- Campbell Soup Company (NYSE:CPB) reported a second-quarter FY22 sales decline of 3.1% year-on-year, to $2.21 billion, missing the consensus of $2.24 billion.
- Net sales from the Meals & Beverages segment declined 3%, and the Snacks segment fell 3%.
- The gross margin contracted 410 basis points Y/Y to 30.3%. Adjusted EBIT of $318 million decreased 17% Y/Y.
- The operating margin was 15.1%, and the operating income declined 17% Y/Y to $334 million.
- Adjusted EPS of $0.69 was in line with the Street view.
- The company held $357 million in cash and equivalents as of January 30, 2022. Cash provided by operating activities for six months totaled $766 million.
- "As expected, our second quarter was challenging as we lapped a difficult comparison and navigated labor and supply constraints, made even tougher by the Omicron surge," said CEO Mark Clouse.
- Outlook: Campbell reaffirmed the FY22 outlook, including an adjusted EPS outlook of $2.75 - $2.85 versus the consensus of $2.79.
- The company expects 2H financial performance to improve Y/Y as recent pricing actions will be fully reflected in the market while supply and labor conditions improve.
- Price Action: CPB shares are trading higher by 2.03% at $43.16 on the last check Wednesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Campbell Soup's Q2 Top-Line Misses Consensus, Expects Improvement In 2H Performance
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks