Campbell Soup Company delivered a solid Q3 2024 despite a mixed macro backdrop and the ongoing integration of Sovos Brands. Reported revenue of $2.37 billion reflected a 14.6% year-over-year lift, supported by the partial quarter contribution from Sovos. Organic net sales were roughly flat versus the prior year, aided by volume improvements and strength in unmeasured channels (notably foodservice and Canada). The acquisition contributed meaningfully to operating profit growth, with adjusted EBIT up double digits and adjusted EPS of $0.75—roughly neutral to acquisitions on a quarterly basis and ahead of initial expectations. Margin momentum improved, as adjusted gross margin expanded 30 basis points to 31.2%, even as Sovos introduced a lower-margin contribution. Campbell’s continues to advance its strategic Rao’s and Noosa initiatives post-Sovos, reinforcing a billion-dollar sauce franchise and broadening growth vectors across meals, snacks, and frozen categories. Balance-sheet health remains solid on a cash-flow basis but leverage rose post-acquisition, guiding the company to pursue the targeted cost-savings program and deleveraging plan. The Q3 results underpin a cautiously optimistic near-term outlook: organic net sales are expected to be flat-to-down roughly 1% for the year with sequential improvement into Q4, double-digit adjusted EBIT and EPS growth in Q4, and an annual adjusted EPS target of $3.07–$3.10. The longer-term growth runway centers on Rao’s penetration, distribution expansion, ongoing cost synergies, and expansion of power brands within Snacks, with Investor Day in September set to outline more detailed plans. Risks to the favorable thesis include a slower-than-anticipated consumer recovery, ongoing inflationary pressure, and integration execution risk across a broader portfolio.