- Completed the acquisition of Sovos Brands, Inc. (Sovos Brands)
on March 12, 2024.
- Net Sales were $2.4 billion, increasing 6%, and were comparable
to prior year on an organic basis. On a two-year-compound annual
growth rate (CAGR), net sales increased 5% and organic net sales
increased 2%.
- Earnings Before Interest and Taxes (EBIT) were $248 million;
Adjusted EBIT was $354 million, an increase of 13% including the
impact of the acquisition.
- Earnings Per Share (EPS) were $0.44; Adjusted EPS were $0.75,
increasing 10%.
- Updates full-year fiscal 2024 guidance to include Sovos
Brands.
Campbell Soup Company (NYSE:CPB) today reported results
for its third-quarter fiscal 2024 ended April 28, 2024. Unless
otherwise stated, all comparisons are to the same period of fiscal
2023. Third quarter and year-to-date financial results include a
partial quarter of contribution of the Sovos Brands
acquisition.
CEO Comments “We delivered a solid third quarter with
sequential volume improvement, stable organic net sales,
double-digit adjusted EBIT and adjusted EPS growth,” said
Campbell’s President and CEO, Mark Clouse. “We are excited about
the integration of the Sovos Brands business, which already is
bringing significant incremental growth to our company as we
continue to navigate the pace of consumer recovery.”
Three Months Ended
Nine Months Ended
($ in millions, except per share)
April 28, 2024
April 30, 2023
% Change
April 28, 2024
April 30, 2023
% Change
Net Sales
As Reported (GAAP)
$2,369
$2,229
6%
$7,343
$7,289
1%
Organic
—%
(1)%
Earnings Before Interest and Taxes
(EBIT)
As Reported (GAAP)
$248
$254
(2)%
$923
$1,040
(11)%
Adjusted
$354
$313
13%
$1,125
$1,125
—%
Diluted Earnings Per Share
As Reported (GAAP)
$0.44
$0.53
(17)%
$1.91
$2.29
(17)%
Adjusted
$0.75
$0.68
10%
$2.46
$2.50
(2)%
Note: A detailed reconciliation of the
reported (GAAP) financial information to the adjusted financial
information is included at the end of this news release.
Items Impacting Comparability The table below presents a
summary of items impacting comparability in each period. A detailed
reconciliation of the reported (GAAP) financial information to the
adjusted information is included at the end of this news
release.
Diluted Earnings Per
Share
Three Months Ended
Nine Months Ended
April 28, 2024
April 30, 2023
April 28, 2024
April 30, 2023
As Reported (GAAP)
$0.44
$0.53
$1.91
$2.29
Costs associated with cost savings and
optimization initiatives
$0.05
$0.08
$0.17
$0.12
Costs associated with acquisition
$0.27
$—
$0.33
$—
Commodity mark-to-market adjustments
$(0.03)
$0.02
$(0.01)
$0.02
Accelerated amortization
$0.02
$—
$0.05
$—
Plum litigation expenses
$—
$—
$0.01
$—
Cybersecurity incident costs
$—
$—
$0.01
$—
Pension actuarial losses (gains)
$—
$0.04
$—
$0.07
Adjusted*
$0.75
$0.68
$2.46
$2.50
*Numbers may not add due to rounding.
Third-Quarter Results Net sales in the quarter increased
6% driven by the benefit from Sovos Brands acquisition, which is
also referred to below as the acquisition. Organic net sales of
$2.2 billion were comparable to the prior year’s net sales, with
flat volume / mix sequentially improved from the second quarter. On
a two-year CAGR basis, reported net sales grew approximately 5% and
organic net sales grew approximately 2%, driven by favorable net
price realization and brand strength.
Gross profit increased to $732 million from $668 million. Gross
profit margin was 30.9% compared to 30.0%. Excluding items
impacting comparability, adjusted gross profit increased to $740
million from $689 million. Adjusted gross profit margin increased
30 basis points to 31.2% driven by supply chain productivity
improvements and the benefit from cost savings initiatives, which
combined more than offset higher cost inflation and other supply
chain costs, and the impact of the acquisition.
Marketing and selling expenses, which represented approximately
9% of net sales, increased 6% to $206 million, primarily due to the
impact of the acquisition. Excluding items impacting comparability
in the current year, adjusted marketing and selling expenses
increased 2% to $198 million.
Administrative expenses increased 25% to $208 million primarily
driven by the impact of costs related to the acquisition. Excluding
items impacting comparability, adjusted administrative expenses
increased 1% to $156 million.
Other expenses were $30 million compared to $23 million, driven
in part by costs related to the acquisition. Excluding items
impacting comparability, adjusted other expenses were $8 million
compared to $6 million.
As reported EBIT decreased to $248 million from $254 million.
Excluding items impacting comparability, adjusted EBIT increased
13% to $354 million primarily due to higher adjusted gross profit
from the contribution of the acquisition and the base business,
partially offset by higher adjusted expenses, including marketing
and selling, administrative, research and development and other
expenses.
Net interest expense increased 43% to $66 million. Excluding
items impacting comparability, adjusted net interest expense was
$64 million compared to $46 million, primarily due to an increase
in interest expense related to higher levels of debt to fund the
acquisition. The effective tax rate was 26.9%, an increase of 380
basis points compared to 23.1% driven by non-deductible costs
associated with the recent acquisition. Excluding items impacting
comparability, the adjusted effective tax rate decreased 80 basis
points to 22.8%.
As reported EPS were $0.44 per share compared to $0.53 per
share. Excluding items impacting comparability, adjusted EPS
increased 10% to $0.75 per share primarily reflecting the increase
in adjusted EBIT and lower adjusted effective tax rate, partially
offset by higher adjusted net interest expense. The Sovos Brands
acquisition was approximately neutral to third quarter adjusted
earnings per share.
Nine-Month Results Net sales increased 1% driven by the
benefit of the recent Sovos Brands acquisition. Organic net sales
decreased 1% to $7.2 billion with unfavorable volume / mix mostly
offset by the benefit of net price realization. On a two-year CAGR
basis, reported net sales grew approximately 6% and organic net
sales grew approximately 5%, driven by favorable net price
realization and brand strength.
As reported EBIT decreased 11% to $923 million. Excluding items
impacting comparability, adjusted EBIT of $1.1 billion was flat
primarily due to higher adjusted gross profit from the contribution
of the acquisition, offset by higher adjusted expenses, including
marketing and selling, other expenses and research and
development.
Net interest expense increased 17% to $160 million. Excluding
items impacting comparability, adjusted net interest expense was
$158 million compared to $137 million, primarily due to an increase
in interest expense related to higher levels of debt to fund the
acquisition of Sovos Brands. The effective tax rate increased 160
basis points to 25.3%. Excluding items impacting comparability, the
adjusted effective tax rate increased 10 basis points to 23.9%.
As reported EPS decreased to $1.91 per share compared to $2.29
per share. Excluding items impacting comparability, adjusted EPS
decreased $0.04, or 2%, to $2.46 per share primarily reflecting the
increase in adjusted net interest expense, partially offset by a
reduction in the weighted average diluted shares outstanding.
Cash flow from operations was $897 million compared to $918
million primarily due to costs associated with the acquisition.
Capital expenditures were $376 million compared to $257 million. In
line with Campbell’s commitment to return value to its
shareholders, the company paid $334 million of cash dividends and
repurchased common stock of approximately $46 million. At the end
of the third quarter, the company had approximately $301 million
remaining under the current $500 million strategic share repurchase
program and approximately $58 million remaining under its $250
million anti-dilutive share repurchase program.
Cost Savings Program from Continuing Operations Through
the third quarter, Campbell has delivered $940 million of total
savings under its multi-year cost savings program, inclusive of
Snyder’s-Lance synergies. The company remains on track to deliver
$1 billion of cost savings by the end of fiscal 2025.
Additionally, the company achieved $3 million in cost synergies
in the quarter related to the Sovos Brands integration plan. The
company expects to realize approximately $50 million in annual
ongoing savings by the end of fiscal 2026 once all phases of
integration are complete.
Full-Year Fiscal 2024 Guidance: The company is updating
its fiscal 2024 full-year guidance previously provided on March 6,
2024, to reflect the expected performance of the base business and
the impact of the recent acquisition.
Full-year reported net sales growth is expected to be in the
range of 3% to 4% driven by the incremental impact of the Sovos
Brands acquisition. Organic net sales growth is tracking to the
midpoint of the updated range of approximately 0% to down 1%,
reflecting the current pace of consumer recovery. At the midpoint,
this represents about half a point lower than the bottom end of the
0% to 2% organic net sales growth range indicated on the company’s
second quarter earnings call.
Full-year adjusted EBIT growth for the combined business is
expected to be approximately 6.5% to 7% reflecting the partial year
contribution of the acquisition, inclusive of integration savings,
as well as base business performance including lower adjusted
marketing and selling expenses and favorable price realization,
productivity and cost savings more than offsetting inflation and
other supply chain costs.
Full-year adjusted earnings per share growth for the combined
business is expected to be approximately 2% to 3% to $3.07 to
$3.10, compared to $3.00 in the prior year. This includes expected
dilution from the Sovos Brands acquisition of between $0.01 and
$0.02 per share.
The company expects to build momentum into the fourth quarter,
with continued stabilization of year-over-year volume growth,
double-digit growth of both fourth quarter adjusted EBIT and
adjusted earnings per share, and continued momentum on the
integration of Sovos Brands.
Other additional guidance assumptions can be found in the
accompanying investor presentation available at
investor.campbellsoupcompany.com/events-and-presentations.
The full-year fiscal 2024 guidance is set forth in the table
below:
FY2023 Results
Previous FY2024
Guidance
Updated FY2024 Guidance
including Sovos Brands
($ in millions, except per share)
Net Sales
$9,357
(0.5)% to +1.5%
+3% to +4%
Organic Net Sales1
$9,306*
0% to +2%
(1)% to 0%
Adjusted EBIT2
$1,367*
+3% to +5%
+6.5% to +7%
Adjusted EPS2
$3.00*
+3% to +5%
+2% to +3%
$3.09 to $3.15
$3.07 to $3.10
* Adjusted - refer to the detailed
reconciliation of the reported (GAAP) financial information to the
adjusted financial information at the end of this news release.
1 Growth rate adjusted for the Emerald
nuts business, which was divested on May 30, 2023 and Sovos Brands,
which was acquired on March 12, 2024.
2 Adjusted EBIT in fiscal 2023 included
approximately $14 million and adjusted EPS included approximately
$0.04 of litigation expenses related to the Plum baby food and
snacks business (Plum), which was divested on May 3, 2021. We are
excluding these expenses from our fiscal 2024 adjusted EBIT and
adjusted EPS and thereafter as we do not believe that these
expenses reflect our underlying operating performance.
Note: A non-GAAP reconciliation is not
provided for fiscal 2024 guidance as the company is unable to
reasonably estimate the full-year financial impact of items such as
actuarial gains or losses on pension and postretirement plans
because these impacts are dependent on future changes in market
conditions. The inability to predict the amount and timing of these
future items makes a detailed reconciliation of these
forward-looking financial measures impracticable.
Segment Operating Review An analysis of net sales and
operating earnings by reportable segment follows:
Three
Months Ended April 28, 2024
($ in millions)
Meals & Beverages
Snacks
Total*
Net Sales, as Reported
$1,272
$1,097
$2,369
Volume/Mix
1%
(1)%
—%
Net Price Realization
(1)%
—%
—%
Organic Net Sales
—%
(1)%
—%
Currency
—%
—%
—%
Acquisition / (Divestiture)1
15%
(1)%
7%
% Change vs. Prior Year
15%
(2)%
6%
Segment Operating Earnings
$229
$167
% Change vs. Prior Year
26%
(7)%
*Numbers may not add due to rounding. 1
Reflects the incremental net sales associated with the Sovos Brands
acquisition, which was completed on March 12, 2024, and the loss of
net sales associated with the divestiture of the Emerald nuts
business, which was completed on May 30, 2023. Note: A detailed
reconciliation of the reported (GAAP) net sales to organic net
sales is included at the end of this news release.
Nine
Months Ended April 28, 2024
($ in millions)
Meals & Beverages
Snacks*
Total*
Net Sales, as Reported
$4,058
$3,285
$7,343
Volume/Mix
(3)%
(2)%
(2)%
Net Price Realization
1%
3%
2%
Organic Net Sales
(2)%
—%
(1)%
Currency
—%
—%
—%
Acquisition / (Divestiture)1
4%
(1)%
2%
% Change vs. Prior Year
2%
(1)%
1%
Segment Operating Earnings
$763
$489
% Change vs. Prior Year
—%
1%
*Numbers may not add due to rounding. 1
Reflects the incremental net sales associated with the Sovos Brands
acquisition, which was completed on March 12, 2024, and the loss of
net sales associated with the divestiture of the Emerald nuts
business, which was completed on May 30, 2023. Note: A detailed
reconciliation of the reported (GAAP) net sales to organic net
sales is included at the end of this news release.
Meals & Beverages Net sales in the quarter increased
15% driven by the benefit of the Sovos Brands acquisition.
Excluding the acquisition, organic net sales were comparable to the
prior year as gains in foodservice were offset by lower net sales
of U.S. retail products. Within U.S. retail products, lower net
sales in beverages, Campbell’s pasta and Swanson canned poultry
were partially offset by gains in Prego pasta sauces and U.S. soup.
Favorable volume / mix of 1% was offset by slightly lower net price
realization of 1%. Sales of U.S. soup increased 2% primarily due to
an increase in broth, partially offset by decreases in
ready-to-serve soups and condensed soups. On a two-year CAGR basis,
Meals & Beverages reported net sales grew approximately 6%,
while organic net sales were lower by approximately 1%.
Operating earnings in the quarter increased 26%, primarily
driven by the contribution of the acquisition, higher gross profit
and lower marketing and selling expenses in the base business.
Gross profit margin increased due to supply chain productivity
improvements, favorable volume / mix and the benefit of cost
savings initiatives, partially offset by higher cost inflation and
other supply chain costs, unfavorable net price realization and the
impact of the recent acquisition.
Snacks Net sales in the quarter decreased 2%. Excluding
the impact from the divestiture of the Emerald nuts business,
organic net sales decreased 1% driven by declines in third-party
partner brands, contract manufacturing, frozen products and fresh
bakery, partially offset by higher net sales of its 8 power brands,
which were up 2%. Sales of power brands benefited from growth in
cookies and crackers, primarily Goldfish crackers, and in salty
snacks. Volume / mix was slightly unfavorable by 1% and net price
realization was neutral. On a two-year CAGR basis, Snacks net
sales, reported and organic, grew approximately 5% and 6%,
respectively.
Operating earnings in the quarter decreased 7% primarily due to
lower gross profit. Gross profit margin decreased due to higher
cost inflation and other supply chain costs and unfavorable volume
/ mix, partially offset by supply chain productivity improvements
and the benefit of cost savings initiatives.
Corporate Corporate expense was $135 million in the third
quarter of fiscal 2024 compared to $101 million.
Corporate expense in the current quarter included the
following:
- $77 million of costs associated with the acquisition;
- $23 million of costs related to cost savings and optimization
initiatives;
- $6 million of accelerated amortization; and
- $13 million of unrealized mark-to-market gains on outstanding
undesignated commodity hedges.
Corporate expense in the third quarter of fiscal 2023
included:
- $27 million of costs related to cost savings initiatives;
- $17 million of pension actuarial losses; and
- $9 million of unrealized mark-to-market losses on outstanding
undesignated commodity hedges.
After factoring in these items, the remaining decrease in
Corporate expense was primarily due to lower general and
administrative expenses.
Conference Call and Webcast Campbell will host a
conference call to discuss these results today at 8:00 a.m. Eastern
Time. Participants calling from the U.S. may dial in using the
toll-free phone number (888) 210-3346. Participants calling from
outside the U.S. may dial in using phone number +1 (646) 960-0253.
The conference access code is 2518868. In addition to dial-in,
access to a live listen-only audio webcast and accompanying slide
presentation, as well as a replay of the webcast, will be available
at investor.campbellsoupcompany.com/events-and-presentations.
Reportable Segments Campbell Soup Company earnings
results are reported as follows:
Meals & Beverages, which consists
of our soup, simple meals and beverage products in retail and
foodservice in U.S. and Canada. The segment includes the following
products: Campbell’s condensed and ready-to-serve soups; Swanson
broth and stocks; Pacific Foods broth, soups and non-dairy
beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s
gravies, pasta, beans and dinner sauces; Swanson canned poultry; V8
juices and beverages; and Campbell’s tomato juice; and as of March
12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen
pizza and soups; Michael Angelo's frozen entrées and pasta sauces;
and noosa yogurts. The segment also includes snacking products in
foodservice and Canada.
Snacks, which consists of Pepperidge
Farm cookies*, crackers, fresh bakery and frozen products,
including Goldfish crackers*, Snyder’s of Hanover pretzels*, Lance
sandwich crackers*, Cape Cod potato chips*, Kettle Brand potato
chips*, Late July snacks*, Snack Factory pretzel crisps*, Pop
Secret popcorn, and other snacking products in retail in the U.S.
We refer to the * brands as our "power brands." The segment also
includes the retail business in Latin America. The segment included
the results of our Emerald nuts business, which was sold on May 30,
2023.
About Campbell For more than 150 years, Campbell
(NYSE:CPB) has been connecting people through food they love.
Generations of consumers have trusted us to provide delicious and
affordable food and beverages. Headquartered in Camden, N.J. since
1869, the company generated fiscal 2023 net sales of $9.4 billion.
Our portfolio includes iconic brands such as Campbell’s, Cape Cod,
Goldfish, Kettle Brand, Lance, Late July, Milano, Michael Angelo's,
noosa, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snyder’s
of Hanover, Swanson and V8. Campbell has a heritage of giving back
and acting as a good steward of the environment. The company is a
member of the Standard & Poor's 500 as well as the FTSE4Good
and Bloomberg Gender-Equality Indices. For more information, visit
www.campbellsoupcompany.com.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect
the company’s current expectations about the impact of its future
plans and performance on the company’s business or financial
results. These forward-looking statements, including any statements
made regarding sales, EBIT and EPS guidance, rely on a number of
assumptions and estimates that could be inaccurate, and which are
subject to risks and uncertainties. The factors that could cause
the company’s actual results to vary materially from those
anticipated or expressed in any forward-looking statement include:
the risk that the cost savings and any other synergies from the
Sovos Brands, Inc. (“Sovos Brands”) transaction may not be fully
realized or may take longer or cost more to be realized than
expected, including that the Sovos Brands transaction may not be
accretive within the expected timeframe or the extent anticipated;
the risks related to the availability of, and cost inflation in,
supply chain inputs, including labor, raw materials, commodities,
packaging and transportation; the company’s ability to execute on
and realize the expected benefits from its strategy, including
growing sales in snacks and growing/maintaining its market share
position in soup; the impact of strong competitive responses to the
company’s efforts to leverage its brand power with product
innovation, promotional programs and new advertising; the risks
associated with trade and consumer acceptance of product
improvements, shelving initiatives, new products and pricing and
promotional strategies; the ability to realize projected cost
savings and benefits from cost savings initiatives and the
integration of recent acquisitions; disruptions in or
inefficiencies to the company’s supply chain and/or operations,
including reliance on key co-manufacturer and supplier
relationships; the risks related to the effectiveness of the
company's hedging activities and the company's ability to respond
to volatility in commodity prices; the company’s ability to manage
changes to its organizational structure and/or business processes,
including selling, distribution, manufacturing and information
management systems or processes; changes in consumer demand for the
company’s products and favorable perception of the company’s
brands; changing inventory management practices by certain of the
company’s key customers; a changing customer landscape, with value
and e-commerce retailers expanding their market presence, while
certain of the company’s key customers maintain significance to the
company’s business; product quality and safety issues, including
recalls and product liabilities; the possible disruption to the
independent contractor distribution models used by certain of the
company’s businesses, including as a result of litigation or
regulatory actions affecting their independent contractor
classification; the uncertainties of litigation and regulatory
actions against the company; the costs, disruption and diversion of
management’s attention associated with activist investors; a
disruption, failure or security breach of the company’s or the
company's vendors' information technology systems, including
ransomware attacks; impairment to goodwill or other intangible
assets; the company’s ability to protect its intellectual property
rights; increased liabilities and costs related to the company’s
defined benefit pension plans; the company’s ability to attract and
retain key talent; goals and initiatives related to, and the
impacts of, climate change, including weather-related events;
negative changes and volatility in financial and credit markets,
deteriorating economic conditions and other external factors,
including changes in laws and regulations; unforeseen business
disruptions or other impacts due to political instability, civil
disobedience, terrorism, geopolitical conflicts, extreme weather
conditions, natural disasters, pandemics or other outbreaks of
disease or other calamities; and other factors described in the
company’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings. This discussion of uncertainties is by
no means exhaustive but is designed to highlight important factors
that may impact the company’s outlook. The company disclaims any
obligation or intent to update forward-looking statements in order
to reflect new information, events or circumstances after the date
of this release.
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS (unaudited)
(millions, except per share
amounts)
Three Months Ended
April 28, 2024
April 30, 2023
Net sales
$
2,369
$
2,229
Costs and expenses
Cost of products sold
1,637
1,561
Marketing and selling expenses
206
194
Administrative expenses
208
167
Research and development expenses
27
24
Other expenses / (income)
30
23
Restructuring charges
13
6
Total costs and expenses
2,121
1,975
Earnings before interest and taxes
248
254
Interest, net
66
46
Earnings before taxes
182
208
Taxes on earnings
49
48
Net earnings
133
160
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
133
$
160
Per share - basic
Net earnings attributable to Campbell Soup
Company
$
.45
$
.54
Weighted average shares outstanding -
basic
298
299
Per share - assuming dilution
Net earnings attributable to Campbell Soup
Company
$
.44
$
.53
Weighted average shares outstanding -
assuming dilution
300
301
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS (unaudited)
(millions, except per share
amounts)
Nine Months Ended
April 28, 2024
April 30, 2023
Net sales
$
7,343
$
7,289
Costs and expenses
Cost of products sold
5,047
5,028
Marketing and selling expenses
645
612
Administrative expenses
555
487
Research and development expenses
76
66
Other expenses / (income)
80
41
Restructuring charges
17
15
Total costs and expenses
6,420
6,249
Earnings before interest and taxes
923
1,040
Interest, net
160
137
Earnings before taxes
763
903
Taxes on earnings
193
214
Net earnings
570
689
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
570
$
689
Per share - basic
Net earnings attributable to Campbell Soup
Company
$
1.91
$
2.30
Weighted average shares outstanding -
basic
298
299
Per share - assuming dilution
Net earnings attributable to Campbell Soup
Company
$
1.91
$
2.29
Weighted average shares outstanding -
assuming dilution
299
301
CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL
SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share
amounts)
Three Months Ended
April 28, 2024
April 30, 2023
Percent Change
Sales
Contributions:
Meals & Beverages
$
1,272
$
1,108
15%
Snacks
1,097
1,121
(2)%
Total sales
$
2,369
$
2,229
6%
Earnings
Contributions:
Meals & Beverages
$
229
$
182
26%
Snacks
167
179
(7)%
Total operating earnings
396
361
10%
Corporate income (expense)
(135
)
(101
)
Restructuring charges
(13
)
(6
)
Earnings before interest and taxes
248
254
(2)%
Interest, net
66
46
Taxes on earnings
49
48
Net earnings
133
160
(17)%
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
133
$
160
(17)%
Per share - assuming dilution
Net earnings attributable to Campbell Soup
Company
$
.44
$
.53
(17)%
CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL
SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share
amounts)
Nine Months Ended
April 28, 2024
April 30, 2023
Percent Change
Sales
Contributions:
Meals & Beverages
$
4,058
$
3,971
2%
Snacks
3,285
3,318
(1)%
Total sales
$
7,343
$
7,289
1%
Earnings
Contributions:
Meals & Beverages
$
763
$
762
—%
Snacks
489
482
1%
Total operating earnings
1,252
1,244
1%
Corporate income (expense)
(312
)
(189
)
Restructuring charges
(17
)
(15
)
Earnings before interest and taxes
923
1,040
(11)%
Interest, net
160
137
Taxes on earnings
193
214
Net earnings
570
689
(17)%
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
570
$
689
(17)%
Per share - assuming dilution
Net earnings attributable to Campbell Soup
Company
$
1.91
$
2.29
(17)%
CAMPBELL SOUP COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(millions)
April 28, 2024
April 30, 2023
Current assets
$
2,139
$
2,104
Plant assets, net
2,621
2,364
Intangible assets, net
9,947
7,140
Other assets
536
465
Total assets
$
15,243
$
12,073
Current liabilities
$
3,457
$
2,288
Long-term debt
5,752
4,496
Other liabilities
2,119
1,701
Total equity
3,915
3,588
Total liabilities and equity
$
15,243
$
12,073
Total debt
$
7,179
$
4,759
Total cash and cash equivalents
$
107
$
223
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited)
(millions)
Nine Months Ended
April 28, 2024
April 30, 2023
Cash flows from operating activities:
Net earnings
$
570
$
689
Adjustments to reconcile net earnings to
operating cash flow
Restructuring charges
17
15
Stock-based compensation
80
48
Amortization of inventory fair value
adjustment from acquisition
17
—
Pension and postretirement benefit
expense
5
20
Depreciation and amortization
298
284
Deferred income taxes
13
(2
)
Other
103
78
Changes in working capital, net of
acquisition
Accounts receivable
(33
)
1
Inventories
102
(40
)
Other current assets
(28
)
(8
)
Accounts payable and accrued
liabilities
(180
)
(123
)
Other
(67
)
(44
)
Net cash provided by operating
activities
897
918
Cash flows from investing activities:
Purchases of plant assets
(376
)
(257
)
Purchases of route businesses
(28
)
(13
)
Sales of route businesses
33
—
Business acquired, net of cash
acquired
(2,617
)
—
Other
1
1
Net cash used in investing activities
(2,987
)
(269
)
Cash flows from financing activities:
Short-term borrowings, including
commercial paper and delayed draw term loan
4,616
2,479
Short-term repayments, including
commercial paper and delayed draw term loan
(4,556
)
(2,473
)
Long-term borrowings
2,496
500
Long-term repayments
(100
)
(566
)
Dividends paid
(334
)
(336
)
Treasury stock purchases
(46
)
(141
)
Treasury stock issuances
—
22
Payments related to tax withholding for
stock-based compensation
(46
)
(19
)
Payments of debt issuance costs
(22
)
—
Other
—
(1
)
Net cash provided by (used in) financing
activities
2,008
(535
)
Effect of exchange rate changes on
cash
—
—
Net change in cash and cash
equivalents
(82
)
114
Cash and cash equivalents — beginning of
period
189
109
Cash and cash equivalents — end of
period
$
107
$
223
Reconciliation of GAAP to Non-GAAP Financial
Measures Third Quarter Ended April 28, 2024
Campbell Soup Company (the "company") uses certain non-GAAP
financial measures as defined by the Securities and Exchange
Commission in certain communications. These non-GAAP financial
measures are measures of performance not defined by accounting
principles generally accepted in the United States and should be
considered in addition to, not in lieu of, GAAP reported measures.
Management believes that also presenting certain non-GAAP financial
measures provides additional information to facilitate comparison
of the company's historical operating results and trends in its
underlying operating results, and provides transparency on how the
company evaluates its business. Management uses these non-GAAP
financial measures in making financial, operating and planning
decisions and in evaluating the company's performance. Management
considers quantitative and qualitative factors in assessing whether
to adjust for the impact of items that may be significant or that
could affect an understanding of the company’s performance and
trends in its underlying operating results. The adjustments on
earnings may include but are not limited to items such as: unusual
or non-recurring gains or charges; costs associated with cost
savings and optimization initiatives; actuarial gains or losses on
pension and postretirement plans; unrealized mark-to-market gains
and losses on outstanding undesignated commodity hedges; gains or
losses on the extinguishment of debt; gains or losses on
divestitures; costs associated with acquisitions; impairment
charges or accelerated amortization; certain litigation expenses;
and costs related to a cybersecurity incident. Depending upon facts
or circumstances, management may change these adjustments. When
these adjustments change, the company will provide updated
definitions of its non-GAAP financial measures. When items no
longer impact the company’s current or future presentation of
non-GAAP operating results, the company will remove these items
from its non-GAAP definitions.
Organic Net Sales
Organic net sales are net sales excluding the impact of
currency, acquisitions and divestitures. Management believes that
excluding these items, which are not part of the ongoing business,
improves the comparability of year-to-year results. A
reconciliation of net sales as reported to organic net sales
follows.
Three Months Ended
April 28, 2024
April 30, 2023
% Change
(millions)
Net Sales,
as
Reported
Impact of Currency
Impact of Acquisition
Organic Net Sales
Net Sales,
as
Reported
Impact of Divestiture
Organic Net Sales
Net Sales,
as
Reported
Organic Net Sales
Meals & Beverages
$
1,272
$
—
$
(166
)
$
1,106
$
1,108
$
—
$
1,108
15%
—%
Snacks
1,097
(1
)
—
1,096
1,121
(16
)
1,105
(2)%
(1)%
Total Net Sales
$
2,369
$
(1
)
$
(166
)
$
2,202
$
2,229
$
(16
)
$
2,213
6%
—%
Nine Months Ended
April 28, 2024
April 30, 2023
% Change
(millions)
Net Sales,
as
Reported
Impact of Currency
Impact of Acquisition
Organic Net Sales
Net Sales,
as
Reported
Impact of Divestiture
Organic Net Sales
Net Sales,
as
Reported
Organic Net Sales
Meals & Beverages
$
4,058
$
3
$
(166
)
$
3,895
$
3,971
$
—
$
3,971
2%
(2)%
Snacks
3,285
(2
)
—
3,283
3,318
(46
)
3,272
(1)%
—%
Total Net Sales
$
7,343
$
1
$
(166
)
$
7,178
$
7,289
$
(46
)
$
7,243
1%
(1)%
Three Months Ended
April 28, 2024
May 1, 2022
Two-Year CAGR
(millions)
Net Sales,
as
Reported
Impact of Currency
Impact of Acquisition
Organic Net Sales
Net Sales,
as
Reported
Impact of Divestiture
Organic Net Sales
Net Sales,
as
Reported
Organic Net Sales
Meals & Beverages
$
1,272
$
8
$
(166
)
$
1,114
$
1,131
$
—
$
1,131
6%
(1)%
Snacks
1,097
(1
)
—
1,096
999
(17
)
982
5%
6%
Total Net Sales
$
2,369
$
7
$
(166
)
$
2,210
$
2,130
$
(17
)
$
2,113
5%
2%
Nine Months Ended
April 28, 2024
May 1, 2022
Two-Year CAGR
(millions)
Net Sales,
as
Reported
Impact of Currency
Impact of Acquisition
Organic Net Sales
Net Sales,
as
Reported
Impact of Divestiture
Organic Net Sales
Net Sales,
as
Reported
Organic Net Sales
Meals & Beverages
$
4,058
$
28
$
(166
)
$
3,920
$
3,672
$
—
$
3,672
5%
3%
Snacks
3,285
(3
)
—
3,282
2,903
(49
)
2,854
6%
7%
Total Net Sales
$
7,343
$
25
$
(166
)
$
7,202
$
6,575
$
(49
)
$
6,526
6%
5%
Three Months Ended
April 30, 2023
May 1, 2022
% Change
(millions)
Net Sales,
as
Reported
Impact of Currency
Organic Net Sales
Net Sales,
as
Reported
Net Sales,
as
Reported
Organic Net Sales
Total Net Sales
$
2,229
$
7
$
2,236
$
2,130
5%
5%
Year Ended
July 30, 2023
(millions)
Net Sales,
as
Reported
Impact of Divestiture
Organic Net Sales for
FY 2024 Guidance
Meals & Beverages
$
4,907
$
—
$
4,907
Snacks
4,450
(51
)
4,399
Total Net Sales
$
9,357
$
(51
)
$
9,306
Items Impacting Earnings
Adjusted Net earnings are net earnings excluding the impact of
costs associated with cost savings and optimization initiatives,
costs associated with acquisitions, unrealized mark-to-market gains
or losses on outstanding undesignated commodity hedges, accelerated
amortization, certain litigation expenses, costs related to a
cybersecurity incident, actuarial gains or losses on pension and
postretirement plans, and gains or losses on divestitures.
Management believes that financial information excluding certain
items that are not considered to reflect the ongoing operating
results, such as those listed below, improves the comparability of
year-to-year results. Consequently, management believes that
investors may be able to better understand its results excluding
these items.
The following items impacted earnings:
(1)
The company has implemented several cost
savings initiatives in recent years. In the third quarter of fiscal
2024, the company recorded implementation costs and other related
costs of $13 million in Administrative expenses, $3 million in Cost
of products sold, $1 million in Marketing and selling expenses, $1
million in Research and development expenses and a reduction to
Restructuring charges of $3 million related to these initiatives.
In the third quarter of fiscal 2023, the company recorded
Restructuring charges of $6 million and implementation costs and
other related costs of $13 million in Administrative expenses, $12
million in Cost of products sold and $2 million in Research and
development expenses (aggregate impact of $24 million after tax, or
$.08 per share) related to these initiatives. In the nine-month
period of fiscal 2024, the company recorded Restructuring charges
of $1 million and implementation costs and other related costs of
$47 million in Administrative expenses, $9 million in Cost of
products sold, $4 million in Marketing and selling expenses and $3
million in Research and development expenses related to these
initiatives. In the nine-month period of fiscal 2023, the company
recorded Restructuring charges of $15 million and implementation
costs and other related costs of $21 million in Administrative
expenses, $12 million in Cost of products sold and $2 million in
Research and development expenses (aggregate impact of $37 million
after tax, or $.12 per share) related to these initiatives. For the
year ended July 30, 2023, the company recorded Restructuring
charges of $16 million and implementation costs and other related
costs of $24 million in Administrative expenses, $18 million in
Cost of products sold, $5 million in Marketing and selling expenses
and $3 million in Research and development expenses (aggregate
impact of $50 million after tax, or $.17 per share) related to
these initiatives.
In the second quarter of fiscal 2024, the
company began implementation of a new optimization initiative to
improve the effectiveness of its Snacks direct-store-delivery
route-to-market network. In the third quarter of fiscal 2024, the
company recognized $5 million in Marketing and selling expenses
related to this initiative.
In the third quarter of fiscal 2024, the
total aggregate impact related to the cost savings and optimization
initiatives was $20 million ($15 million after tax, or $.05 per
share). In the nine-month period of fiscal 2024, the total
aggregate impact related to the cost savings and optimization
initiatives was $69 million ($52 million after tax, or $.17 per
share).
(2)
In the first quarter of fiscal 2024, the
company announced its intent to acquire Sovos Brands, Inc. and on
March 12, 2024, the acquisition closed. In the third quarter of
fiscal 2024, the company incurred $93 million of costs associated
with the acquisition, of which $16 million was recorded in
Restructuring charges, $39 million in Administrative expenses, $16
million in Other expenses / (income), $2 million in Marketing and
selling expenses, $2 million in Research and development expenses
and $18 million in Cost of products sold, of which $17 million was
associated with the acquisition date fair value adjustment for
inventory. The company also recorded costs of $2 million in
Interest expense related to costs associated with the Delayed Draw
Term Loan Credit Agreement used to fund the acquisition. The
aggregate impact was $95 million, $81 million after tax, or $.27
per share. In the nine-month period of fiscal 2024, the company
incurred $114 million of costs associated with the acquisition, of
which $16 million was recorded in Restructuring charges, $39
million in Administrative expenses, $35 million in Other expenses /
(income), $2 million in Marketing and selling expenses, $2 million
in Research and development expenses, $18 million in Cost of
products sold and $2 million in Interest expense. The aggregate
after-tax impact was $98 million, or $.33 per share.
(3)
In the third quarter of fiscal 2024, the
company recognized gains in Cost of products sold of $13 million
($10 million after tax, or $.03 per share) associated with
unrealized mark-to-market adjustments on outstanding undesignated
commodity hedges. In the third quarter of fiscal 2023, the company
recognized losses in Cost of products sold of $9 million ($7
million after tax, or $.02 per share) associated with unrealized
mark-to-market adjustments on outstanding undesignated commodity
hedges. In the nine-month period of fiscal 2024, the company
recognized gains in Cost of products sold of $5 million ($4 million
after tax, or $.01 per share) associated with unrealized
mark-to-market adjustments on outstanding undesignated commodity
hedges. In the nine-month period of fiscal 2023, the company
recognized losses in Cost of products sold of $9 million ($7
million after tax, or $.02 per share) associated with unrealized
mark-to-market adjustments on outstanding undesignated commodity
hedges. For the year ended July 30, 2023, the company recognized
gains in Cost of products sold of $21 million ($16 million after
tax, or $.05 per share) associated with unrealized mark-to-market
adjustments on outstanding undesignated commodity hedges.
(4)
In the third quarter of fiscal 2024, the
company recorded accelerated amortization expense in Other expenses
/ (income) of $6 million ($5 million after tax, or $.02 per share)
related to customer relationship intangible assets due to the loss
of certain contract manufacturing customers, which began in the
fourth quarter of fiscal 2023. In the nine-month period of fiscal
2024, the company recorded accelerated amortization expense in
Other expenses / (income) of $20 million ($15 million after tax, or
$.05 per share) related to customer relationship intangible assets.
For the year ended July 30, 2023, the company recorded accelerated
amortization expense in Other expenses / (income) of $7 million ($5
million after tax, or $.02 per share) related to customer
relationship intangible assets.
(5)
In the nine-month period of fiscal 2024,
the company recorded pre- and after-tax litigation expenses in
Administrative expenses of $3 million ($.01 per share) related to
the Plum baby food and snacks business (Plum), which was divested
on May 3, 2021.
(6)
In the nine-month period of fiscal 2024,
the company recorded costs of $2 million in Cost of products sold
and $1 million in Administrative expenses (aggregate impact of $2
million after tax, or $.01 per share) related to a cybersecurity
incident that was identified in the fourth quarter of fiscal
2023.
(7)
In the third quarter of fiscal 2023, the
company recognized actuarial losses in Other expenses / (income) of
$17 million ($13 million after tax, or $.04 per share). In the
nine-month period of fiscal 2023, the company recognized actuarial
losses in Other expenses / (income) of $26 million ($20 million
after tax, or $.07 per share). The actuarial losses related to
interim remeasurements of certain U.S. pension plans due to lump
sum distributions that exceeded or were expected to exceed service
and interest costs resulting in settlement accounting for the
plans. For the year ended July 30, 2023, the company recognized
actuarial gains on pension and postretirement plans in Other
expenses / (income) of $15 million ($11 million after tax, or $.04
per share).
(8)
For the year ended July 30, 2023, the
company recorded a pre- and after-tax loss in Other expenses /
(income) of $13 million ($.04 per share) on the sale of its Emerald
nuts business.
The following tables reconcile financial information, presented
in accordance with GAAP, to financial information excluding certain
items:
Three Months Ended
April 28, 2024
April 30, 2023
(millions, except per share amounts)
As reported
Adjustments(a)
Adjusted
As reported
Adjustments(a)
Adjusted
Adjusted Percent
Change
Gross profit
$
732
$
8
$
740
$
668
$
21
$
689
7%
Gross profit margin
30.9
%
31.2
%
30.0
%
30.9
%
30 pts
Marketing and selling expenses
$
206
$
(8
)
$
198
$
194
$
—
$
194
2%
Administrative expenses
$
208
$
(52
)
$
156
$
167
$
(13
)
$
154
1%
Research and development expenses
$
27
$
(3
)
$
24
$
24
$
(2
)
$
22
Other expenses / (income)
$
30
$
(22
)
$
8
$
23
$
(17
)
$
6
Restructuring charges
$
13
$
(13
)
$
—
$
6
$
(6
)
$
—
Earnings before interest and taxes
$
248
$
106
$
354
$
254
$
59
$
313
13%
Interest, net
66
(2
)
64
46
—
46
39%
Earnings before taxes
$
182
$
108
$
290
$
208
$
59
$
267
Taxes
49
17
66
48
15
63
Effective income tax rate
26.9
%
22.8
%
23.1
%
23.6
%
(80) pts
Net earnings attributable to Campbell Soup
Company
$
133
$
91
$
224
$
160
$
44
$
204
10%
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.44
$
.30
$
.75
$
.53
$
.15
$
.68
10%
(a) See following tables for additional
information.
*The sum of individual per share amounts may not add due to
rounding.
Three Months Ended
April 28, 2024
(millions, except per share amounts)
Costs associated with cost
savings and optimization initiatives (1)
Costs associated with
acquisition (2)
Commodity mark-to-market
(3)
Accelerated amortization
(4)
Adjustments
Gross profit
$
3
$
18
$
(13
)
$
—
$
8
Marketing and selling expenses
(6
)
(2
)
—
—
(8
)
Administrative expenses
(13
)
(39
)
—
—
(52
)
Research and development expenses
(1
)
(2
)
—
—
(3
)
Other expenses / (income)
—
(16
)
—
(6
)
(22
)
Restructuring charges
3
(16
)
—
—
(13
)
Earnings before interest and taxes
$
20
$
93
$
(13
)
$
6
$
106
Interest, net
—
(2
)
—
—
(2
)
Earnings before taxes
$
20
$
95
$
(13
)
$
6
$
108
Taxes
5
14
(3
)
1
17
Net earnings attributable to Campbell Soup
Company
$
15
$
81
$
(10
)
$
5
$
91
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.05
$
.27
$
(.03
)
$
.02
$
.30
*The sum of individual per share amounts
may not add due to rounding.
Three Months Ended
April 30, 2023
(millions, except per share amounts)
Costs associated with cost
savings and optimization initiatives (1)
Commodity mark-to-market
(3)
Pension and postretirement
adjustments (7)
Adjustments
Gross profit
$
12
$
9
$
—
$
21
Administrative expenses
(13
)
—
—
(13
)
Research and development expenses
(2
)
—
—
(2
)
Other expenses / (income)
—
—
(17
)
(17
)
Restructuring charges
(6
)
—
—
(6
)
Earnings before interest and taxes
$
33
$
9
$
17
$
59
Interest, net
—
—
—
—
Earnings before taxes
$
33
$
9
$
17
$
59
Taxes
9
2
4
15
Net earnings attributable to Campbell Soup
Company
$
24
$
7
$
13
$
44
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.08
$
.02
$
.04
$
.15
*The sum of individual per share amounts
may not add due to rounding.
Nine Months Ended
April 28, 2024
April 30, 2023
(millions, except per share amounts)
As reported
Adjustments(a)
Adjusted
As reported
Adjustments(a)
Adjusted
Adjusted Percent
Change
Gross profit
$
2,296
$
24
$
2,320
$
2,261
$
21
$
2,282
2%
Gross profit margin
31.3
%
31.6
%
31.0
%
31.3
%
30 pts
Marketing and selling expenses
$
645
$
(11
)
$
634
$
612
$
—
$
612
4%
Administrative expenses
$
555
$
(90
)
$
465
$
487
$
(21
)
$
466
—%
Research and development expenses
$
76
$
(5
)
$
71
$
66
$
(2
)
$
64
Other expenses / (income)
$
80
$
(55
)
$
25
$
41
$
(26
)
$
15
Restructuring charges
$
17
$
(17
)
$
—
$
15
$
(15
)
$
—
Earnings before interest and taxes
$
923
$
202
$
1,125
$
1,040
$
85
$
1,125
—%
Interest, net
160
(2
)
158
137
—
137
15%
Earnings before taxes
$
763
$
204
$
967
$
903
$
85
$
988
Taxes
193
38
231
214
21
235
Effective income tax rate
25.3
%
23.9
%
23.7
%
23.8
%
10 pts
Net earnings attributable to Campbell Soup
Company
$
570
$
166
$
736
$
689
$
64
$
753
(2)%
Diluted net earnings per share
attributable to Campbell Soup Company*
$
1.91
$
.56
$
2.46
$
2.29
$
.21
$
2.50
(2)%
(a) See following tables for additional
information.
*The sum of individual per share amounts may not add due to
rounding.
Nine Months Ended
April 28, 2024
(millions, except per share amounts)
Costs associated with cost
savings and optimization initiatives (1)
Costs associated with
acquisition (2)
Commodity mark-to-market
(3)
Accelerated amortization
(4)
Plum litigation expenses
(5)
Cybersecurity incident
costs (6)
Adjustments
Gross profit
$
9
$
18
$
(5
)
$
—
$
—
$
2
$
24
Marketing and selling expenses
(9
)
(2
)
—
—
—
—
(11
)
Administrative expenses
(47
)
(39
)
—
—
(3
)
(1
)
(90
)
Research and development expenses
(3
)
(2
)
—
—
—
—
(5
)
Other expenses / (income)
—
(35
)
—
(20
)
—
—
(55
)
Restructuring charges
(1
)
(16
)
—
—
—
—
(17
)
Earnings before interest and taxes
$
69
$
112
$
(5
)
$
20
$
3
$
3
$
202
Interest, net
—
(2
)
—
—
—
—
(2
)
Earnings before taxes
$
69
$
114
$
(5
)
$
20
$
3
$
3
$
204
Taxes
17
16
(1
)
5
—
1
38
Net earnings attributable to Campbell Soup
Company
$
52
$
98
$
(4
)
$
15
$
3
$
2
$
166
Diluted net earnings per share
attributable to Campbell Soup Company
$
.17
$
.33
$
(.01
)
$
.05
$
.01
$
.01
$
.56
Nine Months Ended
April 30, 2023
(millions, except per share amounts)
Costs associated with cost
savings and optimization initiatives (1)
Commodity mark-to-market
(3)
Pension and postretirement
adjustments (7)
Adjustments
Gross profit
$
12
$
9
$
—
$
21
Administrative expenses
(21
)
—
—
(21
)
Research and development expenses
(2
)
—
—
(2
)
Other expenses / (income)
—
—
(26
)
(26
)
Restructuring charges
(15
)
—
—
(15
)
Earnings before interest and taxes
$
50
$
9
$
26
$
85
Interest, net
—
—
—
—
Earnings before taxes
$
50
$
9
$
26
$
85
Taxes
13
2
6
21
Net earnings attributable to Campbell Soup
Company
$
37
$
7
$
20
$
64
Diluted net earnings per share
attributable to Campbell Soup Company
$
.12
$
.02
$
.07
$
.21
(millions, except per share amounts)
Year Ended July 30,
2023
Gross profit, as reported
$
2,917
Add: Costs associated with cost savings
and optimization initiatives (1)
18
Deduct: Commodity mark-to-market
adjustments (3)
(21
)
Adjusted Gross profit
$
2,914
Adjusted Gross profit margin
31.1
%
Earnings before interest and taxes, as
reported
$
1,312
Add: Costs associated with cost savings
and optimization initiatives (1)
66
Add: Costs associated with acquisition
(2)
5
Deduct: Commodity mark-to-market
adjustments (3)
(21
)
Add: Accelerated amortization (4)
7
Deduct: Pension and postretirement
adjustments (7)
(15
)
Add: Divestiture (8)
13
Adjusted Earnings before interest and
taxes
$
1,367
Interest, net, as reported
$
184
Adjusted Earnings before taxes
$
1,183
Taxes on earnings, as reported
$
270
Add: Tax benefit from costs associated
with cost savings and optimization initiatives (1)
16
Add: Tax benefit from costs associated
with acquisition (2)
1
Deduct: Tax expense from commodity
mark-to-market adjustments (3)
(5
)
Add: Tax benefit from accelerated
amortization (4)
2
Deduct: Tax expense from pension and
postretirement adjustments (7)
(4
)
Adjusted Taxes on earnings
$
280
Adjusted effective income tax
rate
23.7
%
Net earnings attributable to Campbell
Soup Company, as reported
$
858
Add: Net adjustment from costs associated
with cost savings and optimization initiatives (1)
50
Add: Net adjustment from costs associated
with acquisition (2)
4
Deduct: Net adjustment from commodity
mark-to-market adjustments (3)
(16
)
Add: Net adjustment from accelerated
amortization (4)
5
Deduct: Net adjustment from pension and
postretirement adjustments (7)
(11
)
Add: Net adjustment from divestiture
(8)
13
Adjusted Net earnings attributable to
Campbell Soup Company
$
903
Diluted net earnings per share
attributable to Campbell Soup Company, as reported
$
2.85
Add: Net adjustment from costs associated
with cost savings and optimization initiatives (1)
.17
Add: Net adjustment from costs associated
with acquisition (2)
.01
Deduct: Net adjustment from commodity
mark-to-market adjustments (3)
(.05
)
Add: Net adjustment from accelerated
amortization (4)
.02
Deduct: Net adjustment from pension and
postretirement adjustments (7)
(.04
)
Add: Net adjustment from divestiture
(8)
.04
Adjusted Diluted net earnings per share
attributable to Campbell Soup Company
$
3.00
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240604769752/en/
INVESTOR CONTACT: Rebecca Gardy (856) 342-6081
Rebecca_Gardy@campbells.com
MEDIA CONTACT: James Regan (856) 219-6409
James_Regan@campbells.com
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