Part of the downdraft in results is due to Campbell's recent cost-saving initiatives in its supply chain, which resulted in lower soup shipments. That's a temporary issue, however. Once supply chain issues are configured, the company's results should again be more predictable.
Uncertainty creates a lower valuation.
Another reason behind the lower share price is the disappointment regarding recent results. The company increased advertising and it still saw condensed soup sales decline, while sales of generic brands grew. So, condensed soup is still the drag. That's a nice goal if management can achieve it. The recent improvements in margins are not in danger, at least, and eventually margins should be able to improve more, once again, after the new inventory model is complete.