Consumer Defensive Earnings Report — 2026-09-04 to 2026-10-19

25 most recent Consumer Defensive earnings

1. Oct 15, 2026, 7:08 AM ET·KMB·Consumer Defensive

   Kimberly-Clark — Third Quarter 2026 Earnings Summary

   KIMBERLY CLARK CORP

   Full-year 2026 outlook remains consistent with previous expectations despite unfavorable impacts from China social media disruptions. 2026 Organic Sales Growth is projected to be approximately 100 basis points below the company's weighted average category growth of 1.7%. Adjusted Operating Profit is expected to grow mid-single digits and Adjusted Earnings per Share from Continuing Operations high single digits, both on a constant-currency basis. Adjusted Earnings per Share Attributable to Kimberly-Clark is forecast to decline low single digits on a constant-currency basis. Preliminary financial data is provided with final results scheduled for November 5, 2026; outlook excludes potential impacts from the pending Kenvue acquisition.

2. Oct 13, 2026, 7:31 AM ET·ACI·Consumer Defensive

   Albertsons Companies, Inc. — Second Quarter Fiscal 2026 Earnings Summary

   ALBERTSONS COMPANIES INC

   Net income and adjusted net income declined significantly to $51.5 million ($0.11/share) and $179.0 million ($0.36/share) respectively for Q2 2026, down from $168.5 million ($0.30/share) and $248.4 million ($0.44/share) in the prior year period, driven by higher interest expenses, impairment losses, and a 0.8% year-over-year identical sales decrease. The Company has suspended its fiscal 2026 outlook and will not provide updated guidance until the fourth quarter, pending the completion of a comprehensive business review and turnaround plan expected to be presented alongside a refreshed financial framework. Strategic realignment continues with the implementation of the ACI Edge operating structure, consolidating 11 divisions into four regions, while the company completed 38 remodels, opened seven new stores, and repurchased 26.0 million shares for $387.6 million during the first 28 weeks of fiscal 2026. Financial position shows a net debt ratio increase to 2.42 as of September 12, 2026, from 2.02 the prior year, alongside a quarterly dividend of $0.17 per share declared for November 2026.

3. Oct 8, 2026, 6:50 AM ET·HELE·Consumer Defensive

   Helen of Troy — Second Quarter Fiscal 2027 Earnings Summary

   HELEN OF TROY LTD

   Consolidated net sales rose 2.1% year-over-year to $440.9 million, while GAAP net income swung to a profit of $4.6 million ($0.19 EPS) from a $308.6 million loss in the prior year; adjusted diluted EPS improved to $0.79 from $0.59, driven by a 52.2% gross margin and $26.9 million in tariff refunds. Management raised full-year Fiscal 2027 guidance across all key metrics, including consolidated net sales to $1.768–$1.822 billion, adjusted diluted EPS to $3.60–$4.15, and free cash flow to $120–$140 million. Strategic progress includes a 24.8% reduction in total debt to $672.6 million, a target net leverage ratio of ≤ 2.7x by year-end, and plans to reinvest 83% to 88% of tariff refunds into growth investments. Segment performance was mixed, with Home & Outdoor sales up 9.2% to $227.9 million, while Beauty & Wellness sales declined 4.5% to $213.0 million due to softer consumer demand and competitive pressures.

4. Oct 7, 2026, 5:57 PM ET·PEP·Consumer Defensive

   PepsiCo — Third Quarter 2026 Earnings Summary

   PEPSICO INC

   Net revenue increased 5.6% year-over-year to $25,274 million for Q3 2026, while EPS rose 17% to $2.23 and operating profit surged 19% to $4,260 million. Fiscal 2026 guidance was updated to reflect +6% net revenue growth and +2.5% to +3.5% core EPS growth, though core constant currency EPS growth guidance was lowered to +1% to +2%. International segments delivered strong net revenue and organic volume growth, while North America beverage revenue grew 5% driven by 2025 acquisitions and convenient foods saw volume market share improvements. Management plans to implement structural cost reductions to mitigate rising input cost inflation and fund investments in innovation, with capital spending remaining below 5% of net revenue. Cash returns to shareholders guidance remains at $8.9 billion, supported by $5,935 million in dividends paid and $739 million in share repurchases during the quarter.

5. Oct 6, 2026, 4:18 PM ET·STZ·Consumer Defensive

   Constellation Brands — Q2 FY 2027 Earnings Summary

   CONSTELLATION BRANDS INC

   Financial Results: Reported net sales rose 6% YoY to $2,633 million, while reported EPS increased 25% to $3.32; however, reported operating income declined 8% to $805 million due to margin compression, with comparable operating income up 1% to $897 million. Segment Performance: The Beer business posted 5% sales growth and maintained #1 market share gains, while the Wine and Spirits segment saw 17% sales growth and a swing to profitability with operating income improving to $6.1 million from a prior loss. Guidance Update: Fiscal 2027 reported EPS outlook was raised to $11.85–$12.55, while comparable EPS, operating cash flow, and free cash flow targets were reaffirmed within previous ranges. Strategic Moves & Capital Return: The company acquired SpikedAde for $75 million plus up to $278 million in contingent consideration and returned over $800 million to shareholders year-to-date via $530 million in share repurchases and dividends.

6. Oct 6, 2026, 4:15 PM ET·AMSS·Consumer Defensive

   AMASS Brands Inc. — Third Quarter 2026 Earnings Summary

   AMASS BRANDS

   Preliminary unaudited net revenue reached $5.3 million, a 30% year-over-year increase that exceeded guidance by approximately 20%, driven by a 67% surge in core brand revenue and an 18% rise in the Wine & Spirits segment. Key brands demonstrated significant momentum: Good Twin retail dollar sales grew 144% year-over-year, while Pizzolato maintained the #1 U.S. organic sparkling wine position with 33% sales growth in the latest four weeks. The company faces substantial doubt regarding its ability to continue as a going concern and must raise additional capital, with final financial results subject to material changes pending independent accounting review. Management remains confident in its strategy to build a scalable beverage platform, citing successful distribution expansion for AMASS Electrolytes and structural benefits from consumer moderation trends despite a muted industry backdrop.

7. Oct 6, 2026, 8:02 AM ET·LW·Consumer Defensive

   Lamb Weston — Q1 Fiscal 2027 Earnings Summary

   LAMB WESTON HOLDINGS INC

   Net sales rose 1% year-over-year to $1.67 billion, while reported net income fell 55% to $29 million; however, adjusted net income remained flat at $103 million and adjusted diluted EPS increased 1% to $0.75. Full-year guidance was raised across key metrics, with adjusted EBITDA outlook increased to $1.125–$1.215 billion and adjusted diluted EPS raised to $3.05–$3.35, reflecting confidence in North American volume growth and cost initiatives. Segment performance diverged significantly, with North America net sales up 5% and adjusted EBITDA up 11%, contrasted by an 8% drop in International sales and a 54% decline in segment adjusted EBITDA due to volume losses and cost pressures. Capital allocation included $52 million in cash dividends with no share repurchases in the quarter, leaving $245 million available under the existing authorization, while cash and cash equivalents grew to $166 million.

8. Oct 1, 2026, 7:31 AM ET·MKC·Consumer Defensive

   McCormick & Company — Third Quarter 2026 Earnings Summary

   MCCORMICK & CO INC

   Net sales rose 17.4% year-over-year to $2,024.8 million (organic growth 1.9%), while adjusted operating income increased 22.1% to $358.5 million; reported diluted EPS was $0.36 due to $141.5 million in special charges, compared to adjusted diluted EPS of $0.86. The company reaffirmed its fiscal 2026 outlook, projecting net sales growth of 13% to 17% (including 11% to 13% from the McCormick de Mexico acquisition) and adjusted EPS growth of 2% to 5%. Strategic progress includes the completion of the McCormick de Mexico acquisition (closed January 2, 2026) and continued planning for the proposed merger with Unilever Foods, expected to close by mid-2027 with anticipated $600 million in annual cost synergies. Cash flow remained robust with $598.8 million provided by operating activities over nine months, while short-term borrowings and current long-term debt increased to $2,112.1 million to fund the acquisition and financing activities.

9. Sep 30, 2026, 7:32 AM ET·CAG·Consumer Defensive

   Conagra Brands — First Quarter Fiscal 2027 Earnings Summary

   CONAGRA BRANDS INC

   Reported net sales decreased 1.4% to $2.6 billion while diluted EPS rose 5.9% to $0.36 and adjusted diluted EPS increased 5.1% to $0.41. Reaffirmed fiscal 2027 guidance for organic net sales decline of (3)% to (1)%, adjusted operating margin of 10.0% to 10.5%, and adjusted EPS between $1.40 and $1.50. Free cash flow declined to ($128) million due to lower operating profit and higher litigation payments, while net debt decreased 2.5% to $7.4 billion. Management described the quarter as a "solid start," noting gains in dollar share across key categories despite volume declines in Grocery & Snacks and Refrigerated & Frozen segments. The company paid a quarterly dividend of $0.35 per share, maintaining capital allocation priorities while targeting a year-end net leverage ratio of approximately 4.0x.

10. Sep 30, 2026, 6:07 AM ET·CALM·Consumer Defensive

    Cal-Maine Foods — First Quarter Fiscal 2027 Earnings Summary

    CAL-MAINE FOODS INC

    Net sales fell 41.5% year-over-year to $539.6 million, while the company reported a net loss of $58.6 million ($1.26 diluted loss per share) compared to net income of $199.3 million in the prior-year period. All business segments posted significant declines in profitability, with the Conventional Shell Eggs segment shifting to an $71.0 million operating loss from $168.2 million in income, driven by a 59.3% drop in average selling prices. Management expects Prepared Foods production capacity to increase by over 60% by the first half of fiscal 2028, aiming to diversify earnings as the conventional shell egg market rebalances, though precise timing for market recovery remains uncertain. The company repurchased $19.9 million of shares (66,601 in Q1 plus 204,888 post-quarter) and suspended dividends until the cumulative loss of $94.5 million is recovered.

11. Sep 29, 2026, 4:05 PM ET·LGCY·Consumer Defensive

    Legacy Education Inc. — Fiscal 2026 Earnings Summary

    LEGACY EDUCATION INC

    Full-year revenue grew 24.8% to $80.1 million and net income rose 21.3% to $9.1 million, driven by a 9.0% increase in new student starts and a full year of revenue from the December 2024 CCMCC acquisition. Fourth quarter net income surged 53.3% to $1.9 million, while diluted EPS increased 44.4% to $0.13, though operating expenses (G&A and educational services) rose 26.7% and 25.3% respectively. Strategic expansion includes signing a lease for a new campus in Houston, Texas, and facility expansions at Lancaster and Temecula, alongside regulatory approvals for new degree programs at Contra Costa Medical Career College launching in Q2 fiscal 2027. The company maintained institutional accreditation across all four schools, secured the maximum reaccreditation term for two institutions, and ended the year with $22.7 million in cash and cash equivalents.

12. Sep 25, 2026, 5:05 PM ET·INBP·Consumer Defensive

    Integrated BioPharma — Fiscal Year 2026 Earnings Summary

    INTEGRATED BIOPHARMA INC

    Fiscal 2026 revenue declined 19.3% year-over-year to $43.9 million, while quarterly revenue fell 31.0% to $9.8 million. The company shifted from profitability to losses, recording a fiscal year operating loss of $2.7 million and net loss of $2.8 million, compared to prior year operating income of $2.0 million and net income of $0.8 million. Gross profit contracted significantly, dropping to $800,000 for the fiscal year and $28,000 for the quarter from $5.6 million and $1.5 million, respectively, in the prior year periods. Revenue concentration risk increased, with the two largest customers in the Contract Manufacturing Segment accounting for approximately 90% of total fiscal year revenue.

13. Sep 24, 2026, 4:17 PM ET·COST·Consumer Defensive

    Costco Wholesale Corporation — Fourth Quarter and Fiscal Year 2026 Earnings Summary

    COSTCO WHOLESALE CORP

    Net sales grew 11.2% year-over-year to $93.9 billion in Q4 and 10.1% to $297.2 billion for the full fiscal year, while net income rose to $3.0 billion ($6.75/share) in Q4 and $9.2 billion ($20.76/share) for the year. Comparable sales increased 9.4% in Q4 and 8.4% for the fiscal year, with digitally-enabled comparable sales surging 19.5% and 20.9% respectively. Fiscal year capital return included $2.5 billion in cash dividends and $848 million in stock repurchases, supported by a 51% increase in cash and cash equivalents to $20.2 billion and a reduction in long-term debt to $3.9 billion. Q4 net income included a non-recurring benefit of $0.15 per diluted share from IEEPA tariff refunds, which were partially reinvested into increased member values. No specific forward guidance or long-term growth targets were provided in the release.

14. Sep 23, 2026, 7:01 AM ET·GIS·Consumer Defensive

    General Mills — Fiscal 2027 First Quarter Earnings Summary

    GENERAL MILLS INC

    Net sales declined 3% year-over-year to $4.4 billion due to the U.S. yogurt divestiture, while organic net sales remained flat; adjusted operating profit and adjusted diluted EPS decreased 11% and 13% respectively in constant currency. The company reaffirmed its full-year fiscal 2027 guidance, projecting organic net sales between -1.5% and +0.5%, adjusted operating profit down 8% to 13% in constant currency, and adjusted diluted EPS between $3.00 and $3.20. Strategic focus remains on the Holistic Margin Management program and global transformation to generate at least $750 million in savings, alongside a shift toward product innovation in protein, fiber, and pet humanization to drive future growth. Capital allocation saw no share repurchases in the quarter compared to $500 million in the prior year, while dividends paid remained stable at $330 million; the Brazil divestiture was completed subsequent to the quarter end.

15. Sep 21, 2026, 3:35 PM ET·TULP·Consumer Defensive

    Bloomia Holdings — Fiscal Year 2026 Earnings Summary

    BLOOMIA HOLDINGS INC

    Reported fiscal year net revenue of $48.1 million (down from $48.4 million prior year) and a net loss of $11.2 million ($4.43 per share) versus a $2.6 million loss ($1.45 per share) previously, driven by a $13.2 million non-cash impairment charge and industry-wide mite-related waste exceeding $2.5 million in Q4. Successfully executed a capital raise generating $12.1 million in gross proceeds and retired over $19 million of debt, reducing total obligations by 36% to $21.7 million and recognizing a $7.0 million gain on debt settlement in Q4. Fiscal year 2027 outlook projects margin improvement due to locked-in bulb prices at historical averages (projected >20% savings over FY2026) and new mite control treatments, with management citing adequate liquidity for the next twelve months. Underlying operating performance remains challenged by a 21% year-over-year increase in primary input costs and a 6% rise in the Euro exchange rate, though the company maintains a strong balance sheet with working capital of $7.3 million.

16. Sep 17, 2026, 4:24 PM ET·HCWC·Consumer Defensive

    Host Digital Infrastructure LLC — Q2 2026 Earnings Summary

    HEALTHY CHOICE WELLNESS CORP

    The Company remains a development-stage entity with no material revenue, reporting a net loss of $3.7 million for the three months ended July 31, 2026, and $5.0 million for the six-month period, while holding no cash and a working capital deficit of $27.5 million as of July 31, 2026. Management executed a 15-year, take-or-pay lease with a major cloud infrastructure company for 43 MW of capacity at the Project Facility, securing approximately $1.25 billion in aggregate base-term rent with an expected commencement in Q1 2027. Despite the new lease, the Company expresses substantial doubt regarding its ability to continue as a going concern for at least one year, with future viability dependent on securing uncertain debt or equity financing to fund construction and operations. Strategic progress includes the February 2026 acquisition of T-20 Mining LLC to secure an Electric Service Agreement and the identification of Host Digital Infrastructure LLC as the accounting acquirer in a reverse acquisition structure.

17. Sep 17, 2026, 6:30 AM ET·ISPR·Consumer Defensive

    Ispire Technology — Fourth Quarter and Fiscal Year 2026 Earnings Summary

    ISPIRE TECHNOLOGY INC

    Q4 2026 revenue rose 33% year-over-year to $26.7 million, though full-year 2026 revenue declined 24.7% to $96.0 million due to lower hardware and vaping product sales; full-year net loss narrowed to $33.2 million ($0.58/share) from $39.2 million in fiscal 2025, while Adjusted EBITDA loss improved to $4.0 million. Guidance for achieving cash-flow-positive performance in the second half of calendar year 2026 is now less certain due to investments in the Malaysia manufacturing facility, with management expecting fiscal 2027 to be a transformational year driven by full-year production at company-owned factories. Strategic expansion includes the fully operational Malaysia facility offering a 25% tariff advantage, a joint venture with Jincheng Pharma to enter the nicotine pouch market, and advancing commercialization of proprietary age-gating (IKE Tech) and G-Mesh technologies. Total operating expenses decreased 26% year-over-year to $44.9 million for the full year, and the company ended the period with $19.3 million in cash and $803,000 in working capital.

18. Sep 14, 2026, 6:54 AM ET·HAIN·Consumer Defensive

    The Hain Celestial Group, Inc. — Fiscal Year 2026 Earnings Summary

    HAIN CELESTIAL GROUP INC

    Fiscal 2026 net sales declined 13% year-over-year to $1,353 million, driven by a 28% drop in Q4, though organic sales fell only 3% for the full year and 2% in Q4; net loss narrowed to $305 million from $531 million prior year, with adjusted net loss improving to $16 million from $8 million income. Significant balance sheet deleveraging occurred, reducing total debt from $705 million to $558 million and net debt from $650 million to $500 million by Q4 end, resulting in a net secured leverage ratio of 4.5x. Strategic restructuring includes a definitive agreement to sell the International business and the disposal of the North American snacks business, positioning the company to become a focused North American entity upon transaction completion. Segment performance showed divergence: North America delivered flat organic sales for the year with a 2% Q4 increase and improved margins, while International saw 4% organic declines in both periods with significant margin compression. Non-cash charges included $193.2 million in goodwill impairment and $27.4 million in long-lived asset/intangibles impairment for the fiscal year, while free cash flow improved to $58 million from a $3 million outflow in the prior year.

19. Sep 11, 2026, 5:00 PM ET·FIZZ·Consumer Defensive

    National Beverage Corp. — Q1 2026 Earnings Summary

    NATIONAL BEVERAGE CORP

    Net sales remained flat at $330.662 million year-over-year, while net income and EPS declined 15.7% and 16.7% respectively to $47.004 million and $0.50, driven by a 600 basis point gross margin contraction from elevated input costs and tariffs. Management announced a $304 million special dividend ($3.25 per share), reducing cash on hand to $107 million, while noting that average selling price increases were offset by volume declines due to consumer sentiment and tariff pressures. The company plans to launch a new LaCroix flavor ("PineApple CocoNut") and expressed optimism for a rebound in orders and volume growth in August, despite acknowledging that external pressures have slowed response capabilities. Trailing twelve-month net sales totaled $1.181 billion with EPS of $1.87, and the firm reaffirmed its strategy of disciplined execution and innovation to drive long-term shareholder value.

20. Sep 11, 2026, 9:05 AM ET·JVA·Consumer Defensive

    Coffee Holding Co., Inc. — Third Quarter 2026 Earnings Summary

    COFFEE HOLDING CO INC

    Net income turned positive to $1.99 million ($0.35/share) from a $1.21 million loss in the prior year, driven by a gross margin expansion to 25.0% from 9.4% despite a 9.3% decline in quarterly net sales to $21.7 million. Management expects tariff refunds to boost earnings over the next two quarters and anticipates revenue and profitability growth through 2027, though green coffee market volatility and stable major brand prices remain risks. Balance sheet strength improved significantly with cash and equivalents rising to $2.92 million and the line of credit balance reduced to $2.15 million from $6.05 million. A $0.08 per share dividend was declared, and the company retained 100% of its wholesale roasted customer base while capitalizing on favorable inventory positions acquired during the first half of fiscal 2026.

21. Sep 11, 2026, 6:59 AM ET·KR·Consumer Defensive

    The Kroger Co. — Second Quarter 2026 Earnings Summary

    KROGER CO

    Total company sales rose to $34.6 billion in Q2 2026 from $33.9 billion in Q2 2025, while identical sales without fuel grew 0.2% year-over-year, down from 3.4% in the prior year period. Adjusted EPS increased 5% to $1.09 in Q2 2026 from $1.04 in Q2 2025, with operating profit rising to $971 million from $863 million, though adjusted FIFO operating profit declined slightly to $1,076 million from $1,091 million. The company lowered full-year 2026 identical sales without fuel guidance to 0.2%–0.8% from 1.0%–2.0%, citing a 140 basis point unfavorable impact from the Inflation Reduction Act, while reaffirming adjusted EPS guidance of $5.10–$5.30. Kroger increased its quarterly dividend by 11% for the 20th consecutive year and repurchased $1.0 billion in shares during the quarter, leaving $800 million of its $2 billion authorization remaining. Adjusted eCommerce sales grew 20% and Kroger Precision Marketing profit rose 24%, contributing to margin improvements despite higher OG&A rates driven by wage and healthcare cost increases.

22. Sep 9, 2026, 4:07 PM ET·SKIL·Consumer Defensive

    Skillsoft — Second Quarter Fiscal 2027 Earnings Summary

    SKILLSOFT CORP

    Revenue declined 3% year-over-year to $98.2 million, while net loss narrowed 17% to $15.0 million and Adjusted EBITDA margin expanded to 34%. Full-year fiscal 2027 revenue guidance was revised downward to $380 million–$390 million due to accelerating pressure in the consumer business; EBITDA and Free Cash Flow guidance remain unchanged. Completed the sale of the Global Knowledge business to Enduring Ventures in July 2026, resulting in a $37.967 million loss on disposal and reclassifying the segment as discontinued operations. Strategic focus remains on the AI-native enterprise platform, with CAISY learners up 23% year-over-year and new AI capabilities (LX Design Studio, AI Coach) reaching general availability.

23. Sep 8, 2026, 4:17 PM ET·AVO·Consumer Defensive

    Mission Produce — Fiscal 2026 Third Quarter Earnings Summary

    MISSION PRODUCE INC

    Total revenue reached $450.0 million, up 26% year-over-year driven by a 38% increase in avocado volume, though net loss widened to $6.5 million ($0.08/share) from prior-year net income of $14.7 million ($0.21/share) due to $25.4 million in acquisition-related costs. Management raised the estimated annualized synergy opportunity from the Calavo acquisition to over $30 million and reaffirmed fiscal 2026 second-half Adjusted EBITDA guidance of $84 million to $88 million. The company completed the Calavo acquisition on May 28, 2026, via $267 million in cash and 17.5 million shares, expanding into the prepared food sector and driving Marketing & Distribution segment sales to $414.3 million. Full-year fiscal 2026 capital expenditures are projected at approximately $45 million, while fourth-quarter 2026 pricing is expected to be down 10% year-over-year despite a 10% increase in avocado industry volumes.

24. Sep 8, 2026, 7:02 AM ET·UNFI·Consumer Defensive

    United Natural Foods, Inc. — Fourth Quarter and Full Year Fiscal 2026 Earnings Summary

    UNITED NATURAL FOODS INC

    Financial Results: Full-year net sales decreased 2.0% to $31.2 billion, while net income turned positive at $84 million compared to a $118 million loss in the prior year; Adjusted EPS rose to $2.65 from $0.71, and Adjusted EBITDA increased 27.0% to $701 million. Guidance Outlook: Management raised Fiscal 2027 Adjusted EBITDA guidance to $730–$780 million (midpoint up $25 million from prior Investor Day) and provided EPS guidance of $3.00–$3.50, anticipating revenue growth as optimization actions cycle out. Capital Allocation: The Board approved a new $200 million stock repurchase program replacing the 2022 authorization, with $21 million utilized in Q4, while total net debt decreased by $295 million to $1.54 billion. Operational Progress: The Natural segment grew 7.0% for the full year, offsetting declines in Conventional and Retail segments, as the company deployed Lean management to 44 distribution centers and began onboarding new customer business.

25. Sep 3, 2026, 7:17 AM ET·CPB·Consumer Defensive

    Campbell's — Fourth Quarter Fiscal 2026 Earnings Summary

    CAMPBELL'S CO

    Financial Performance: Net sales declined 8% to $2.1 billion in Q4 and 5% to $9.7 billion for the full year; Adjusted EBIT fell 25% to $242 million in Q4 and 21% to $1.2 billion for the full year, while Adjusted EPS dropped 37% to $0.39 in Q4 and 27% to $2.17 for the full year. Guidance Outlook: Fiscal 2027 guidance forecasts net sales and organic sales declines of 4% to 2%, with Adjusted EBIT projected to decrease 12% to 7% and Adjusted EPS ranging from $1.65 to $1.80. Strategic Actions: The Board approved a 36% dividend reduction to $0.25 per share to accelerate debt reduction, and management launched a new enterprise-wide cost savings program targeting $500 million by fiscal 2030. Segment & Balance Sheet: Snacks and Meals & Beverages segments reported significant operating earnings declines driven by volume/mix headwinds and impairment charges, while total liabilities rose to $11.492 billion and cash equivalents increased to $394 million.