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Campbell Reports Fourth-Quarter And Full-Year Results

Campbell Soup Company (NYSE:CPB) today reported its fourth-quarter and full-year results for fiscal 2012.

Fourth-Quarter Overview
  • Reported Sales Were Comparable to Prior Year; Organic Sales Increased 3 Percent
  • Adjusted Earnings Before Interest and Taxes (EBIT) Declined 10 Percent
  • U.S. Simple Meals Sales Grew 7 Percent; Earnings Increased 3 Percent
  • In Global Baking and Snacking, U.S. Beverages, and International Simple Meals and Beverages, Organic Sales Increased, While Earnings Declined

Net earnings for the quarter ended July 29, 2012 were $127 million, or $0.40 per share, compared with $100 million, or $0.31 per share, in the prior year. The current quarter’s reported net earnings included transaction costs associated with the Aug. 6, 2012 acquisition of Bolthouse Farms. The prior-year quarter’s reported net earnings included charges associated with the previously announced June 2011 restructuring program. Excluding items impacting comparability in both periods, adjusted net earnings decreased 8 percent to $130 million compared with $141 million in the prior year’s quarter, and adjusted net earnings per share decreased 5 percent to $0.41 compared with $0.43 in the year-ago quarter. A detailed reconciliation of current and prior-year adjusted financial information to the reported information is included at the end of this news release.

Denise Morrison, Campbell’s President and Chief Executive Officer, said, “In the fourth quarter, we generated organic sales growth, with gains across most of our portfolio, including strong sales in U.S. Soup and U.S. Simple Meals. Retailers continue to respond favorably to our new product development, and we have started shipping new products for fiscal 2013 launches.”

Morrison continued, “In fiscal 2012, we advanced our strategies to stabilize and profitably grow North America soup and simple meals, to expand our international presence and to drive growth in healthy beverages and baked snacks. In the first year of our strategic transition, we’ve renewed our focus on consumer insights, reinvigorated our brand building efforts and significantly improved our innovation pipeline. With the acquisition of Bolthouse Farms, we positioned Campbell for growth in the rapidly expanding packaged fresh market. While we’ve had some important accomplishments this year, we also recognize that driving change at Campbell will require a sharper focus on execution. Our strategic framework is a roadmap to drive disciplined and successful change at Campbell. We will continue to enhance and grow our core business, while we broaden our appeal with new consumer groups, new product platforms and new geographies.”

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