For the first half, sales were $675 million, with the acquisition of Bolthouse Farms contributing $366 million. North America Foodservice sales declined 8 percent to $309 million. A breakdown of the change in North America Foodservice sales follows:
- Volume and mix subtracted 4 percent
- Increased promotional spending subtracted 4 percent
Operating earnings for the first half were $64 million compared with $55 million in the year-ago period. The increase in operating earnings was primarily driven by the acquisition of Bolthouse Farms, which contributed $29 million, offset by the lower earnings in North America Foodservice.
Unallocated Corporate Expenses
Unallocated corporate expenses for the quarter were $77 million compared with $33 million a year ago. The current quarter included $40 million of restructuring-related costs. Unallocated corporate expenses for the first half were $140 million compared with $63 million in the prior year. The current year included $61 million of restructuring-related costs and $10 million of transaction costs related to the Bolthouse Farms acquisition.
Non-GAAP Financial Information
A detailed reconciliation of the reported financial information to the adjusted financial information is included at the end of this news release.
Campbell will host a conference call to discuss these results on Feb. 15, 2013, at 10:00 a.m. Eastern Standard Time. Participants may access the call at +1 (703) 639-1157. Participants should call at least ten minutes prior to the starting time. The passcode is “Campbell Soup” and the conference leader is Jennifer Driscoll. The call will also be broadcast live over the Internet at
and can be accessed by clicking on the “News & Events” button. A recording of the call will be available approximately two hours after it is completed through midnight on March 1, 2013 at +1 (703) 925-2533. The access code is 1604056. To download the new Campbell investor relations app, which offers access to SEC documents, news releases, audiocasts and more, please visit the Apple App store to download on your iPhone or iPad, or Google Play for your Android mobile device.
Campbell Soup Company earnings results are reported for the following segments: