Campbell: cuts full-year forecasts; CEO leaves
(CercleFinance.com) - Campbell Soup has cut its full-year forecasts today, with the soup maker's third-quarter results coming in below its expectations.
The Camden, New Jersey-based company said sales increased 15% to 2.1 billion dollars in the past quarter, driven by the recent acquisitions of Snyder's-Lance and Pacific Foods; however, organic sales were stable given a "difficult environment".
Even worse, its gross margin - an important indicator in the agri-food sector - decreased from 35.9% to 29.1%.
After these poor results, Campbell announced that Denise Morrison, its president and chief executive officer, has decided to retire, effective today, after over 15 years with the company.
Keith McLoughlin - a Campbell board member since 2016 and former chief executive of Sweden's Electrolux - has been named interim CEO with the task of facilitating an orderly transition in management.
Unsurprisingly, Campbell shares were tumbling 12% today after all these announcements were made.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Camden, New Jersey-based company said sales increased 15% to 2.1 billion dollars in the past quarter, driven by the recent acquisitions of Snyder's-Lance and Pacific Foods; however, organic sales were stable given a "difficult environment".
Even worse, its gross margin - an important indicator in the agri-food sector - decreased from 35.9% to 29.1%.
After these poor results, Campbell announced that Denise Morrison, its president and chief executive officer, has decided to retire, effective today, after over 15 years with the company.
Keith McLoughlin - a Campbell board member since 2016 and former chief executive of Sweden's Electrolux - has been named interim CEO with the task of facilitating an orderly transition in management.
Unsurprisingly, Campbell shares were tumbling 12% today after all these announcements were made.
Copyright (c) 2018 CercleFinance.com. All rights reserved.