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Campbell - 4 Mark Clouse - 3 CNBC's Jim Cramer - 2 Clouse - 2 Rao's - 1 Sovos - 1 Michael Angelo's - 1 Monday's - 1
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8 mentions found


☆ Campbell Soup CEO talks merger with Rao's sauce maker: 'This is a juggernaut'
  + stars: | 2023-08-07 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Campbell Soup CEO Mark Clouse told CNBC's Jim Cramer on Monday that his company's acquisition of Rao's sauce maker Sovos Brands is one of the best growth stories in the food business. Along with Rao's, Sovos also owns yogurt brand Noosa and frozen food brand Michael Angelo's. However, the premium Italian sauce brand is Sovos' money maker, representing 69% of its adjusted net sales in 2022, the company said. Clouse said the acquisition was an opportunity to drive Sovos' household penetration, or the portion of households reached by the products. He said the business is currently at 14% household penetration, while the benchmark for a premium brand is around 20%.
Persons: Campbell, Mark Clouse, CNBC's Jim Cramer, Rao's, Sovos, Michael Angelo's, Clouse, Monday's Organizations: Sovos, Pepperidge Locations: Noosa
☆ Campbell Soup Company buys Sovos Brands, maker of Rao’s for $2.7 billion
  + stars: | 2023-08-07 | by ( Eva Rothenberg | ) edition.cnn.com   time to read: +2 min
New York CNN —Iconic canned soup company Campbell is expanding its reach in the Italian food market. Campbell (CPB) announced Monday that it would acquire Sovos Brands, maker of the popular Italian food brands like Rao’s sauces and Michael Angelo’s frozen entrees, as well as noosa yogurt, in a deal worth $2.7 billion. But Campbell said Rao’s sauces attract a different consumer set than Prego’s. “Rao’s is the premium, market-leading sauce and it strengthens and diversifies our Meals & Beverages portfolio, complementing the core, mainstream portfolio,” the company told CNN. Sovos Brands founder and head Todd Lachman called the acquisition a “momentous occasion.”“We have built a one-of-a-kind, high growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand,” he said in a statement included in Campbell’s news release.
Persons: Campbell, Angelo’s, “ We’re, ”, Mark Clouse, Rao’s, Michael Angelo’s, Todd Lachman Organizations: New, New York CNN, Campbell, Sovos Brands, Beverages, CNN, “ Locations: New York, noosa, “ noosa
☆ Campbell Soup beats quarterly profit estimates on price hikes
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: +1 min
June 7 (Reuters) - Campbell Soup (CPB.N) beat Wall Street estimates for third-quarter profit on Wednesday and maintained its annual forecasts, as the maker of Pepperidge Farm cookies benefited from multiple rounds of price increases. Peer J M Smucker (SJM.N) had forecast a smaller-than-expected decline in annual sales on the back of higher prices and steady demand for its products. The company maintained its annual net sales forecast for an 8.5% to 10% rise and adjusted profit expectations of $2.95 to $3.00 per share. Campbell's third-quarter gross profit margin was 30%, compared with 31.2% a year earlier, squeezed by still-high prices of commodities and freight as well as higher marketing expenses. The company's net sales rose 5% to $2.23 billion, in line with expectations.
Persons: Campbell, Kraft Heinz, J, Ananya Mariam Rajesh, Devika Organizations: Kellogg, Thomson Locations: Russia, Ukraine, Bengaluru
☆ Despite a mixed earnings report, Campbell Soup CEO is confident condensed products can turn a profit
  + stars: | 2023-06-07 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
CEO of Campbell Soup Mark Clouse told CNBC's Jim Cramer on Wednesday that despite his company's mixed earnings report, he is confident that Campbell's condensed products — especially the brand's staples like chicken noodle and tomato — are timelessly profitable. Clouse said Campbell's soup sales have been better than before the pandemic, especially among millennial clientele, many of whom are getting older and starting families. Even as more people start to dine outside the home post-Covid regulations, Clouse said demand for condensed canned soup remains strong. But he added that even Campbell's leadership had questioned the relevancy of condensed soup for younger consumers. Alongside its namesake soup products, Campbell also owns several well-known food and snack lines, including Pepperidge Farm, Snyder's of Hanover, Lance, V8 and Prego.
Persons: Campbell, Mark Clouse, CNBC's Jim Cramer, Clouse Locations: Snyder's, Hanover, Lance
☆ Campbell’s Enticing Future in Snacks
  + stars: | 2023-04-08 | by ( Aaron Back | ) www.wsj.com   time to read: 1 min
Campbell Soup Company has long been more than its name suggests. Now its underappreciated snack business looks set to become its star performer. Campbell is composed of two divisions: meals and beverages, which includes its namesake soups as well as brands such as Pace salsas and V8 juices; and snacks, which features the Pepperidge Farm line of cookies and Goldfish crackers, among other brands.
☆ Campbell Soup lifts annual sales forecast on robust snack demand
  + stars: | 2023-03-08 | by ( ) www.reuters.com   time to read: +2 min
March 8 (Reuters) - Campbell Soup Co (CPB.N) raised its annual sales forecast on Wednesday, betting on higher prices, improved supply and strong demand for its packaged meals and snacks. Shares of the Prego pasta sauces maker rose about 2% in premarket trading after it also topped market estimates for quarterly sales. Organic net sales in Campbell's snacks division, which represents roughly half of its portfolio, jumped 15% in the second quarter, fueled by robust demand for its brands including Goldfish crackers, Cape Cod potato chips and Pepperidge Farm cookies. The company's net sales rose to $2.49 billion in the quarter ended Jan. 29, from $2.21 billion a year earlier, compared to analysts' average estimate of $2.44 billion in Refinitiv IBES data. The Camden, New Jersey-based soup maker said it expected net sales to rise between 8.5% and 10% in fiscal 2023, compared with its previous forecast of 7% to 9% growth.
☆ Campbell Soup lifts sales outlook as Americans keep snacking
  + stars: | 2023-03-08 | by ( Deborah Mary Sophia | ) www.reuters.com   time to read: +2 min
Though stretched thin amid increasing prices, Americans are still snacking on Campbell's cookies and salty snacks while a continued preference for cooking at home has further bolstered demand. While U.S. soup sales rose 7% in the second quarter, Campbell is facing growing competition from cheaper private-label counterparts for soups and broth. New Jersey-based Campbell expects fiscal 2023 net sales to rise between 8.5% and 10%, up from its previous forecast of 7% to 9%. It also projected annual adjusted earnings of $2.95 to $3.00 per share, compared with a prior target of $2.90 to $3.00. Reporting by Deborah Sophia in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.
☆ Campbell Soup Names New CFO as It Looks to Continue Strong Growth
  + stars: | 2023-01-26 | by ( Jennifer Williams-Alvarez | Kathryn Hardison | ) www.wsj.com   time to read: +3 min
Campbell Soup Co. appointed its next finance chief as the soup and snack maker looks to build on its recent growth. The Camden, N.J.-based company on Wednesday said Carrie Anderson will become chief financial officer, effective Feb. 6. Carrie Anderson, incoming CFO at Campbell Soup Co. Photo: Campbell Soup Co.Ms. Anderson is set to join Campbell from medical technology company Integra LifeSciences Holdings Corp. , where she has been CFO since June 2019. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Campbell’s brands include its namesake soup, Prego sauces, Pepperidge Farm snacks and breads, and Cape Cod potato chips.
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