CAMPBELL SOUP CO. $62 (New York symbol CPB; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 309.2 million; Market cap: $19.2 billion; Priceto- sales ratio: 2.4; Dividend yield: 2.0%; TSINetwork Rating: Above Average; www.campbellsoup company) is the world’s largest maker of canned soups. It also makes Pepperidge Farm cookies and V8 vegetable juices.
The company continues to benefit from its recent job cuts and efficiency improvements. The plan should save it $300 million a year by 2018.
The restructuring also helped Campbell earn $265 million in its fiscal 2016 second quarter. That’s a 19.4% increase from the $222 million a year earlier. Per-share earnings rose 19.7%, to $0.85 from $0.71, on fewer shares outstanding.
Sales fell 1.5% for the quarter, to $2.20 billion from $2.23 billion. However, if you adjust for currency rates and acquisitions, sales were unchanged. Stronger demand of packaged fresh foods and biscuits offset declines in ready-to-serve soups and beverages.
Long-term debt of $2.6 billion is a low 14% of the company’s market cap. It also holds cash of $306 million.
Campbell will likely earn $2.95 a share for all of fiscal 2016. The stock trades at 21.0 times that estimate. That’s a reasonable multiple in light of the company’s falling costs. The $1.25 dividend yields 2.0%.
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