Campbell Reports First-Quarter Results

The following items impacted gross margin and/or earnings:

(1)		In fiscal 2013, the company announced several initiatives to improve its U.S. supply chain cost structure and increase asset utilization across its U.S. thermal plant network. In the first quarter of fiscal 2013, the company recorded pre-tax restructuring charges of $22 million and restructuring-related costs of $21 million in Cost of products sold (aggregate impact $43 million; $27 million after tax or $.09 per share) related to the initiatives.
		In fiscal 2011, the company announced a series of initiatives to improve supply chain efficiency and reduce overhead costs across the organization to help fund plans to drive the growth of the business. The company also announced its intent to close its office in Moscow and exit the Russian market. In fiscal 2012, the company recorded pre-tax restructuring charges of $10 million ($6 million after tax or $.02 per share) related to the initiatives.
(2)		In the fourth quarter of fiscal 2012, the company announced its intent to acquire Bolthouse Farms. In the first quarter of fiscal 2013, the company incurred transaction costs of $10 million ($7 million after tax or $.02 per share) associated with the acquisition, which closed on August 6, 2012. In the fourth quarter of fiscal 2012, the company incurred transaction costs of $5 million ($3 million after tax or $.01 per share) associated with the acquisition.
(3)		Bolthouse Farms contributed $14 million to earnings before interest and taxes in fiscal 2013.

The tables below reconcile financial information, presented in accordance with GAAP, to financial information excluding certain transactions:

		Three Months Ended
(millions, except per share amounts)		October 28, 2012					October 30, 2011					Percent Change
Gross margin, as reported		$	865				$	854
Add: Restructuring-related costs (1)		21					—
Adjusted Gross Margin		$	886				$	854				4	%
Adjusted Gross margin percentage		37.9		%			39.5		%
Earnings before interest and taxes, as reported		$	385				$	416
Add: Restructuring charges and related costs (1)		43					—
Add: Acquisition transaction costs (2)		10					—
Adjusted Earnings before interest and taxes		$	438				$	416				5	%
Interest, net, as reported		$	33				$	28
Adjusted Earnings before taxes		$	405				$	388
Taxes on earnings, as reported		$	109				$	125
Add: Tax benefit from restructuring charges and related costs (1)		16					—
Add: Tax benefit from acquisition transaction costs (2)		3					—
Adjusted Taxes on earnings		$	128				$	125
Adjusted effective income tax rate		31.6		%			32.2		%
Net earnings attributable to Campbell Soup Company, as reported		$	245				$	265
Add: Net adjustment from restructuring charges and related costs (1)		27					—
Add: Net adjustment from acquisition transaction costs (2)		7					—
Adjusted Net earnings attributable to Campbell Soup Company		$	279				$	265				5	%
Diluted net earnings per share attributable to Campbell Soup Company, as reported		$	.78				$	.82
Add: Net adjustment from restructuring charges and related costs (1)		.09					—
Add: Net adjustment from acquisition transaction costs (2)		.02					—
Adjusted Diluted net earnings per share attributable to Campbell Soup Company*		$	.88				$	.82				7	%
* The sum of the individual per share amounts does not add due to rounding.
Earnings before Interest and Taxes Excluding Acquisition
		Three Months Ended
(millions, except per share amounts)		October 28, 2012					October 30, 2011					Percent Change
Adjusted Earnings before interest and taxes		$	438				$	416
Deduct: Bolthouse earnings (3)		(14			)		—
Adjusted Earnings before interest and taxes, less acquisition		$	424				$	416				2	%

				Year Ended
(millions, except per share amounts)				July 29, 2012
Earnings before interest and taxes, as reported				$	1,212
Add: Restructuring charges (1)				10
Add: Acquisition transaction costs (2)				5
Adjusted Earnings before interest and taxes				$	1,227
Interest, net, as reported				$	106
Adjusted Earnings before taxes				$	1,121
Taxes on earnings, as reported				$	342
Add: Tax benefit from restructuring charges (1)				4
Add: Tax benefit from acquisition transaction costs (2)				2
Adjusted Taxes on earnings				$	348
Adjusted effective income tax rate				31.0		%
Net earnings attributable to Campbell Soup Company, as reported				$	774
Add: Net adjustment from restructuring charges (1)				6
Add: Net adjustment from acquisition transaction costs (2)				3
Adjusted Net earnings attributable to Campbell Soup Company				$	783
Diluted net earnings per share attributable to Campbell Soup Company, as reported				$	2.41
Add: Net adjustment from restructuring charges (1)				.02
Add: Net adjustment from acquisition transaction costs (2)				.01
Adjusted Diluted net earnings per share attributable to Campbell Soup Company				2.44

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