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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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