Third Point Management Activist Presentation Deck
CORPORATE STRATEGY
Strategic and operational blunders have tanked sales, operating profit, and earnings
Campbell's most recent quarter was disastrous...
(3%)
Organic Sales
Fiscal 4q18 growth, %
THIRD POINT
(16%)
EARNINGS
Underlying Adj. EBIT
(50%)
Adj. EPS
Note: Campbell guided FY19 Adj. EPS to $2.45-2.53 before divestitures vs. FY18 Adj. EPS of $2.87
Source: Third Point LLC; Company Materials
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...and inspires little hope for the future
All metrics posted substantial declines, with
worsening pressure on sales, gross margin,
operating margin, and earnings
Results also implied a significant deterioration in
acquired Snyder's-Lance business
Forward guidance for FY19 was extremely poor
and calls for a double digit % decline
in earnings despite the contribution of additional
earnings from Pacific Foods and Snyder's-Lance
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