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TAKEAWAYS PRINCIPALS
- Campbell’s stock is falling during premarket trade after it announced that CEO Mark Clouse would be departing at the end January. The company also reported top and bottom line results which missed expectations.
- Clouse, CEO since January 2019, will leave the company in order to take up the position of president with the National Football League Washington Commanders.
- Campbell's sales and net income for its quarter ended Oct. 27 lagged analysts' estimates as per Visible Alpha, while adjusted EPS was higher-than-forecast.
Campbell’s shares (CPB), which are trading in the premarket, have fallen more than 3 percent after the company announced that Chief Executive Mark Clouse would be departing at the end January. The firm also reported top and bottom line results below expectations.
Clouse, who became CEO in January 2019, is leaving the company to become president of the National Football League’s Washington Commanders, Campbell's said. Mick Beekhuizen will replace him as president of Campbell’s Meals and Beverages Division.
Recent changes to the name of a company that makes snacks such as Goldfish crackers, Kettle chips and Kettle chips have seen Soup dropped. The company reported net sales for the first quarter of fiscal 2025 of 2,77 billion dollars, a rise from 2,52 billion dollars in the previous year’s period, but a net loss of $218 millions, compared to $234 million.
Visible Alpha surveyed analysts who had predicted sales of 2.79 billion dollars and a net profit of 254 millions of dollars for the third quarter ending Oct. 27,
The adjusted earnings per shares (EPS) were 89 cents. This was higher than the analysts’ expectations of 87 cents.
Clouse Led Expansion of Campbell's Beyond Soup
Clouse’s resignation is effective on January 31. Clouse was the leader of the $2.7 billion Campbell’s deal to buy Rao’s Pasta Sauces.
"While I am stepping away a bit earlier than I anticipated, I feel like I have one more act in my career,” Clouse said. “Only a professional leadership role would have kept me at Campbell’s.”
Incoming CEO Beekhuizen also was chief financial officer at Campbell’s previously and among his past roles was CFO at yogurt maker Chobani.
Campbell's shares have gained 5% this year through Tuesday.
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