Campbell's Q4财报大幅miss并削减股息36%，全年指引低于预期

The Campbell's Company ( CPB ) fell sharply on Thursday after missing revenue estimates with its fiscal fourth-quarter earnings report. The food company said top-line softness and inflation-driven margin headwinds were factors during the quarter, Net sales decreased 8% to $2.1B, including an estimated 7-point impact from the extra week in the prior year period. Organic net sales decreased 1% driven primarily by lower volume/mix. Adjusted gross profit decreased 14% to $611M. Adjusted gross profit margin decreased 190 basis points to 28.6%, driven primarily by cost inflation and other supply chain costs, inclusive of the impact from tariffs, partially offset by supply chain productivity improvements. Adjusted EBIT decreased 25% to $242M primarily due to lower adjusted gross profit. Adjusted EPS decreased 37% to $0.39 per share, reflecting the lower adjusted EBIT. To help accelerate the path to reducing debt on the company's balance sheet, Campbell's Company ( CPB ) announced today that its board approved a quarterly dividend payment of $0.25 per share, or $1.00 on an annualized basis, a reduction of 36% from the prior quarterly dividend payment of $0.39 per share, or $1.56 on an annualized basis. The company also announced a new enterprise-wide cost savings program targeting $500M by FY30. Looking ahead, Campbell's Company ( CPB ) set full-year guidance below expectations. Shares of Campbell's ( CPB ) were down 6.8% in premarket trading. Food peers Hershey ( HSY ), Mondelez International (MNDLZ), General Mills ( GIS ), and Post Holdings ( POST ) showed small declines in the early session.