This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Campbell Reports Fourth-Quarter And Full-Year Results

Morrison concluded, “As we begin the new fiscal year, we are confident that we will improve our sales and earnings trends. Today, we’ve provided specific growth ranges for fiscal 2013 sales, adjusted EBIT and adjusted EPS.”

Campbell’s fiscal 2013 guidance, which is included at the end of this news release, reflects improved trends in the company’s core business, as well as the impact of Bolthouse Farms.

Fourth-Quarter Results

For the fourth quarter, sales were $1.613 billion, comparable to a year ago. Sales were impacted by the following factors:

  • Volume and mix added 3 percent
  • Price and sales allowances added 3 percent
  • Increased promotional spending subtracted 3 percent
  • Currency subtracted 3 percent

Fourth-Quarter Financial Details

  • Gross margin was 38.5 percent compared with 39.8 percent a year ago. The decrease in gross margin percentage was primarily due to cost inflation and increased promotional spending, partly offset by productivity improvements and higher selling prices.
  • Marketing and selling expenses increased 5 percent to $206 million compared with $196 million in the prior year, primarily due to a 6-percent increase in advertising and consumer promotion expenses, higher spending to support innovation efforts and higher selling expenses, partly offset by a decline due to currency.
  • EBIT was $203 million compared with $169 million in the prior-year quarter. Excluding items impacting comparability in both periods, adjusted EBIT decreased 10 percent to $208 million compared with adjusted EBIT of $232 million a year ago. The decrease was primarily due to the decline in the gross margin percentage and higher marketing expenses, partly offset by an increase in sales volume.
  • The tax rate in the quarter was 29.8 percent compared with 31.5 percent in the prior year. Excluding items impacting comparability in both periods, the adjusted tax rate was 30.1 percent compared with 32.5 percent a year ago. The decrease was primarily due to lower taxes on foreign earnings in the current year.
  • Adjusted net earnings per share were $0.41 in the current quarter compared with adjusted net earnings per share of $0.43 in the prior-year quarter, a decrease of 5 percent. The decline reflected the lower EBIT, partially offset by the benefits of a lower tax rate and fewer shares outstanding.

Full-Year Overview

  • Sales Were $7.7 Billion, Comparable to Prior Year
  • Adjusted EBIT Declined 9 Percent
  • Sales Increases in Global Baking and Snacking, North America Foodservice, and U.S. Beverages Were Offset by Declines in International Simple Meals and Beverages and U.S. Simple Meals
  • U.S. Simple Meals Earnings Were Comparable to a Year Ago
  • North America Foodservice Delivered Earnings Growth

Full-Year Results

Net earnings for the fiscal year were $774 million, or $2.41 per share, compared with $805 million, or $2.42 per share, in the year-ago period. Excluding items impacting comparability in both periods, adjusted net earnings declined 7 percent to $783 million, compared to adjusted net earnings of $846 million. Adjusted net earnings per share declined 4 percent to $2.44 versus an adjusted $2.54 per share in the prior year.

Stock quotes in this article: CPB 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs