Campbell's Announces New CEO Amid Mixed Earnings

Campbell's Company reported mixed results for its fiscal Q1 2025, with adjusted earnings per share of 89 cents, exceeding analyst expectations of 87 cents, despite a 2% decline year-over-year. While net sales increased by 10% to $2.77 billion, they fell short of the anticipated $2.80 billion, leading to a 3-4% drop in shares after hours. The company's organic sales dipped 1%, attributed to lower net price realization and flat volume/mix, indicating challenges in a dynamic consumer market. Mark Clouse will retire as CEO on January 31, 2025, to be succeeded by Mick Beekhuizen, who has been with the company since 2019 and previously led the meals and beverages division. Despite the mixed earnings report, Campbell's remains optimistic about its long-term growth, reaffirming its full-year guidance and focusing on key brands like Goldfish and Prego. Analysts believe that the leadership change could signal a strategic pivot to better align with evolving consumer preferences in the packaged food sector.