Campbell Reports First-Quarter Results

In fiscal 2013, the company recorded pre-tax restructuring charges of $22 and restructuring-related costs of $21 in Cost of products sold (aggregate impact of $27 after tax or $.09 per share) associated with the initiatives announced in September 2012 to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network.

CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
		THREE MONTHS ENDED
										Percent
		October 28, 2012				October 30, 2011				Change
Sales
Contributions:
U.S. Simple Meals		$	896			$	874			3	%
Global Baking and Snacking		574				568				1	%
International Simple Meals and Beverages		354				359				(1	)%
U.S. Beverages		189				198				(5	)%
Bolthouse and Foodservice		323				162				99	%
Total sales		$	2,336			$	2,161			8	%
Earnings
Contributions:
U.S. Simple Meals		$	274			$	260			5	%
Global Baking and Snacking		85				88				(3	)%
International Simple Meals and Beverages		47				43				9	%
U.S. Beverages		30				30				—	%
Bolthouse and Foodservice		34				27				26	%
Total operating earnings		470				448				5	%
Unallocated corporate expenses		63				30
Restructuring charges		22				2
Earnings before interest and taxes		385				416				(7	)%
Interest, net		33				28
Taxes on earnings		109				125
Net earnings		243				263				(8	)%
Net loss attributable to noncontrolling interests		2				2
Net earnings attributable to Campbell Soup Company		$	245			$	265			(8	)%
Per share - assuming dilution
Net earnings attributable to Campbell Soup Company		$	.78			$	.82			(5	)%

In fiscal 2013, the company recorded pre-tax transaction costs of $10 ($7 after tax or $.02 per share) associated with the acquisition of Bolthouse Farms, which closed on August 6, 2012. The costs are included in Unallocated corporate expenses.

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