Campbell Soup Co

CPB: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$74.00	Txrq	Gtsqbcwkg

Campbell Soup Earnings: Investors Discounting Continued Progress to Profitably Juice Volumes

Erin Lash

Aug 29, 2024

We think the market’s tepid reception to wide-moat Campbell Soup’s seasonally small fourth-quarter results (with the stock price down about 1% in intraday trading) overlooks the continued strides the business is making. For one, even though organic sales edged down 1%, volumes ticked up 1%, an improvement from flat and down 2% in the fiscal third and second quarters, respectively. And we surmise further volume gains should manifest as Campbell works to leverage its financial resources, data analytics, and entrenched retail relationships to drive distribution gains for the recently acquired Sovos Brands and its premium lineup of Italian sauces.

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