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Founded in 1869, Campbell Soup Company (NYSE: CPB) is a leading food manufacturer in North America, famous for its iconic red-and-white labeled canned soup. Headquartered in Camden, New Jersey, Campbell has grown its portfolio over the years to include a wide range of products and brands, such as Pepperidge Farm, Goldfish, Snyder's of Hanover, Swanson, Pacific Foods, Prego, Pace, V8, and most recently, Rao's, which was acquired in March 2024.
Campbell's fiscal 2023 revenue distribution highlights its diversified business model: snacks contributed to 50% of total revenue, soup 29%, other simple meals 13%, and beverages 8%. The majority of Campbell's sales, nearly 90%, come from the United States, with the remainder from Canada and Latin America.
In recent news, Campbell Soup Company has partnered with McCain Foods USA and the Soil Health Institute (SHI) in a project funded by the USDA's Regional Conservation Partnership Program (RCPP). This initiative aims to improve soil health and promote climate-smart agricultural practices on over 6,000 acres of potato farms in Wisconsin and Maine. McCain and Campbell's involvement highlights their commitment to sustainable farming practices and environmental stewardship.
Campbell Soup Company generated fiscal 2023 net sales of $9.4 billion and continues to be a trusted name for delicious and affordable food and beverages. The company prides itself on a long-standing tradition of giving back to the community and acting as a responsible environmental steward. Campbell is a member of the Standard & Poor's 500 and is included in the FTSE4Good and Bloomberg Gender-Equality Indices.
Campbell Soup Company (NYSE: CPB) has appointed Jill Pratt as Senior Vice President, Chief Marketing Officer of its Meals & Beverages division, effective July 29, 2024. Pratt will lead the U.S. Consumer Experience team, focusing on driving profitable growth, relevance, and modernization of Campbell's iconic brand portfolio. She will join the Campbell Leadership Team, reporting to Mick Beekhuizen, Executive Vice President and President, Meals & Beverages.
Pratt brings extensive experience in consumer packaged goods, having previously served as the global Chief Marketing Officer at McCormick & Company and held marketing roles at Procter & Gamble. She succeeds Linda Lee, who is leaving the organization after five years of modernizing Campbell's brands and fueling business growth.
Kimberly-Clark (NYSE: KMB) has appointed Craig Slavtcheff as Chief Research and Development Officer, effective July 29, succeeding Robert Long, who is retiring after 45 years in the CPG industry. Slavtcheff brings over 30 years of R&D experience, most recently serving as Executive VP, Chief R&D and Innovation Officer at Campbell Soup Company. He has been named as an inventor on more than 70 U.S. and global patents.
Slavtcheff will lead an R&D team focused on proprietary innovation to build differentiated consumer preference and brand equity. The company aims to leverage science as a competitive advantage and increase investment in category-shaping technology to enhance consumer products in areas such as absorbency, comfort, skin health, and sustainable solutions.
Campbell Soup Company (NYSE:CPB) reported its third-quarter fiscal 2024 results, highlighting a 6% increase in net sales to $2.4 billion due to the Sovos Brands acquisition. EBIT was $248 million; adjusted EBIT rose 13% to $354 million. EPS was $0.44; adjusted EPS increased by 10% to $0.75. Year-to-date net sales were $7.3 billion, up 1%, with adjusted EBIT flat at $1.1 billion. The acquisition drove $3 million in synergies, contributing to a gross profit increase to $732 million. Marketing expenses rose 6% to $206 million. Administrative expenses surged 25% to $208 million. Cash flow from operations was $897 million, down from $918 million. The company updated its full-year guidance, expecting net sales growth of 3-4% and adjusted EPS growth of 2-3%, with continued integration benefits from Sovos Brands.
Campbell Soup Company (NYSE: CPB) announced that its President and CEO, Mark Clouse, along with CFO Carrie Anderson, will participate in a virtual fireside chat at the 4th Annual Evercore ISI Consumer & Retail Conference.
The event is scheduled for Thursday, June 13, 2024, at 3:30 p.m. EDT. The discussion will be available via a listen-only live webcast accessible through the company's investor relations website. A replay will also be accessible after the event.
Campbell Soup Company (NYSE: CPB) announced a $230 million investment to optimize its supply chain, aiming to drive growth, improve returns, and enhance efficiency. The plan includes closing the Tualatin, Oregon plant by July 2026, impacting 330 employees, and reducing the size of the Jeffersonville, Indiana plant, affecting 85 employees. Production will shift to other modern facilities and co-manufacturing partners. Campbell is investing in new projects across various locations, including $150 million in Maxton, North Carolina, and $72 million in Hanover, Pennsylvania, creating 210 new roles. These changes align with the company's strategy to build a more agile and cost-effective network.
Campbell Soup Company has launched a new line of Prego® Creamy Pesto Sauces, expanding the predominantly red sauce aisle with a flavorful and versatile option. The Creamy Pesto sauces blend the creaminess of Alfredo with the fresh taste of basil pesto, offering three varieties: Creamy Basil Pesto, Creamy Roasted Garlic Pesto, and Creamy Parmesan Pesto. Available nationwide, these sauces are designed to enhance a wide range of dishes beyond pasta, including vegetables, pizza, poultry, seafood, and sandwiches. Each variety is priced at $2.82 and aims to inspire new meal ideas while simplifying weeknight dinners.
Campbell Soup Company (NYSE:CPB) is set to release its third-quarter fiscal 2024 financial results on June 5, 2024. An earnings conference call will follow at 8:00 a.m. ET, with a live webcast accessible online. The press release on the results will be available before the call. Additionally, Campbell plans to host its Investor Day in mid-September 2024 in New York City, where the executive team will discuss the company's long-term strategy and financial outlook following the full-year fiscal 2024 results and fiscal 2025 guidance, which are scheduled for the end of August.
The Board of Directors of Campbell Soup Company (NYSE: CPB) has announced a regular quarterly dividend of $0.37 per share. This dividend will be paid on July 29, 2024, to shareholders who are on record by July 3, 2024.
Butterfly announced the separation of Bolthouse Farms into Bolthouse Fresh Foods and Generous Brands, accelerating value creation and growth. Bolthouse Fresh Foods focuses on fresh carrot production, selling 700 million pounds annually, while Generous Brands specializes in premium fresh beverages. The separation facilitated by separate debt recapitalizations enables each business to have purpose-built strategies and leadership teams for accelerated growth. Butterfly's strategic initiatives drove topline growth exceeding 30% and the acquisition of Evolution Fresh from Starbucks in August 2022. Industry veterans were appointed as CEOs for both entities to lead them into their distinct growth trajectories.
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