U.S. Markets closed

[$$] Nothing Is Going Right at Campbell

Campbell Soup Co. on Friday announced the abrupt resignation of its chief executive, alongside a miserable set of quarterly results that showed clearly why she had to go. Adjusted gross margins fell by four percentage points to 32%, which the company characterized as “below our expectations.” Campbell lowered guidance for operating earnings and earnings per share for the fiscal year ending in July. In a gloomy conference call, management rattled off a long list of headwinds, including higher costs for food ingredients, shipping and logistics, as well as higher steel and aluminum prices for their soup cans due to import tariffs.