Latest news with #Campbell's
Business Wire
11 hours ago
- Business
- Business Wire
Campbell's Mourns the Death of Long-time Board Member Mary Alice Dorrance Malone
BUSINESS WIRE)-- The Campbell's Company (NASDAQ:CPB) and the company's Board of Directors mourn Mary Alice Dorrance Malone who recently passed away at the age of 75. Malone was the longest-tenured member of Campbell's Board of Directors with 35 years of service. Malone was the granddaughter of Dr. John T. Dorrance, the inventor of condensed soup and President of the company from 1914-1930, and the daughter of John T. Dorrance Jr., a former Chair of the company from 1962-1984. She was elected to the Board in 1990 and served with distinction on many of the board's standing committees, most recently on the Governance and Compensation & Organization committees. Keith R. McLoughlin, Chair of the Board, said, 'We are deeply saddened by the passing of Mary Alice. As a descendent of the company's founder and a significant long-term shareholder, her contributions to grow and protect Campbell's legacy were immeasurable. She will be missed in our board meetings and as a friend and colleague. On behalf of my fellow board members, we extend our heartfelt condolences to her family and friends.' Malone was an entrepreneur, a private investor, and a philanthropist, having served for many years on the boards of several nonprofit organizations and actively participated in many philanthropic endeavors. Her passion and primary business were equestrian sports. She was President of Iron Spring Farm horse breeding and performance centers in Pennsylvania and Florida, which she founded in 1976. Mick Beekhuizen, Campbell's President and Chief Executive Officer, said, 'Mary Alice was a highly committed director and helped guide the company through many chapters. Her extensive knowledge of Campbell's history, organization and culture, and her love for our food and iconic brands were invaluable to management and the board. Her positive impact on the company will last for generations to come. Everyone at Campbell's offers our deepest condolences to her loved ones.' Malone is survived by two daughters. Funeral arrangements are not public. The family respectfully requests privacy during this time of mourning. The board will be considering the election of a new member. About The Campbell's Company For 155 years, The Campbell's Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted Campbell's to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2024 net sales of $9.6 billion across two divisions: Meals & Beverages and Snacks. The Campbell's portfolio of 16 leadership brands includes: Campbell's, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snack Factory pretzel crisps, Snyder's of Hanover, Swanson and V8. For more information, visit
Yahoo
6 days ago
- Business
- Yahoo
Campbell's turns to suppliers to help ease tariff costs
This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. The Campbell's Company is working with Italy-based suppliers to reduce the impact of tariffs on its Rao's brand of premium pasta sauce and other products, EVP and CFO Carrie Anderson said during a June 2 earnings call. Suppliers include La Regina di San Marzano USA Inc., which imports the Rao's products from Italy, according to Anderson. Campbell's imports Rao's finished goods and raw materials. Campbell's acquired Rao's parent company, Sovos Brands, for $2.7 billion in 2024. "We are going to look at all of the levers that we have to mitigate tariffs," the CFO said, including "working in close partnership with our suppliers, and that would include our partnership with La Regina." Campbell's tariff mitigation plan also includes strategic inventory management, alternative sourcing, product cost optimization, and "where absolutely necessary, consideration of surgical pricing actions," Anderson said. The company expects "the net incremental headwind of tariff-related costs to be up to $0.03 to $0.05 per share to fiscal '25 adjusted EPS," she added. Campbell's based its estimated costs on the assumption that current tariffs stay in place, according to Anderson. President Donald Trump has imposed a 10% baseline duty on European Union imports during a 90-day pause on country-specific reciprocal tariffs. However, Trump has signaled that reciprocal levies will return for some countries, and the EU could impose its own countermeasures if the two sides do not reach an agreement by July 9. Campbell's also faces higher costs for exporting soup to Canada due to a reciprocal 25% tariff on U.S. goods not covered by the United States-Mexico-Canada Agreement. Other contributors, Anderson said, were the Trump administration's tariffs on steel and aluminum imports, which Campbell uses for its soup and beverage cans. The uncertainty surrounding tariffs makes it impossible to predict their effects on the company's bottom line, Anderson said. "I think it's a bit too early to say what the fiscal '26 impact may be, mainly because of the rapidly evolving trade landscape." In March, Campbell's CEO Mick Beekhuizen joined other executives of major food and beverage manufacturers in warning that tariffs were already impacting operations and could lead to price increases. The levies could raise packaging costs and hurt Campbell's namesake soup brand, Beekhuizen said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Campbell Stock Hits 52-Week Low: Temporary Dip or Deeper Concern?
The Campbell's Company CPB has endured a challenging run in 2025, with its stock down 20.4% year to date. This sharp decline starkly contrasts with the broader market, underperforming the S&P 500's modest 1.8% growth, the Zacks Consumer Staples sector's 6.6% return. However, the industry's average decline was just 4% during the same time frame. Image Source: Zacks Investment Research As of the last trading session, CPB closed at $33.32, just above its 52-week low of $32.83 reached on the same day. Notably, the stock is currently trading below both its 50-day and 200-day moving averages, reflecting ongoing weakness in momentum and investor sentiment. Image Source: Zacks Investment Research These developments raise a critical question for investors: Is CPB's slump a short-term correction due to temporary headwinds, or does it reflect deeper structural issues within the company? Campbell's has been experiencing weaker-than-expected performance in the Snacks business amid shifting consumer trends and competitive dynamics within the market. The performance of its Snacks business was mixed in the third quarter of fiscal 2025, reflecting ongoing category softness and heightened competition within the snacking market. The macroeconomic environment remains dynamic and consumers are becoming increasingly deliberate with their spending, especially on discretionary snack items. Many are continuing to cook at home and prioritize food purchases that offer better value, which has supported growth in the Meals & Beverages segment but created headwinds for the Snacks trend continued in the fiscal third quarter, wherein net sales in the division totaled $1,012 million, down 8% year over year. Excluding the impact of the Pop Secret divestiture, organic net sales were down 5%. The decline was caused by a 5% drop in volume/mix, with net price realization remaining flat. Looking ahead, management expects the recovery in the Snacks business to be slower than initially anticipated. In addition to sluggish snack sales, Campbell's is grappling with persistent cost inflation. In the third quarter of fiscal 2025, the company faced cost inflation and related headwinds that weighed on its profitability. Its adjusted gross profit margin declined 110 bps to 30.1%, impacted by cost inflation, supply-chain expenses, unfavorable net pricing and acquisition-related impacts. In addition, CPB's adjusted marketing and selling expenses rose 5% to $207 million in the fiscal third quarter, primarily due to the impact of the recent its last earnings call, management highlighted that it expects core inflation to rise in the second half of the fiscal year — both year over year and sequentially — with full-year core inflation to stay in the low single-digit range. The company's ability to balance inflationary pressures with its strategic goals will be critical in maintaining its trajectory toward growth. Campbell's has been operating in a dynamic environment. Reflecting its performance so far in fiscal 2025, the company recently reaffirmed its full-year guidance originally issued on March 5, 2025, excluding the impact of tariffs. However, adjusted earnings before interest and taxes (EBIT) and adjusted earnings per share (EPS) are now projected to be at the lower end of the guidance range, primarily due to a slower-than-expected recovery in the Snacks segment. CPB forecasts fiscal 2025 organic net sales to range from a 2% decline to flat year over year. Adjusted EBIT is estimated to grow 3-5%. The adjusted EPS is expected to decline 4-1%, in the range of $2.95-$3.05, compared with $3.08 reported in fiscal 2024. Campbell's is navigating a tough operating landscape in 2025. Pressures in its core Snacks business, inflation-driven margin erosion and a subdued earnings outlook have all contributed to the stock's notable underperformance. With shares trading near 52-week lows and momentum indicators pointing to continued weakness, investors will be closely watching the company's ability to execute a turnaround. At present, CPB carries a Zacks Rank #5 (Strong Sell). Nomad Foods Limited NOMD manufactures, markets and distributes a range of frozen food products in the United Kingdom and internationally. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks Zacks Consensus Estimate for Nomad Foods' current fiscal-year sales and earnings implies growth of 4.6% and 7.3%, respectively, from the prior-year levels. NOMD delivered a trailing four-quarter earnings surprise of 3.2%, on S.A. BRFS raises, produces and slaughters poultry and pork for the processing, production and sale of fresh meat, processed products, pasta, margarine, pet food and other products. It currently carries a Zacks Rank of 2 (Buy). BRFS delivered a trailing four-quarter earnings surprise of 5.4%, on Zacks Consensus Estimate for BRF S.A.'s current fiscal-year earnings implies growth of 11.1%, respectively, from the prior-year Group AB OTLY, an oatmilk company, provides a range of plant-based dairy products made from oats. It presently carries a Zacks Rank of 2. OTLY delivered a trailing four-quarter earnings surprise of 25.1%, on consensus estimate for Oatly Group's current fiscal-year sales and earnings implies growth of 2.7% and 65.8%, respectively, from the year-ago figures. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Campbell's Company (CPB) : Free Stock Analysis Report BRF S.A. (BRFS) : Free Stock Analysis Report Nomad Foods Limited (NOMD) : Free Stock Analysis Report Oatly Group AB Sponsored ADR (OTLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
New York Post
09-06-2025
- Business
- New York Post
Canned foods could rise by as much as 30 cents apiece due to Trump's tariffs on steel: report
Soup, beans, and even pineapple could soon cost more — not because of what's inside the can, but because of the can itself. A recent move by the Trump administration to double tariffs on imported steel to 50% is expected to raise the price of tin-coated steel, a material critical to food cans. Industry experts warn that the cost of canned goods could increase by 9% to 15% as a result, according to the Consumer Brands Association, which represents major food companies like Campbell's, Hormel and Del Monte. 5 The cost of canned goods could increase by 9% to 15% as a result of Trump's tariffs on steel, according to industry experts. Walter Cicchetti – That could mean a can of vegetables currently priced at $2 might jump by as much as 30 cents, according to the Wall Street Journal. 'The American consumer is going to pay more for their cans,' Dan Dietrich, vice president of strategy at Trivium Packaging, told the Journal. The higher tariffs, announced June 4, are intended to boost demand for US-made steel by making imported alternatives less competitive. But manufacturers say the domestic supply of tin-plate — the ultra-thin, tin-coated steel used in food cans — is nowhere near enough to meet demand. Most US steel is made from scrap, which lacks the purity and consistency needed for food-grade tin-plate. 'I would love nothing more than to allocate more purchases to the United States, but the overall production capacity is not there,' said Robert Gatz, general manager of Can Corp. of America, a Pennsylvania-based manufacturer that specializes in cans for tomato products. Can Corp. churns out around one billion cans each year, but just 12% of the tin-plate it uses comes from US suppliers, Gatz told the Journal. 5 That could mean a can of vegetables currently priced at $2 might jump by as much as 30 cents. Drazen – Industry-wide, roughly 75% of the tin-plate used in the US is imported, primarily from Europe and Canada. In 2023 alone, nearly 1.5 million tons of tin-plate were brought into the country — a 37% increase from 2015, according to Census Bureau data. While Pittsburgh-based US Steel still produces tin-plate, it has scaled back operations in recent years. Cleveland-Cliffs, once another major domestic supplier, shuttered its tin-plate plant in Weirton, W. Va., in 2023. CEO Lourenco Goncalves blamed the closure on the lack of tariffs at the time — but says it's too late now. 'It's done. When the horse leaves the barn, the horse does not come back to the barn,' Goncalves told reporters last week. 5 US-based companies import the tin that is used to package food items. Iftikhar alam – Can producers estimate that the earlier 25% tariff, imposed in March, increased their costs by 7% to 8%. Doubling it, they say, could push that figure past 14%. Those higher costs will inevitably be passed on to food companies — and, ultimately, to consumers. Thomas Hunter, co-president of McCall Farms, a South Carolina-based producer of canned vegetables, said the company has already faced rising costs from labor and raw produce over the past five years. Now, the price of packaging could make canned foods a harder sell. 5 A recent move by the Trump administration to double tariffs on imported steel to 50% is expected to raise the price of tin-coated steel, a material critical to food cans. Getty Images 'The biggest concern we have is that these canned vegetables start getting to a point where the consumers are not willing to purchase them any more,' Hunter said. Cans are valued for their long shelf life and durability, particularly for staple foods. But if prices climb too high, manufacturers may consider switching to cheaper packaging. 'We're getting to the tipping point with many customers,' said Rick Huether, CEO of Maryland-based Independent Can Co., which makes decorative tins for snacks and specialty foods. 'You're just driving them to plastic packaging.' 5 The Trump administration says that tariffs are a key tool whose purpose is to spur reshoring of manufacturing. AFP via Getty Images The Consumer Brands Association warns that as many as 20,000 US jobs in food-can manufacturing could be at risk if consumers begin turning away from canned products due to rising prices. 'Domestic steel and aluminum production is imperative for our defense-industrial base,' White House spokesman Kush Desai told The Post in an emailed statement. 'The Trump administration is committed to reshoring manufacturing that's critical for our national and economic security while unleashing a full suite of supply-side reforms – including rapid deregulation, tax cuts, and unleashing American energy – to continue delivering economic relief for the American people.' Desai added that 'billions in steel and aluminum investment commitments and back-to-back, expectation-beating inflation reports prove we can accomplish both goals at the same time.'
Mint
09-06-2025
- Business
- Mint
The canned-food aisle is getting squeezed by rising steel tariffs
Soup, black beans and sliced pineapple could all soon become more expensive because of one particular reason: their cans. Cans used for food require tin-coated, ultrathin sheet steel made from molten iron. Not much is produced in the U.S., where domestic producers have been scaling back production for years. The Trump administration's new 50% duty on imported steel could increase store prices for items in steel cans by 9% to 15%, according to the Consumer Brands Association, a trade group whose members include Campbell's, Hormel Foods and Del Monte Foods. At that rate, the price of a can of vegetables costing $2 could increase by 18 cents to 30 cents. 'The American consumer is going to pay more for their cans," said Dan Dietrich, vice president for strategy at Trivium Packaging. President Trump on June 4 doubled the previous 25% tariffs on imported steel, aiming to increase demand for domestic steel by making cheaper, foreign-made metal more expensive. Tariffs are likely to drive up prices for domestic-made steel, too, as U.S. producers raise their own prices. Can manufacturers say they will continue to buy lots of imported tin-coated steel, known as tin-plate—because there isn't enough of it made in the U.S. to supply them. 'I would love nothing more than to allocate more purchases to the United States, but the overall production capacity is not there," said Robert Gatz, general manager of Can Corp. of America, a Pennsylvania-based maker of food cans. Can Corp. produces about one billion food cans annually and specializes in cans for tomatoes. Gatz said the company buys about 12% of its tin-plate from domestic steel mills. Can manufacturers estimate that about three-quarters of tin-plate consumed in the U.S. is foreign-made, with much of it coming from Europe and Canada. Nearly 1.5 million tons of tin-plate were imported last year, about 37% more than in 2015, according to U.S. Census Bureau data. Tin-plate is made with steel derived from molten iron, but most steel in the U.S. is now made from melted scrap, and that doesn't measure up to the can industry's exacting quality standards. Pittsburgh-based U.S. Steel continues to produce tin-plate but has reduced its production volume in recent years. Cleveland-Cliffs, another major steelmaker, no longer produces tin-plate after closing its Weirton, mill last year. Cliffs Chief Executive Lourenco Goncalves said he has no plans to restart Weirton, though he had blamed the plant's closing on a lack of tariffs on imported tin-plate. 'It's done. When the horse leaves the barn, the horse does not come back to the barn," Goncalves told reporters last week. The 25% steel tariff imposed in March by the Trump administration raised the cost of producing filled cans by about 7% to 8%, can companies said. They anticipate that doubling the duty on tin-plate to 50% will boost costs by at least 14%. That higher price will hit canned-food producers. South Carolina-based McCall Farms sells canned green beans, carrots, spinach, sweet potatoes and other vegetables grown in the South. Rising expenses for labor and raw vegetables have already driven up production costs over the past five years, said Thomas Hunter, McCall Farms' co-president. 'The biggest concern we have is that these canned vegetables start getting to a point where the consumers are not willing to purchase them any more," Hunter said. Cans are prized for enabling long shelf lives for vegetables, fruit and other ready-to-eat foods, able to keep for years without spoiling. But can manufacturers worry that higher can costs will discourage their use. Cans on a conveyor belt. Can companies say not enough tin-coated steel is made in the U.S. to meet their needs. The Consumer Brands Association said as many as 20,000 U.S. jobs in food-can manufacturing could be at risk if the tariff on tin-plate causes consumers to shy away from higher-priced canned goods and food companies migrate to alternative packaging. 'We're getting to the tipping point with many customers," said Rick Huether, CEO of Maryland-based Independent Can Co., which produces decorative and specialty cans used for cookies, candy, coffee and popcorn. 'You're just driving them to plastic packaging." Write to Bob Tita at
