What guidance did Campbell's's management provide for the next earnings period?

What is Campbell's's gross profit margin?

What factors drove the changes in Campbell's's revenue and profit?

What is the revenue and EPS growth rate for Campbell's year over year?

What were the key takeaways from Campbell's’s earnings call?

What does Campbell's do and what are its main business segments?

What is the market's earnings forecast for Campbell's next quarter?

What were the key takeaways from Campbell's's earnings call?

- **Organic Sales Down 1%**: Driven by consumption decline, offset by price realization. 
- **Meals & Beverages Strength**: Broth and condensed soups lead 9Q share streak. 
- **Rao's Acquisition**: $286M for 49% of La Regina, with option to buy 51% at premium. 
- **Gross Margin Pressure**: -150bps to 29.9%, due to tariffs and inflation. 
- **Tariff Mitigation**: 60% of FY26 impact offset via actions. 
- **Goldfish Focus**: Price-pack, innovation, and execution to reverse decline. 
- **Q2 Stabilization**: Easier comps, holiday activations, and innovation to drive Snacks recovery. 


**【CEO Summary Section】**
- Organic net sales decreased 1% due to a 2% decline in consumption, partly offset by net price realization. 
- Meals & Beverages leadership brands held share for the 9th consecutive quarter, driven by broth and condensed soups. 
- Snacks faced headwinds, with 4 of 8 leadership brands growing or holding share. 
- Announced 49% acquisition of La Regina (Rao's supplier) for $286M, with option to buy remaining 51% at premium. 
- Emphasized reinvesting savings ($160M YTD) to offset tariffs and support brands. 
- Goldfish crackers consumption declined, but back-to-school campaign outperformed peers. 

**【CFO Financial Commentary】**
- Q1 adjusted EBIT: $383M (-11% YoY), adjusted EPS: $0.77 (-13% YoY). 
- Gross margin decreased 150bps to 29.9%, due to 520bps cost headwinds (tariffs, inflation). 
- Tariffs impacted gross profit by 200bps, with 60% mitigation via pricing, savings. 
- FY26 tariffs expected at 4% of CoGS, 60% mitigated via actions. 
- Operating cash flow: $224M (flat YoY); capex: $127M; share buybacks: $24M. 
- Net debt/EBITDA: 3.7x, target 3.0x. 

**【Q&A Highlights】**
- **Snacks Stabilization**: Q2 comps easier, focus on innovation (e.g., Pepperidge Farm LTOs), execution during holidays. 
- **Soup Pricing**: Surgical price increases offset elasticity, but value-focused actions during soup season mitigated share loss. 
- **La Regina Deal**: 49% stake consolidates Rao's supply, 100% P&L impact with 51% minority interest. 
- **Tariffs**: FY26 gross impact $0.14/eps, net $0.04/eps. 
- **Goldfish Strategy**: Price-pack architecture, innovation (pretzel), and execution to reignite growth. 
- **Margin Outlook**: Q2 gross margin similar to Q1, gradual improvement in H2 as tariffs lap. 


Campbell Soup Company(CPB)-20251209-2026 Q1 Earnings call transcript

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