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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Shares in US foods and snacks group Campbell Soup (CPB:NYSE) have fallen nearly 10% since it announced a disappointing set of third quarter earnings on 7 June.
This share price slide extends earlier pains; year-to-date its shares have fallen 18% and are currently trading around $46.Although the company reported a 5% rise in organic sales, earnings before interest and tax fell 14% to $254 million and it reaffirmed full-year fiscal 2023 guidance which disappointed investors who were looking for some sort of uplift in its outlook for this year and next. Marketing and selling expenses increased by 3% to $194 million, along with an 11% increase in administrative expenses.
Campbell Soup expects annual net sales to grow between 8.5% and 10% compared to analysts’ estimates for a rise of 9.5%, according to Refinitiv data.
Analysts at Morningstar don’t think it is all bad news for the American processed foods-to-snacks company.
They said: ‘We think Campbell’s prudent strategic focus – leveraging technology, data insights and artificial intelligence to bring consumer-valued new products to the shelf in a timely fashion while also reducing complexity, investing in automation, and optimising its supply chain and manufacturing network – has set it on a sound course.’
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