Campbell Reports Second-Quarter Results

Campbell Soup Company (NYSE:CPB) today reported its results for the second quarter of fiscal 2013.

Second-Quarter Overview
  • Reported Sales Increased 10 Percent; Organic Sales Increased 1 Percent
  • Adjusted Earnings Before Interest and Taxes (EBIT) Increased 5 Percent, 1 Percent Excluding the Acquisition of Bolthouse Farms
  • U.S. Simple Meals Sales Rose 1 Percent; Earnings Increased 10 Percent
  • Global Baking and Snacking Sales Were Up 7 Percent; Earnings Increased 4 Percent
  • U.S. Beverages Sales Declined 3 Percent; Earnings Increased 9 Percent
  • Campbell Recorded Charges Related To the Announced Restructuring Program in Mexico

Net earnings for the quarter ended Jan. 27, 2013, were $190 million, or $0.60 per share, compared with $205 million, or $0.64 per share, in the prior year. The current and prior years’ reported net earnings included charges associated with restructuring programs. Excluding restructuring and restructuring-related charges, adjusted net earnings increased 6 percent to $220 million, compared with $207 million in the prior year’s quarter, and adjusted net earnings per share increased 9 percent to $0.70 compared with $0.64 in the year-ago quarter. A detailed reconciliation of the reported financial information to the adjusted information is included at the end of this news release.

Denise Morrison, Campbell’s President and Chief Executive Officer, said, “We are pleased with our performance in the quarter.

“Within U.S. Simple Meals, we saw growth in U.S. Soup as consumers responded to our efforts in brand building and innovation, both in our core business and in new products. While we reduced overall advertising spending, we were able to maintain competitive levels and to increase advertising support for new innovation. Our work to improve taste adventure and deliver more effective and efficient marketing and promotion resulted in increased consumption in this important business.”

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