CPB

Campbell Soup Sales Increase by 6%

Campbell Soup Company recently released its 10-Q report, showcasing its performance for the quarter. The company operates in the food and beverage industry, with segments including Meals & Beverages and Snacks. In the Meals & Beverages segment, Campbell Soup offers a range of products such as soups, sauces, and beverages, while the Snacks segment includes popular brands like Pepperidge Farm cookies, Goldfish crackers, and Kettle Brand potato chips. The company's sales increased by 6% in the quarter, reaching $2.369 billion, primarily driven by a 7-point benefit from the acquisition of Sovos Brands.

The gross profit margin also saw an improvement, reaching 30.9% in 2024 compared to 30.0% in the prior-year quarter. This increase was attributed to productivity improvements, mark-to-market adjustments on outstanding undesignated commodity hedges, and lower costs associated with cost savings initiatives. However, earnings per share were reported at $0.44 in 2024, down from $0.53 a year ago. This decrease was primarily due to various expenses impacting comparability, including costs associated with cost savings and optimization initiatives, acquisition-related costs, and commodity mark-to-market gains and losses.

The company's Meals & Beverages segment saw a 15% increase in sales, mainly driven by the acquisition of Sovos Brands. However, excluding the acquisition impact, sales were comparable, with declines in some product categories offset by gains in others. In the Snacks segment, sales decreased by 2%, primarily due to declines in third-party partner brands, contract manufacturing, frozen products, and fresh bakery, partially offset by sales of power brands.

Today the company's shares have moved -0.0% to a price of $44.17. If you want to know more, read the company's complete 10-Q report here.

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