Campbell Soup Company (CPB) reported a 15% increase in sales to $2.12 billion for the third quarter of 2018, helped by the acquisitions of Snyder’s-Lance and Pacific Foods. The company reported a net loss of $393 million or $1.31 per share for the quarter, compared to a net income of $176 million or $0.58 per share in the same period last year. Adjusted EPS increased 19% to $0.70, beating market estimates.
In the Americas Simple Meals and Beverages segment, sales increased 5% to $1 billion, aided by benefits from the Pacific Foods acquisition. In Global Biscuit and Snacks, sales grew 35% to $862 million. In Campbell Fresh, sales improved 1% to $251 million.
Campbell Soup revised its guidance for fiscal year 2018 due to expenses associated with the Snyder’s-Lance acquisition. Net sales for the year are expected to grow 10% to 11%. Adjusted EPS is now expected to be $2.85 to $2.90, down 5% to 6%.
Campbell’s CEO Denise Morrison announced that she will depart from the company without providing any reason for her decision. Morrison will be replaced by board member Keith McLoughlin who will act as interim CEO.
Shares dropped around 3% premarket following the news of the CEO’s exit and the slashed EPS guidance.
Under Morrison, the company tried to revive its soups business and attempted to expand into the snacks space through the purchase of Snyder’s-Lance. Campbell has been facing extensive competition as well as pressure on sales as consumer preferences shift more towards healthier options. Following the departure of its CEO, the company is planning to undertake a strategic review.
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