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  "documentTitle": "Campbell Soup Company (CPB)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "Uses a before-after framing to contrast current disaster with future hopelessness.",
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      "text": "Strategic and operational blunders have tanked sales, operating profit, and earnings",
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      "text": "All metrics posted substantial declines, with worsening pressure on sales, gross margin, operating margin, and earnings. Results also implied a significant deterioration in acquired Snyder’s-Lance business. Forward guidance for FY19 was extremely poor.",
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      "text": "Note: Campbell guided FY19 Adj. EPS to $2.45-2.53 before divestitures vs. FY18 Adj. EPS of $2.87. Source: Third Point LLC; Company Materials",
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      "text": "CORPORATE STRATEGY — EARNINGS",
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