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Campbell Reports Fourth-Quarter And Full-Year Results

Fiscal 2013 Guidance

In fiscal 2013, Campbell expects to grow sales between 10 and 12 percent, adjusted EBIT between 4 and 6 percent and adjusted EPS between 3 and 5 percent. The company expects adjusted EPS to be between $2.51 and $2.57. This guidance includes the estimated impact of the Bolthouse Farms business and excludes the impact of transaction costs. In fiscal 2013, Campbell expects Bolthouse Farms to contribute approximately $750 million to sales. Including the estimated impact of purchase accounting and the suspension of the company’s strategic share repurchase program, Campbell expects Bolthouse Farms to add $0.05 to $0.07 cents to fiscal 2013 adjusted EPS.

Non-GAAP Financial Information

A detailed reconciliation of the adjusted financial information to the reported financial information is included at the end of this news release.

Conference Call

Campbell will host a conference call to discuss these results on Sept. 4, 2012, at 10:00 a.m. Eastern Daylight Time. U.S. participants may access the call at 1-866-436-0576 and non-U.S. participants at 1-786-800-3941. Participants should call at least ten minutes prior to the starting time. The passcode is “Campbell Soup” and the conference leader is Jennifer Driscoll. The call will also be broadcast live over the Internet at investor.campbellsoupcompany.com and can be accessed by clicking on the “News & Events” button. A recording of the call will be available approximately two hours after it is completed through midnight Oct. 4, 2012, at 1-855-859-2056 or 1-404-537-3406. The access code is 21752010.

Reporting Segments

Campbell Soup Company earnings results are reported for the following segments:

U.S. Simple Meals aggregates the U.S. Soup and U.S. Sauces businesses. The U.S. Soup business includes the following products: “Campbell’s” condensed and ready-to-serve soups, and “Swanson” broth and stocks. The U.S. Sauces business includes “Prego” pasta sauce, “Pace” Mexican sauce, “Swanson” canned poultry, “Campbell’s” canned pasta, gravies, and beans.

Baking and Snacking aggregates the following: “Pepperidge Farm” cookies, crackers, breads and frozen products in U.S. retail; and “Arnott’s” biscuits in Australia and Asia Pacific.

International Simple Meals and Beverages aggregates the following: soup, sauce and beverage products outside of the United States, including Europe, Latin America, Asia Pacific, China and the retail business in Canada.

U.S. Beverages represents the following products: “V8” vegetable juices, “V8 V-Fusion” juices and juice beverages, “V8 Splash” juice beverages, and “Campbell’s” tomato juice.

North America Foodservice represents the distribution of products such as soup, specialty entrees, beverage products, other prepared foods and “Pepperidge Farm” products through various food service channels in the United States and Canada.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8” and “Bolthouse Farms.” Through its corporate social responsibility program, the company strives to make a positive impact in the workplace, in the marketplace and in the communities in which it operates. Campbell is a member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoup.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 sales, earnings, and margins. These forward-looking statements 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 (1) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (2) the risks associated with trade and consumer acceptance of the company’s initiatives; (3) the company’s ability to realize projected cost savings and benefits; (4) the company’s ability to manage changes to its business processes; (5) the increased significance of certain of the company’s key trade customers; (6) the impact of fluctuations in the supply or costs of energy and raw and packaging materials; (7) the impact of portfolio changes, including the Bolthouse Farms acquisition; (8) the uncertainties of litigation; (9) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions and other external factors; (10) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, armed hostilities, natural disasters or other calamities; and (11) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
 

CAMPBELL SOUP COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS
(millions, except per share amounts)
 
THREE MONTHS ENDED
July 29, 2012   July 31, 2011
Net sales $ 1,613   $ 1,607
Costs and expenses
Cost of products sold 992 968
Marketing and selling expenses 206 196
Administrative expenses 170 170
Research and development expenses 34 34
Other expenses 7 7
Restructuring charges 1   63
Total costs and expenses 1,410   1,438
Earnings before interest and taxes 203 169
Interest, net 25   26
Earnings before taxes 178 143
Taxes on earnings 53   45
Net earnings 125 98
Net loss attributable to noncontrolling interests 2   2
Net earnings attributable to Campbell Soup Company $ 127   $ 100
Per share - basic
Net earnings attributable to Campbell Soup Company $ .40   $ .31
Dividends $ .29   $ .29
Weighted average shares outstanding - basic 315   321
Per share - assuming dilution
Net earnings attributable to Campbell Soup Company $ .40   $ .31
Weighted average shares outstanding - assuming dilution 317   323

In fiscal 2012, the company recorded pre-tax transaction costs of $5 ($3 after tax or $.01 per share) associated with the acquisition of Bolthouse Farms, which closed on August 6, 2012. The costs are included in Other expenses.

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