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Adjusted Earnings Before Interest and Taxes (EBIT) Increased 5 Percent, 2 Percent Excluding the Acquisition of Bolthouse Farms
U.S. Simple Meals Sales Grew 3 Percent, With Soup Sales Up 2 Percent; Earnings Increased 5 Percent
U.S. Beverages Sales Declined 5 Percent; Earnings Comparable To a Year Ago
Campbell Completed the Acquisition of Bolthouse Farms on Aug. 6, 2012
Campbell Recorded Charges Related To the Previously Announced Sept. 2012 Restructuring Program
Net earnings for the quarter ended Oct. 28, 2012, were $245 million, or $0.78 per share, compared with $265 million, or $0.82 per share, in the prior year. The current quarter’s reported net earnings included transaction costs associated with the acquisition of Bolthouse Farms, as well as charges associated with the Sept. 2012 restructuring program. Excluding these items impacting comparability, adjusted net earnings increased 5 percent to $279 million, and adjusted net earnings per share increased 7 percent to $0.88 in the current quarter. A detailed reconciliation of the reported financial information to the adjusted information is included at the end of this news release.
Denise Morrison, Campbell’s President and Chief Executive Officer, said,
“We are encouraged by our performance in the first quarter and feel good about the progress we’ve made in executing our three growth strategies.
“In our largest business, U.S. Simple Meals, we generated sales growth both in U.S. Soup and in U.S. Sauces, driven by innovation in our base business and by new product introductions. Our recently acquired Bolthouse Farms business performed very well in the quarter, and we remain excited about the growth platform it provides Campbell in the packaged fresh foods category. We delivered continued solid performance at Pepperidge Farm in the crackers business, while our bakery business declined in the quarter. Our Asia Pacific business delivered good results, driven by improved performance in Australia and strong sales growth in Malaysia and Indonesia. In U.S. Beverages, our core business in original ‘V8’ vegetable juice and ‘V8 V-Fusion’ beverages continued to be challenged by slackening consumer demand.”