to previous quarters, indicating challenges in its snack segment [1] Industry Trends - The overall demand for snacks has weakened, which may reflect broader consumer trends affecting the food industry [1]

Earnings Presentation Q1 Fiscal 2026 1 Rebecca Gardy Chief Investor Relations Officer Welcome Today's Agenda Mick Beekhuizen Chief Executive Officer Business Update Todd Cunfer 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 o ...

每经AI快讯，12月9日，金宝汤股价回吐稍早涨幅，盘前下跌0.1%。 （文章来源：每日经济新闻） ...

Financial Performance - Net sales for the three months ended November 2, 2025, were $2,677 million, a decrease of 3.4% compared to $2,772 million for the same period in 2024[8] - Net earnings attributable to The Campbell's Company for the three months ended November 2, 2025, were $194 million, down 11.0% from $218 million in the prior year[8] - For the three months ended November 2, 2025, net sales totaled $2.677 billion, a decrease from $2.772 billion for the same period in 2024[42] - Earnings per share were $0.65 in 2026, down from $0.72 in the prior year, with the current quarter including expenses of $0.12 per share related to various initiatives[105] - Operating earnings decreased by 12% to $420 million, with Meals & Beverages segment earnings down 13% and Snacks segment earnings down 10%[117] Assets and Liabilities - Total current assets increased to $2,563 million as of November 2, 2025, compared to $2,232 million as of August 3, 2025, reflecting a growth of 14.8%[14] - Total assets rose to $15,179 million as of November 2, 2025, up from $14,896 million as of August 3, 2025, indicating an increase of 1.9%[14] - The company reported total liabilities of $11,220 million as of November 2, 2025, compared to $10,992 million as of August 3, 2025, representing a rise of 2.1%[14] - As of November 2, 2025, the company had negative working capital of $567 million, with total debt maturing within one year amounting to $874 million[133] Cash Flow and Dividends - Cash and cash equivalents at the end of the period were $168 million, an increase from $132 million at the beginning of the period[16] - The net cash provided by operating activities was $224 million for the three months ended November 2, 2025, slightly down from $225 million in the prior year[16] - The company paid dividends of $120 million during the three months ended November 2, 2025, compared to $116 million in the same period last year[16] - The company declared dividends of $0.39 per share, totaling $118 million for the period ending August 3, 2025[18] Restructuring and Cost Savings - The company incurred restructuring charges of $3 million for the three months ended November 2, 2025, down from $6 million in the same period last year[8] - Total pre-tax charges related to restructuring and cost savings initiatives for the three months ended November 2, 2025, were $18 million[47] - The total estimated pre-tax costs for identified actions to date are approximately $230 million, expected to be incurred through 2028[48] - The company expects to incur expenses of up to approximately $115 million through 2029 for the Snacks direct-store-delivery initiative, with $41 million already incurred as of November 2, 2025[52] - Annual ongoing savings of approximately $375 million are anticipated by the end of 2028 from the cost savings initiatives, with total program-to-date pre-tax savings of $160 million as of November 2, 2025[128] Acquisitions and Divestitures - The company completed the sale of its Pop Secret popcorn business for $70 million, recognizing a pre-tax loss of $25 million[29] - The noosa yoghurt business was sold for $188 million, with net sales of $44 million for the three-month period ended October 27, 2024[30] - The company entered into purchase agreements to acquire 49% of La Regina for an aggregate consideration of $286 million, payable in two tranches[97] Stock and Share Repurchase - The company repurchased 748 thousand shares at a cost of $24 million during the three-month period ended November 2, 2025[78] - The company has a strategic share repurchase program of up to $500 million approved in September 2021, with no expiration date[157] Expenses and Costs - The total cost of products sold for the three months ended November 2, 2025, was $1.885 billion[66] - The total interest expense for the three months ended November 2, 2025, was $81 million[66] - Marketing and selling expenses as a percentage of sales increased to 9.5% in 2026 from 9.0% in 2025, primarily due to higher costs associated with cost savings initiatives[114] - Administrative expenses decreased by 5% in 2026, with a percentage of sales at 6.2% compared to 6.3% in 2025[115] Tax and Compliance - The effective tax rate increased to 24.2% in 2026 from 23.2% in 2025, primarily due to excess tax benefits in the prior year and shortfalls related to stock-based compensation[122] - The company is subject to a 1% excise tax on share repurchases in excess of issuances, enacted by the Inflation Reduction Act[157] Risk Management - The company anticipates potential risks from financial market volatility, supply chain disruptions, and competitive responses affecting its market share in snacks, soups, sauces, and beverages[149] - The company is actively managing risks related to commodity price volatility and supply chain inputs[149] Other Financial Metrics - The fair value of short- and long-term debt was $6.71 billion on November 2, 2025, compared to $6.545 billion on August 3, 2025[75] - The company has outstanding obligations under supplier finance programs amounting to $264 million as of November 2, 2025[95] - The company maintained a cash margin asset balance of $3 million as of November 2, 2025[64]

Core Insights - Campbell's Co exceeded Wall Street expectations for first-quarter sales, driven by strong demand for canned soups and ready-to-eat meals as consumers increasingly choose to eat at home amid economic uncertainty [1] Sales Performance - The company reported a significant increase in sales, attributed to resilient consumer demand for its products [1] Consumer Behavior - There is a notable shift in consumer behavior, with more individuals opting for home-cooked meals, which has positively impacted sales of Campbell's Co's offerings [1]