The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Peter Galbo - Bofa Merrill Lynch Asset Holdings Inc - Analyst
: Mick, I was hoping you could just maybe dive a little bit deeper into some of the puts and takes on the outlook for fiscal '26, particularly
just factors that may drive you kind of towards the upper or lower end of the ranges that you've given? And any other additional
detail on phasing maybe from Carrie as we think about first quarter and then the first half or second half?
Question: Thomas Palmer - JPMorgan Chase & Co - Analyst
: I wanted to just ask on the snack side. The outlook discusses the expected stabilization in the second half of the year. I wondered if
you might talk a bit about whether -- or sorry, what you're seeing today across categories and how you think about the path to
stabilization this year? And maybe to what extent you kind of look at it as being more of a category driver versus more company-specific
initiatives because, in your answer to Peter, you did note a couple of company-specific areas like innovation and marketing to help?
Question: Thomas Palmer - JPMorgan Chase & Co - Analyst
: Carrie, you noted the 150 basis points of operating margin pressure at the midpoint of the outlook. Just when thinking between the
two segments, just any help on kind of where we might see that impact greater? I mean, I would assume Meals & Beverages given
some of the tariff commentary, but maybe you could help quantify.
Question: Robert Moskow - Cowen and Company LLC - Analyst
: Two questions. One is, Mick, some of your peers who are facing tariffs on steel and aluminum are taking a more aggressive stance
on pricing to offset it. I want to know how you thought about the pros and cons of raising prices more emphatically to offset these
costs? Is the category just not -- is the soup category, in particular, just not ready for it? And then secondly -- well, let's go for the
first. I'll come back.
Question: Robert Moskow - Cowen and Company LLC - Analyst
: Okay. My follow-up was, I think the guidance for fourth quarter was for tariffs to be $0.03 to $0.05 of impact and it ended up being
0.02%. Were the cost lower than you expected or am I not counting something that happened in maybe third quarter?
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
SEPTEMBER 03, 2025 / 12:00PM, CPB.OQ - Q4 2025 Campbell's Co Earnings Call
Question: Michael Lavery - Piper Jaffray Inc - Analyst
: Just want to follow up on some of the tariff mitigation and I guess you just touched on the inventory management. How sustainable
is that? Or is it more just delaying some of the cost that comes later. And when you talk about alternate sourcing, can you help us
unpack that a little bit? I know in plate is, I think, scarcely or maybe not really made in America. Rao's is, of course, coming from Italy
or is that where you would imagine maybe potentially shifting that approach or help us understand just some of the mitigation
approach in a little more detail.
Question: Michael Lavery - Piper Jaffray Inc - Analyst
: Just a follow-up on the increased productivity savings target that you've announced. You've got a plan that was already in place.
You're pushing that harder. How comfortable are you that you're not putting sort of capabilities at risk or cutting too much? Or can
you just help us understand maybe how you came to the figure that you felt like it wasn't maybe too aggressive? Or do you feel like
it is? Can you just help us understand how to think about that?
| 
