Overview
- Adjusted EPS came in at $0.51 versus the $0.57 consensus, with net sales down 4.5% to $2.56 billion versus a $2.61 billion forecast.
- Snacks revenue fell 6.2% to $914 million, marking the first sub-$1 billion quarter in four years, while meals and beverages declined 3.7% to $1.65 billion.
- Full-year adjusted EPS guidance was lowered to $2.15–$2.25, and management now expects a 12%–18% adjusted-earnings decline for fiscal 2026, citing steel and aluminum tariffs.
- The company announced an accelerated cost-savings program targeting $375 million by fiscal 2028 to stabilize operations.
- Shares dropped about 5% in premarket trading to near 2003 lows after a yearlong slide of over 40%, putting its long-standing S&P 500 membership at risk.