Kraft Heinz, the ailing food giant, has tapped investment bank Credit Suisse to review options for its Maxwell House coffee business, which could include a potential sale, people familiar with the matter tell CNBC.READ MORE...
Campbell Soup's stock price climbed more than +5% Wednesday morning, on the back of better-than-expected earnings for the fiscal second quarter.
The producer of canned soup reported adjusted earnings of 77 cents a share for the quarter, beating analysts’ estimates of 70 cents a share.Revenue came in at $2.71 billion - which is higher than analysts' expectations of $2.66 billion.
Campbell is currently in the middle of a restructuring, as it seeks to divest some of its international businesses and Campbell Fresh.
Kraft Heinz stock plunged -20% in pre-market trading Friday, a day after the company announced a write-down and revealed an ongoing Securities and Exchange Commission (SEC) investigation into its accounting policies.
The processed food giant’s Kraft and Oscar Mayer brands took a $15 billion write-down in value.According to the firm, the dividend cut would help boost returns over time.
What probably aggravated investor concerns was the disclosure by Kraft Heinz that it had received a subpoena from the SEC in October, regarding the company’s procurement accounting methods.
TreeHouse Foods, Inc. managed to edge past earnings expectations for the fourth quarter 2018, but failed to show the same strength in its top-line numbers.
The food processing company’s adjusted earnings for the quarter came in at $1.03 per share, beating Zacks Consensus Estimate of 96 cents per share.Divestiture of McCann's business and foreign currency headwinds were among factors that apparently hurt revenues.
Nevertheless, the company’s gross margin was 17.6%, which is 240 basis points higher from the year-ago quarter’s figure.
General Mills (GIS +1%) says it approved certain restructuring actions to drive efficiencies in targeted areas of its global supply chain by consolidating production and optimizing labor, logistics and manufacturing platforms.
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breakfast cereal behemoth Kellogg’s is reportedly considering an investment in Indian snacks foods company Haldiram's, as reported by Indian newspaper The Economic Times citing anonymous sources familiar with the matter.
Haldiram’s is a 25 year old company, and its major hubs are Indian cities Delhi, Nagpur and Kolkata.But some members of the family-owned Haldiram’s are reportedly considering possibilities of an initial public offering (according to the Economic Times).
Consumer staple giant Kraft Heinz (Nasdaq: KHC) has been trending lower for the last six months and a trend line has formed that connects the highs from August and October.Earnings reports have been a mixed bag in recent years with average EPS growth of 23% per year over the last three years.
McCormick & Co. may not have been able to spice things up yet with its recent quarterly report. The producer of condiments and seasonal mixes saw its shares decline nearly -13% on Thursday, after it reported earnings that fell short of analysts’ estimates.
The company posted adjusted earnings of $1.67 per share for the fourth quarter, which was lower than Zacks Consensus Estimate of $1.70 per share.It projects sales growth of 1%-3% for the year.
Today Conagra Brands, Inc. announced that it is exploring strategic alternatives for its Italian-based frozen pasta business, Gelit, which is headquartered in Doganella di Ninfa, Italy.The business employs approximately 145 full-time employees, operates a stand-alone, state-of-the-art facility located in Doganella di Ninfa, and supplies products to a broad range of international customers.
And now, Hostess Brands, B&G Foods and Ferrero have reportedly offered their first-round bids on the brands, according to a CNBC report citing people familiar with the matter.Some private equity firms are also reportedly eyeing the brands.
In recent years, we’ve witnessed Ferrero, Hostess and B&G focus on expanding their offerings, by acquiring various snacks/cookie brands.
ConAgra Brands Inc. said it has sold its Wesson Oil brand to a Canadian agribusiness.
The Chicago-based food giant (NYSE: CAG) also reported its second-quarter earnings on Thursday, and shares tumbled nearly 17 percent afterwards.READ MORE...
Clouse has held executive positions at Pinnacle Foods (now owned by Conagra Brands) and Mondelez International.
Clouse will replace Campbell's interim CEO Keith McLoughlin, who had come in after Denise Morrison abruptly left her post as CEO in May.
Campbell Soup had been in a long-drawn battle this year with activist hedge fund Third Point, over the control of Campbell.
Last month, Campbell and Third Point came to an agreement by increasing board from 12 to 14 members to include two out of five nominees recommended by Third Point.
The Kraft Heinz Company announced Thursday that it plans to acquire paleo ingredient and dressing company Primal Kitchen for about $200 million.
Given the rising trend among consumers to switch to healthy foods, Kraft Heinz - the third-largest food and beverage company in North America - could potentially benefit from buying Primal Kitchen as the latter apparently specializes in offering food/ingredients rich in proteins and vegetables, while cutting back on carbohydrates.Primal's products include organic unsweetened spicy ketchup, avocado oil and collagen nut and seed bars among other items. Primal Kitchen is expected to generate about $50 million in revenue this year, according to Kraft Heinz.
As it looks to add a new brand, Kraft Heinz has also been planning to sell some businesses.
The American canned soup maker, Campbell Soup, announced Monday it has made peace with activist fund Third Point, in a standstill agreement.
Under the terms of the truce, Campbell would add two of Third Point's nominees to its board: former Blue Buffalo CEO Kurt Schmidt and Comscore President Sarah Hofstetter, while Third Point will support the rest of Campbell's nominees.Additionally, the size of company's board will expand to 14 members along with the appointment of a third director by the meeting of the Board in May 2019.
Established in the mid 1800’s, Campbell soup has almost always been a family business.
Kellogg might be selling off some of its cookie and fruit snack businesses.
On Monday, the company revealed that it is exploring a sale of brands like Famous Amos, Keebler cookies, Mother's and Murray cookies, and Stretch Island fruit snacks.“Yet, we wholeheartedly believe these iconic and beloved brands can thrive in the portfolio of another organization that can focus on driving growth in these particular categories.”
The Special K cereal maker wants to instead focus on its core areas such as its frozen foods, morning foods and snacks that generate the majority of its revenues.
General Mills Inc. will drop the “100% Natural” tag from its Nature Valley bars, thanks to a lawsuit.
Consumer groups alleged that laboratory testing had revealed traces of the pesticide glyphosate (commonly known as RoundUp) in the bars.However, the company didn’t admit or deny any wrongdoing.
Earlier this month, Monsanto Co. - the maker of RoundUp - lost a case in a San Francisco court against a man who claimed that exposure to the chemical had caused his non-Hodgkin’s lymphoma.
They believe that some Ritz cracker items may contain whey powder tainted with salmonella.
There's a benefit to nipping any health issue in the bud before it makes its way to the public eye.Many investors also remember Chipotle's long struggle to re-establish its brand after its E.coli outbreak, not to mention the stock's plummet that followed.