Campbell Soup Divests Emerald Nuts Unit To Flagstone Foods For Undisclosed Terms
Portfolio Pulse from Nabaparna Bhattacharya
Campbell Soup Company (NYSE:CPB) has sold its Emerald Nuts business to Flagstone Foods for undisclosed terms. The unit generated net sales of $66 million in fiscal 2022 and $46 million for the nine months ended April 30, 2023. The transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal 2024, but not have a material impact on fiscal 2023 financial results.
May 30, 2023 | 4:41 pm
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Campbell Soup sells its Emerald Nuts unit to Flagstone Foods, with the transaction expected to dilute earnings per share by $0.01 in fiscal 2024.
The sale of the Emerald Nuts business is expected to have a negative impact on Campbell Soup's earnings per share in fiscal 2024. However, the company does not expect the sale to have a material impact on its fiscal 2023 financial results. The stock price is trading lower by 1.18% on the news, indicating a short-term negative impact.
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