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Campbell Reports Second-Quarter Results

Operating earnings for the half were $101 million, comparable to the prior year, reflecting earnings gains in the Asia Pacific region offset by lower earnings in Europe.

U.S. Beverages

Sales for U.S. Beverages were $182 million for the second quarter, a decrease of 3 percent compared to the year-ago period, due to declines from volume and mix.

The decrease in sales was due to declines in “V8” vegetable juice and “V8 V-Fusion” beverages. “V8 Splash” juice beverages sales increased slightly.

Operating earnings for the quarter were $37 million compared with $34 million in the prior year. The increase in operating earnings was primarily driven by lower advertising expenses and productivity improvements, partially offset by volume declines and cost inflation.

For the first half, sales decreased 4 percent to $371 million. A breakdown of the change in sales follows:
  • Volume and mix subtracted 3 percent
  • Increased promotional spending subtracted 1 percent

Sales of “V8” vegetable juice and “V8 V-Fusion” beverages declined, while sales of “V8 Splash” juice beverages increased.

Operating earnings in the first half increased to $67 million from $64 million, primarily driven by lower advertising and consumer promotion expenses and productivity initiatives, partly offset by volume declines and cost inflation.

Bolthouse and Foodservice

Sales were $352 million for the second quarter, with the acquisition of Bolthouse Farms contributing $195 million. Sales in North America Foodservice declined 10 percent compared with a year ago. A breakdown of the change in North America Foodservice sales follows:
  • Volume and mix subtracted 6 percent
  • Increased promotional spending subtracted 4 percent

North America Foodservice sales decreased primarily due to declines in frozen soup sales, reflecting the loss of a major restaurant customer.

Operating earnings increased by $2 million to $30 million, driven by the acquisition of Bolthouse Farms, which contributed $15 million, partially offset by significantly lower earnings in North America Foodservice.

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