Cost Saves Simmer at Campbell Soup in 3Q, but Competitive Headwinds Persist; Shares Still Attractive
On the surface, Campbell’s third quarter might be viewed as uninspiring, as organic sales held flat at $2.2 billion and adjusted gross margins eroded 210 basis points (excluding the fresh business, which is being divested) to 33.4%. The profit contraction reflects last year’s acquisition of Snyder’s-Lance (which constrained margins by 170 basis points) as well as higher input costs (which proved to be a 350-basis-point headwind), the impact of which was partially offset by cost saves and product...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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