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May 19, 2014
11:27 EDTCAG, UL, CPB, KRFTCampbell Soup falls after revenues miss, guidance cut
Shares of soup and convenience food maker Campbell Soup (CPB) are falling after the company reported mixed third quarter results and lowered its fiscal 2014 outlook. WHAT'S NEW: This morning, Campbell Soup reported Q3 adjusted earnings per share of 62c and revenue of $1.97B, compared to expectations of 59c and $2.0B, respectively. The company forecast FY14 adjusted EPS at the low end of its previously issued $2.53-$2.58 range, compared to consensus of $2.53. Campbell now expects sales from continuing operations will grow approximately 3% in the current fiscal year, compared with the previous range of 4%-5%. FY14 consensus is $8.35B. Full-year growth in adjusted EBIT is expected to be at the low end of the previously forecast range of 4%-6%. The company cited a challenging consumer environment and harsh winter weather for the weak forecast. It said consumers are suffering from continued underemployment, rising fuel, home and healthcare costs, and that these factors are "significantly" affecting purchasing behavior. PRICE ACTION: In late morning trading, Campbell Soup fell $1.13, or 2.5%, to $43.99 on heavy trading volume. Including today's pull back, the stock is down nearly 8% over the past twelve months. OTHERS TO WATCH: Other companies in the packaged foods space include ConAgra Foods (CAG), Kraft Foods (KRFT) and Unilever (UL) .
News For CPB;CAG;KRFT;UL From The Last 14 Days
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February 27, 2015
07:53 EDTKRFTKraft, Mondelez, others give statements at CAGNY conference, The Deal says
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06:02 EDTULUnilever initiated with an Overweight at HSBC
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February 25, 2015
09:08 EDTCPBOn The Fly: Pre-market Movers
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08:59 EDTCPBCampbell Soup sees 'relatively weak' Q3 followed by stronger Q4
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08:47 EDTCPBCampbell Soup lowers FY15 adjusted EPS view to $2.32-$2.38 from $2.42-$2.50
Consensus $2.39. Lowers FY15 net sales growth view to down 1% to up 1% from prior view of flat to up 2%, which includes 2 points of currency headwinds. Sees reorganization into three units, Americas Simple Meals and Beverages, Global Biscuits and Snacks, and Packaged Fresh, to improve results over time and generate greater product innovation. Sees reorganization initiatives ramping up to $200M+ in savings over three year period. Campbell's says it is taking "more aggressive action" to reshape the company. Comments from Q2 earnings conference call.
07:19 EDTCPBCampbell Soup sees FY15 adjusted EPS $2.32-$2.38, consensus $2.39
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07:17 EDTCPBCampbell Soup says Q2 organic sales 'comparable' to year-ago period
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07:15 EDTCPBCampbell Soup reports Q2 adjusted EPS 66c, consensus 66c
Reports Q2 revenue $2.23B, consensus $2.23B.
February 24, 2015
15:21 EDTCPBNotable companies reporting before tomorrow's open
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15:10 EDTCPBCampbell Soup technical comments ahead of earnings
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07:20 EDTCPBAmerican Petroleum Institute to hold a conference
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February 18, 2015
11:04 EDTCPBCampbell Soup repeats FY15 EPS outlook $2.32-$2.38, consensus $2.40
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10:55 EDTCPBCampbell Soup in early stages of implementing new structure of company
As a response to a "new era of food business" that sees a collision of a rising middle class and rising emerging market, the company said it will implement and evolve a new enterprise structure. The Simple Meals and Beverages segments will be unified into a single division, with opportunities for moderate growth. The company said it will begin putting plans in place to address margin issues in 2H15. The company also earlier announced combining Pepperidge Farm, Arnott’s and Kelsen businesses into a fully integrated global biscuits and snacks portfolio. Finally, Campbell Soup also announced a focused investment in Packaged Fresh. Comments taken from CAGNY conference.
08:32 EDTCPBCampbell Soup sees $200M in annual cost savings over three-year period
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February 17, 2015
08:08 EDTKRFTKraft Foods names James Kehoe CFO
Kraft Foods announced that it has named James Kehoe Executive Vice President and Chief Financial Officer. He rejoins the company from Gildan Activewear, a supplier of branded basic family apparel in Canada, where he most recently served as Executive Vice President and Chief Financial and Administrative Officer.
08:00 EDTKRFTGildan Activewear announces resignation of new CFO
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07:15 EDTKRFT, CPBConsumer Analyst Group of New York (CAGNY) to hold a conference
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