Campbell's Recovery Continues to be Dragged by Snacking Business Underperformance, RBC Says

MT Newswires Live03-12 23:46

Campbell's (CPB) recovery continues to be dragged by the underperformance of its snacking segment, weighed down by soft consumption, RBC Capital Markets said in a Thursday note.

The company posted a "tough" fiscal Q2 amid soft margin and top-line, coupled with the sluggish snacking segment, RBC noted. Campbell's reported fiscal Q2 adjusted earnings of $0.51 per diluted share, down from $0.74 a year earlier, as net sales declined to $2.56 billion from $2.69 billion.

Campbell's also cut its fiscal 2026 adjusted EPS guidance to between $2.15 and $2.25, from $2.40 to $2.55 previously. RBC said the outlook cut was mainly driven by deleverage, top-line issues, and the need to increase promos and affordability in its snacks, meals, and beverage businesses through investments.

The investment firm cut its fiscal 2026 earnings per share estimate to $2.23 from $2.40, to reflect lower top-line and gross margin.

RBC also lowered its price target on Campbell's stock to $26 from $30, with a sector perform rating.

Price: 22.57, Change: -0.38, Percent Change: -1.63

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