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08.01.2020 14:50:00

After a String of Divestments, Can Campbell Soup Resume Its Growth Path?

Campbell Soup (NYSE: CPB) has seen better times. The processed food and snacks company, with its iconic "Campbell's" brand of soups, has suffered falling operating and net income over the last two fiscal years. Though the company delivered revenue growth over that same period, net income tumbled from $887 million to just $211 million, a steep 76% plunge.Campbell's problems seem to be two-pronged: First, the company's gross margin has been weakening, starting out at 41.8% in fiscal 2017 and declining steadily to 35.9% in 2018 and then 33.2% the following year. This seems to demonstrate a lack of pricing power. Second, the company has a boatload of debt that cost the company $356 million in interest last year. Gross debt stood at $8.3 billion against just $61 million of cash as of Oct. 2019.The company has a stable of strong, iconic brands and has counted itself as one of the premier food stocks for investors over the decades. In the last six months, Campbell has announced a series of divestitures to raise cash and realign its business for growth. Can investors rest assured that the company is now on the right track?Continue reading
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