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Campbell Soup

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business2 years ago

Campbell's Acquisition of Rao's Pasta Sauce Leaves Fans Relieved

Campbell Soup is set to acquire Sovos Brands, the maker of Rao's pasta sauces, in a $2.7 billion deal. The acquisition aims to diversify and strengthen Campbell's Meals & Beverages division. While some loyal fans expressed concerns about potential changes to the beloved sauces under new ownership, Campbell's CEO reassured that they will not alter the taste or ingredients. The transaction is expected to close in December, pending stockholder and regulatory approval.

via The Associated Press|
#acquisition#business#campbell-soup
business2 years ago

Campbell Acquires Rao's Sauces for $2.7 Billion

Campbell Soup has announced its acquisition of Sovos Brands, the maker of Rao's pasta sauce, for $2.7 billion. This marks Campbell's largest acquisition since 2018. The purchase price represents a 27% premium to Sovos Brands' closing price on Friday. The acquisition is seen as a strategic move to expand Campbell's sauce portfolio, which currently includes Prego and Swanson broths. Sovos Brands' strong growth and pipeline of future products were key factors in the deal.

via Yahoo Finance|
#acquisition#business#campbell-soup
business2 years ago

Campbell Soup CEO remains optimistic despite disappointing outlook and stock performance.

Campbell Soup CEO Mark Clouse highlighted the success of the company's snacks business, which includes Goldfish crackers and Snyder's pretzels, as a bright spot amid slumping soup sales. The snacks division saw organic sales growth of 12% and a 41% increase in operating earnings, with a 16% operating profit margin in the quarter. However, sales of US soup fell 11% from the prior year, with increased competition from private-label soup players and resistance to price increases cited as factors. The mixed performance left Wall Street uncertain about Campbell's near-term stock outlook.

via Yahoo Finance|
#business#campbell-soup#competition
business2 years ago

Campbell Soup's Earnings Report Leaves Investors Uncertain.

Despite a mixed earnings report, Campbell Soup CEO Mark Clouse is confident that the company's condensed products, especially chicken noodle and tomato soup, are timelessly profitable. Campbell's soup sales have been better than before the pandemic, especially among millennial clientele. Clouse said demand for condensed canned soup remains strong, and he sees no indication that cooking as a behavior in the home is slowing down.

via CNBC|
#business#campbell-soup#condensed-soup
finance2 years ago

"Wednesday Watchlist: UNFI and Couchbase among top stocks to monitor"

United Natural Foods shares plunged more than 20% after the release of the firm's quarterly report, while Campbell Soup reported Q3 non-GAAP EPS of $0.68, edging past expectations of $0.65. Couchbase shares dropped nearly 17% before the opening bell, despite Q1 results that topped expectations. GameStop is scheduled to report its quarterly results after the closing bell.

via Seeking Alpha|
#campbell-soup#couchbase#finance
business2 years ago

Campbell Soup's Q3 earnings beat estimates, but shares still fall.

Campbell Soup maintained its full-year forecasts for sales and profit despite beating quarterly earnings, causing its shares to drop by as much as 9%. The company's move to raise prices to counter the impact of higher input costs led to a 5% rise in quarterly sales, but a 7% decline in total volumes signaled that Americans were moving away to private-label products that are more affordable. Campbell expects annual net sales to grow between 8.5% and 10%, with adjusted profit of $2.95 to $3 per share.

via Yahoo Finance|
#business#campbell-soup#input-costs