Campbell's Earnings: Sluggish Results and a Tepid Outlook Result in a Dividend Cut; Shares a Bargain

Campbell's fourth-quarter organic sales fell 1% on lower volumes. Adjusted operating margin sank 250 basis points to 11.3%, as a 530-basis-point hit from inflation offset a 380-basis-point benefit from cost savings. The firm cut its dividend by more than 30%, sending shares down around 7%.