Campbell Soup Company delivered a mixed but broadly constructive fourth quarter for fiscal 2024, underscored by the first full quarter of Sovos Brands contribution and continued market-share gains in Rao's and soup brands. On an organic basis, Q4 net sales declined 1% YoY as volume/price dynamics navigated a nuanced consumer backdrop, while total company net sales rose 11% driven by Sovos. Management framed the quarter as a turning point toward improving in-market dynamics and higher-margin growth, supported by margin expansion and robust cash flow generation. For the full year, Campbell reported +3% net sales with adjusted EBIT up, and adjusted EPS of $3.08, roughly mid-point to prior guidance. The company also highlighted a multi-year cost savings trajectory and accelerating integration benefits from Sovos, particularly Rao’s, which is now a meaningful engine of growth within Meals & Beverages.