Campbell's falls on unchanged annual forecasts despite quarterly beat
Shares of packaged food company Campbell's Co CPB.O down about 6% at more than 16-year low of $28.28 in afternoon trading
Maintains its annual sales and profit forecasts
Expects fiscal 2026 adjusted earnings per share to decline up to 18% to between $2.40 and $2.55, sees annual net sales in the range of flat to decline of 2%
However, CPB posts Q1 beat on steady demand as consumers increasingly opt to eat at home
Sales beat was driven by a retailer inventory build, said BNP Paribas Research analyst Max Gumport, adding it could reverse through the remainder of the year
Separately, CPB to buy 49% of Rao's sauce maker La Regina SPA for $286 million, with transaction expected to close in the second half of fiscal 2026
Up to last close, CPB down about 28% YTD
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