Campbell Soup Company (NYSE:CPB)
will discuss its growth strategies and provide an update on plans for fiscal 2014 at a meeting with investors today led by President and Chief Executive Officer Denise Morrison.
Morrison and other members of Campbell’s management team, including Mark Alexander, President - Campbell North America; Jeff Dunn, President - Bolthouse Farms; Irene Chang Britt, SVP - Global Baking and Snacking and President - Pepperidge Farm; Luca Mignini, President - Campbell International; and Craig Owens, SVP, Chief Financial Officer and Chief Administrative Officer, will outline the company’s plans to continue to implement its key growth strategies in its upcoming fiscal year. Those strategies focus on profitably growing the company’s soup and simple meals business in North America, expanding its international presence and continuing to drive growth in snacks and healthy beverages.
Morrison said, “We are executing against a dual mandate to strengthen our core businesses and expand into higher growth spaces. We have had striking movement in both prongs of this mandate during this fiscal year. We've made good progress in strengthening our core businesses, led by impressive advances in U.S. Soup. We are clear-eyed about our need to address some continuing challenges, particularly in U.S. Beverages. Our expansion into higher growth spaces is being propelled by innovation and external development transactions that represent very bold and deliberate moves for Campbell.”
Reiterates Fiscal 2013 Guidance
Campbell continues to expect sales growth at the upper end of the 10- to 12-percent range and adjusted EBIT growth at the upper end of the 4- to 6-percent range. Adjusted EPS, benefiting from a favorable tax rate and EBIT improvement, is expected to grow between 6 and 7 percent, putting adjusted EPS in the range of $2.58 to $2.62. This guidance includes the estimated impact of the Bolthouse Farms business and excludes the impact of acquisition transaction costs and restructuring charges. In fiscal 2013, Campbell continues to expect Bolthouse Farms to contribute approximately $750 million to sales and add approximately $0.06 to adjusted EPS, including the impact of the suspension of Campbell’s strategic share repurchase program. A detailed reconciliation of adjusted financial information to the reported information is included at the end of this news release.