Campbell's Profit Gains Simmer in Second Quarter, but Sales Haven't Heated Up; Shares Not a Bargain
Profit gains persisted for wide-moat Campbell Soup in the second quarter (adjusted gross margins ticked up 70 basis points to 38%), and as a result, management upped its cost savings target to $450 million by fiscal 2020 from $300 million by fiscal 2018. However, the rash of headwinds plaguing its operations show little signs of subsiding. Unfavorable weather continues to hamper Campbell Fresh (about 10% of its sales), as organic sales tumbled 8%--entirely due to lower volumes reflecting the rec...Campbell Soup is a manufacturer and marketer of food and beverage products. The company's reportable segments are: Meals and Beverages, which includes the retail and foodservice businesses in the United States and Canada, and the meals and shelf-stable beverages business in Latin America; Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products in United States retail, including Milano cookies and Goldfish crackers, and Snyder's of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the United States and Canada.
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