Update: Campbell's Fiscal Q1 Adjusted Earnings, Revenue Decline; Units Sign Deals to Buy Stake in La Regina

(Updates with acquisition of La Regina in the headline and in the sixth to eighth paragraphs.)

Campbell's (CPB) reported fiscal Q1 adjusted earnings Tuesday of $0.77 per diluted share, compared with $0.89 a year earlier.

Analysts surveyed by FactSet expected $0.74.

Revenue for the quarter ended Nov. 2 was $2.68 billion, compared with $2.77 billion a year earlier.

Analysts surveyed by FactSet expected $2.66 billion.

For fiscal 2026, the company said it continues to expect adjusted EPS of $2.40 to $2.55. Analysts polled by FactSet expect $2.45.

Additionally, Campbell's said in a regulatory filing that its subsidiaries entered into agreements to acquire 49% of La Regina di San Marzano di Antonio Romano and 49% of La Regina Atlantica for $286 million, to be paid in two tranches. La Regina produces all of Campbell's Rao's tomato-based pasta sauces, Campbell's said.

Each agreement has a "long-stop" outside date of June 8, 2026, which Campbell's may extend once by up to 30 business days upon prior notice, the company said.

The remaining 51% of the outstanding equity interests of La Regina are subject to a call option granted to Campbell's and a put option granted to La Regina under an option agreement to be entered into by each seller and Campbell's subsidiaries at closing, Campbell's added.