Third Point Management Activist Presentation Deck
CORPORATE STRATEGY
-
Snyder's-Lance deal already off to a poor start
SNACKS
Campbell lowered accretion guidance twice
in the first six months after deal announcement
Original guidance called for 5-7% EPS accretion
in FY19 in December 2017
Guidance reduced to "modestly accretive" in
FY19 at industry conference in February 2018
O
Guidance again reduced to "modestly dilutive"
in FY19 with earnings report in May 2018
Company cited unforeseen issues related to
pricing, promotions, and higher than expected
costs for freight, transportation, and production
THIRD POINT
Note: IRI scanner data through 8.26.18; deal announced 12.18.17 and closed 3.27.18
Source: Third Point LLC; Company Materials; IRI
10%
5%
0%
(5%)
Sales in measured channels have deteriorated
since the acquisition and are now declining
Snyder's-Lance trailing 4wk sales growth, %
l
Aug-17
Sep-17
Oct-17
I
Nov-17
Jan-18
Feb-18
Dec-17
Mar-18
Apr-18
May-18
T
Jun-18
Jul-18
Aug-18
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