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
TheStreet Open House

Campbell Reports Fourth-Quarter And Full-Year Results

Operating earnings declined to $134 million from $182 million in the year-ago period, primarily due to cost inflation, particularly juice concentrates and packaging materials, increased promotional spending and higher advertising expenses, partly offset by productivity improvements.

North America Foodservice

Sales for North America Foodservice were $121 million for the fourth quarter, a decrease of 3 percent compared with a year ago. A breakdown of the change in sales follows:

  • Volume and mix added 1 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 5 percent
  • Currency subtracted 1 percent

The decrease was primarily due to declines in canned soup sales.

Operating earnings decreased $6 million to $10 million due to higher promotional spending and cost inflation, partly offset by productivity improvements and higher selling prices.

For the full year, sales increased 3 percent to $610 million. A breakdown of the change in sales follows:

  • Volume and mix added 2 percent
  • Price and sales allowances added 2 percent
  • Increased promotional spending subtracted 1 percent

Operating earnings were $85 million compared with $82 million in the year-ago period, an increase of 4 percent. The increase in operating earnings was primarily driven by higher selling prices and productivity improvements, partially offset by cost inflation.

Unallocated Corporate Expenses

Unallocated corporate expenses for the quarter were $33 million compared with $31 million a year ago. Unallocated expenses for the full year were $123 million versus $119 million in the prior year. Both the current fourth quarter and full year reflect $5 million of transaction costs related to the Bolthouse Farms acquisition.

Bolthouse Farms Acquisition

On Aug. 6, 2012, Campbell completed the acquisition of Bolthouse Farms for $1.55 billion, subject to customary purchase price adjustments. In the fourth quarter, Campbell recorded pre-tax transaction costs of $5 million, $3 million after-tax, or $0.01 per share, related to the acquisition. Beginning in the first quarter of fiscal 2013, Campbellā€™s results will include the Bolthouse Farms business.

7 of 14

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.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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