Prioritizing the Safety of Our Employees and
Meeting the Needs of Customers, Consumers and Communities During
the Pandemic
- Net Sales Increased 15%; Organic Net Sales Increased 17%
Reflecting Increased Demand for Our Products
- Earnings Per Share (EPS) from Continuing Operations of $0.55
Increased 34%; Adjusted EPS of $0.83 Increased 57%
- Campbell Raises Fiscal 2020 Guidance to Reflect Improved
Outlook Based on Current Operating Environment
Campbell Soup Company (NYSE:CPB) today reported its
third-quarter results for fiscal 2020.
Continuing Operations
Three
Months Ended
Nine
Months Ended
($ in millions, except per share)
Apr. 26,
2020
Apr. 28,
2019
%
Change
Apr. 26,
2020
Apr. 28,
2019
%
Change
Net Sales
As Reported (GAAP)
$2,238
$1,953
15%
$6,583
$6,327
4%
Organic
17%
5%
Earnings Before Interest and Taxes
(EBIT)
As Reported (GAAP)
$273
$245
11%
$940
$896
5%
Adjusted
$386
$294
31%
$1,142
$1,014
13%
Diluted Earnings Per Share
As Reported (GAAP)
$0.55
$0.41
34%
$1.66
$1.59
4%
Adjusted
$0.83
$0.53
57%
$2.34
$1.89
24%
Note: A detailed reconciliation of the reported (GAAP) financial
information to the adjusted financial information is included at
the end of this news release.
CEO Comments Mark Clouse, Campbell’s President and CEO,
stated, “Since the onset of the COVID-19 pandemic, we have
simplified our mission to keep our people safe, while meeting the
urgent need for food and supporting the communities in which we
operate. I am incredibly proud of how the entire Campbell
organization has mobilized and want to thank our team, especially
those on the front lines, for continuing to step up to ensure our
food is readily available across North America.
“In the quarter, we experienced unprecedented broad-based demand
across our brands as consumers sought food that delivered comfort,
quality and value. This demand resulted in double-digit increases
in organic sales, adjusted EBIT and adjusted EPS. In addition,
Campbell’s products were purchased by millions of new households,
with total company household penetration increasing over 6
percentage points in the quarter compared to the third quarter of
fiscal 2019.”
Items Impacting Comparability for Continuing Operations
The table below presents a summary of items impacting comparability
in each period. A detailed reconciliation of the reported (GAAP)
financial information to the adjusted information is included at
the end of this news release.
Diluted Earnings Per
Share
Three Months Ended
Nine Months Ended
Apr. 26, 2020
Apr. 28, 2019
Apr. 26, 2020
Apr. 28, 2019
As Reported (GAAP)
$0.55
$0.41
$1.66
$1.59
Restructuring charges, implementation
costs and other
related costs associated with cost savings
initiatives
$0.04
$0.05
$0.13
$0.23
Net pension settlement losses
$0.13
$0.07
$0.11
$0.07
Loss on investments
$0.12
-
$0.12
-
Loss on extinguishment of debt
-
-
$0.19
-
Costs associated with divestitures
-
-
$0.13
-
Nonrecurring tax expense related to U.S.
Tax Reform
-
-
-
$0.01
Adjusted
$0.83*
$0.53
$2.34
$1.89*
*Numbers do not add due to rounding.
Third-Quarter Results from Continuing Operations Net
sales increased 15% to $2.24 billion. Organic net sales, which
exclude the impact from the divested European chips business,
increased 17% from the prior year driven by favorable volume in
both Meals & Beverages and Snacks reflecting increased demand
for at-home food consumption with the stay-at-home mandate.
Gross margin increased from 33.5% to 34.5%. Excluding items
impacting comparability, adjusted gross margin increased 100 basis
points to 34.7% driven by favorable product mix and improved
operating leverage, as well as the benefits from supply chain
productivity improvements and cost savings initiatives, offset
partly by cost inflation and other supply chain costs, including
mark-to-market losses on outstanding commodity hedges, driven
primarily by diesel hedges, and costs related to COVID-19.
Marketing and selling expenses increased 11% to $239 million.
Excluding items impacting comparability in the prior year, adjusted
marketing and selling expenses increased 12%, driven primarily by
increased investments in advertising and consumer promotion
expenses and higher incentive compensation accruals, offset partly
by the benefit of cost savings initiatives. Administrative expenses
increased 3% to $154 million. Excluding items impacting
comparability, adjusted administrative expenses increased 4%,
primarily reflecting higher incentive compensation accruals, as
well as higher general administration costs and inflation and
investments in information technology, offset partly by the
benefits from cost savings initiatives and lower benefits
costs.
Other expenses were $81 million as compared to $20 million in
the prior year. Excluding items impacting comparability, adjusted
other income was $18 million compared to $8 million in the prior
year.
As reported EBIT increased 11% to $273 million. Excluding items
impacting comparability, adjusted EBIT increased 31% to $386
million as higher sales volumes and improved gross margin
performance were offset partly by increased marketing
investment.
Net interest expense was $55 million compared to $89 million in
the prior year reflecting lower levels of debt. The tax rate was
23.9% as compared to 21.2% in the prior year. Excluding items
impacting comparability, the adjusted tax rate increased 210 basis
points to 23.6%.
The company reported EPS of $0.55 per share. Excluding items
impacting comparability, adjusted EPS increased 57% to $0.83 per
share, reflecting an increase in adjusted EBIT and lower net
interest expense.
Nine-Month Results from Continuing Operations Net sales
increased 4% to $6.58 billion. Organic net sales, which exclude the
impact from the sale of the European chips business, increased 5%
from the prior year driven by gains in both Meals & Beverages
and Snacks.
As reported EBIT increased 5% to $940 million. Excluding items
impacting comparability, adjusted EBIT increased 13% to $1.14
billion reflecting higher sales volume, improved gross margin
performance and higher adjusted other income, offset partly by
increased marketing investment.
Net interest expense was $281 million compared to $270 million
in the prior year reflecting a loss on the extinguishment of debt.
Excluding items impacting comparability in the current year,
adjusted net interest expense decreased 24% from the prior year to
$206 million reflecting lower levels of debt. The tax rate was
23.2% as compared to 23.5% in the prior year. Excluding items
impacting comparability, the adjusted tax rate increased 80 basis
points from 23.3% to 24.1%.
The company reported EPS of $1.66 per share. Excluding items
impacting comparability, adjusted EPS increased 24% to $2.34 per
share reflecting the increase in adjusted EBIT and lower adjusted
net interest expense.
Cash flows from operations were $1.13 billion compared to $1.15
billion in the prior year due primarily to changes in working
capital, offset partly by increased cash earnings. Total debt was
reduced by $1.78 billion during the first nine months of fiscal
2020 primarily due to successful deleveraging in the second quarter
following the completion of the company’s previously announced
divestiture plan. Year-to-date capital investments were $220
million compared to $274 million in the prior year reflecting
delays in certain projects impacted by the current operating
environment. In line with the company’s commitment to returning
value to shareholders, during the first nine months of fiscal 2020,
the company paid $320 million of cash dividends reflecting the
quarterly dividend rate of $0.35 per share.
Campbell Raises Fiscal 2020 Guidance As a result of our
performance in the third quarter, which was significantly impacted
by the increase in demand of our products amidst the COVID-19
pandemic, and our current outlook for continued demand for our
products, we are raising our fiscal 2020 outlook for net sales,
adjusted EBIT and adjusted EPS as shown in the table below.
Although the effect of the COVID-19 pandemic on our sales, adjusted
EBIT and adjusted EPS cannot be predicted with certainty, this
revised outlook reflects our current expectation of trends through
the balance of the fiscal year.
Fiscal 2020 comprises 53 weeks, one additional week compared to
fiscal 2019. The benefit of the 53rd week, consistent with the
prior fiscal 2020 guidance, is estimated to be worth two points of
net sales, adjusted EBIT and adjusted EPS. The outlook for organic
net sales excludes the negative impact from the sale of the
European chips business along with the estimated contribution of
the 53rd week.
Continuing Operations
2019 Results
Previous 2020 Guidance
Updated 2020 Guidance
($ in millions, except per share)
Net Sales
$8,107
-1 to +1%
+5.5 to +6.5%
Organic Net Sales
-1 to +1%
+5.5 to +6.5%
Adjusted EBIT
$1,266*
+2 to +4%
+12 to +14%
Adjusted EPS
$2.30*
+11 to +13% $2.55 to $2.60
+25 to +27% $2.87 to $2.92
* Adjusted – refer to the detailed reconciliation of the
reported (GAAP) financial information to the adjusted financial
information at the end of this news release.
Note: A non-GAAP reconciliation is not provided for 2020
guidance as certain amounts are not estimable, such as pension and
postretirement mark-to-market adjustments, and these items are not
considered to reflect the company's ongoing business results.
Cost Savings Program from Continuing Operations In the
third quarter of fiscal 2020, Campbell achieved $30 million in
savings under its multi-year cost savings program, inclusive of
Snyder’s-Lance synergies, bringing total program-to-date savings to
$680 million. Year-to-date savings were $120 million through the
first nine months of fiscal 2020. As previously announced, the
company expects to deliver cumulative annualized savings of $850
million by the end of fiscal 2022.
Segment Operating Review An analysis of net sales and
operating earnings by reportable segment follows:
Three
Months Ended Apr. 26, 2020
($ in millions)
Meals & Beverages
Snacks
Total
Net Sales, as Reported
$1,210
$1,028
$2,238
Volume and Mix
21%
12%
17%
Price and Sales Allowances
-%
-%
-%
Promotional Spending
-%
-%
-%
Organic Net Sales
21%
12%
17%
Currency
-%
-%
-%
Divestiture
-%
(3)%
(2)%
% Change vs. Prior Year
20%*
9%
15%
Segment Operating Earnings
$275
$154
% Change vs. Prior Year
35%
19%
*Numbers do not add due to rounding. Note: A detailed
reconciliation of the reported (GAAP) net sales to organic net
sales is included at the end of this news release.
Nine
Months Ended Apr. 26, 2020
($ in millions)
Meals & Beverages
Snacks
Total
Net Sales, as Reported
$3,628
$2,955
$6,583
Volume and Mix
5%
5%
5%
Price and Sales Allowances
1%
-%
1%
Promotional Spending
(1)%
-%
(1)%
Organic Net Sales
5%
5%
5%
Currency
-%
-%
-%
Divestiture
-%
(2)%
(1)%
% Change vs. Prior Year
5%
3%
4%
Segment Operating Earnings
$799
$415
% Change vs. Prior Year
7%
8%
Note: A detailed reconciliation of the reported (GAAP) net sales
to organic net sales is included at the end of this news
release.
Meals & Beverages Net sales in
the quarter increased 20%. Excluding the impact from currency, net
sales increased 21% driven primarily by gains across the U.S.
retail business, including gains in soups, Prego pasta sauces, V8
beverages, Campbell’s pasta, Pace Mexican sauces and Swanson canned
poultry, as well as gains in Canada, partially offset by declines
in foodservice. Volume and mix were favorable in the retail
business with increased demand of food purchases for at-home
consumption, offset partly by the negative impact on the
foodservice business as a result of stay-at-home mandates and other
restrictions. Sales of U.S. soup increased 35% due to gains in
condensed soups, ready-to-serve soups and broth.
Segment operating earnings increased 35%. The increase was
primarily due to sales volume gains and improved gross profit
performance, partially offset by increased marketing support. Gross
profit performance was impacted by improved operating leverage and
favorable product mix, as well as the benefits of supply chain
productivity improvements and cost savings initiatives, partially
offset by cost inflation and higher other supply chain costs
reflecting COVID-19 related costs.
Snacks
Net sales in the quarter increased 9%. Excluding the impact from
the sale of the European chips business, net sales increased 12%
driven primarily by volume gains reflecting increased demand of
food purchases for at-home consumption, as well as base business
performance. These sales results reflect gains in fresh bakery
products, Goldfish crackers, and Pepperidge Farm cookies, as well
as Kettle Brand and Cape Cod potato chips, Pop Secret popcorn,
Snyder’s of Hanover pretzels, Lance sandwich crackers, Late July
snacks, and Snack Factory Pretzel Crisps.
Segment operating earnings increased 19%. The increase was
primarily due to sales volume gains and improved gross profit
performance, partially offset by increased marketing support and
higher selling expenses. Gross profit performance was impacted by
favorable product mix and improved operating leverage, as well as
the benefits of supply chain productivity improvements and cost
savings initiatives, partially offset by cost inflation and higher
other supply chain costs reflecting COVID-19 related costs.
Corporate Corporate expenses in the third quarter of
fiscal 2020 included costs related to a pension settlement loss of
$54 million, costs related to investment losses of $45 million, and
costs related to cost savings initiatives of $14 million. Corporate
expenses in the third quarter of fiscal 2019 included costs related
to a pension settlement loss of $28 million and costs related to
cost savings initiatives of $19 million. The remaining increase in
expenses primarily reflects higher losses on outstanding commodity
hedges, offset partly by higher other income.
Presentation Materials and Q&A Webcast Campbell will
post a pre-recorded management presentation and remarks today at
approximately 7:15 a.m. ET. The materials will be available at
investor.campbellsoupcompany.com/events-and-presentations. Given
the unprecedented circumstances related to the COVID-19 pandemic,
Campbell is taking this approach to allow more time for a live
question and answer (Q&A) session for analysts. Campbell will
host a live Q&A-only call today at 8:30 a.m. Eastern Time. To
join, dial +1 (703) 639-1316. The access code is 3437559. Access to
a live webcast of the Q&A, as well as a webcast replay of the
call, will be available at
investor.campbellsoupcompany.com/events-and-presentations. A
teleconference recording of the Q&A call will also be available
until midnight on June 17, 2020, at +1 (404) 537-3406. The access
code for the teleconference recording is 3437559.
Reportable Segments Campbell Soup Company earnings
results are reported as follows:
Meals & Beverages includes the
retail and foodservice businesses in the U.S. and Canada. The
segment includes the following products: Campbell’s condensed and
ready-to-serve soups; Swanson broth and stocks; Pacific Foods
broth, soups and non-dairy beverages; Prego pasta sauces; Pace
Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces;
Swanson canned poultry; Plum baby food and snacks; V8 juices and
beverages; and Campbell’s tomato juice.
Snacks includes Pepperidge Farm
cookies, crackers, fresh bakery and frozen products in U.S. retail,
including Milano cookies and Goldfish crackers, as well as Snyder’s
of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle
Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps,
Pop Secret popcorn, Emerald nuts, and other snacking products in
the U.S. and Canada. Beginning in fiscal 2020, the segment also
includes the retail business in Latin America. Prior to fiscal
2020, the business in Latin America was managed as part of the
Meals & Beverages segment. Prior-period segment results have
been adjusted retrospectively to reflect this change. On Oct. 11,
2019, Campbell completed the sale of the European chips business.
The results for the European chips business up through the time of
sale are included as part of the Snacks segment.
About Campbell Soup Company Campbell (NYSE:CPB) is driven
and inspired by our purpose, "Real food that matters for life's
moments." For generations, people have trusted Campbell to provide
authentic, flavorful and affordable snacks, soups and simple meals,
and beverages. Founded in 1869, Campbell has a heritage of giving
back and acting as a good steward of the planet's natural
resources. The company is a member of the Standard and Poor's 500
and the FTSE4Good Index. For more information, visit
www.campbellsoupcompany.com or follow company news on Twitter via
@CampbellSoupCo.
Forward-Looking Statements This release contains
“forward-looking statements” that reflect the company’s current
expectations about the impact of its future plans and performance
on the company’s business or financial results. These
forward-looking statements, including any statements made regarding
sales, EBIT and EPS guidance, rely on a number of assumptions and
estimates that could be inaccurate and which are subject to risks
and uncertainties. The factors that could cause the company’s
actual results to vary materially from those anticipated or
expressed in any forward-looking statement include: (1) the
company’s ability to execute on and realize the expected benefits
from its strategy, including growing sales in snacks and
maintaining its market share position in soup; (2) the impact of
strong competitive responses to the company’s efforts to leverage
its brand power with product innovation, promotional programs and
new advertising; (3) the risks associated with trade and consumer
acceptance of product improvements, shelving initiatives, new
products and pricing and promotional strategies; (4) the company’s
indebtedness and ability to pay such indebtedness; (5) impacts of,
and associated responses to, the COVID-19 pandemic; (6) the ability
to realize projected cost savings and benefits from cost savings
initiatives and the integration of recent acquisitions; (7)
disruptions to the company’s supply chain and/or operations, as
well as fluctuations in the supply of and inflation in energy and
raw and packaging materials cost; (8) the company’s ability to
manage changes to its organizational structure and/or business
processes, including selling, distribution, manufacturing and
information management systems or processes; (9) changes in
consumer demand for the company’s products and favorable perception
of the company’s brands; (10) changing inventory management
practices by certain of the company’s key customers; (11) a
changing customer landscape, with value and e-commerce retailers
expanding their market presence, while certain of the company’s key
customers maintain significance to the company’s business; (12)
product quality and safety issues, including recalls and product
liabilities; (13) the possible disruption to the independent
contractor distribution models used by certain of the company’s
businesses, including as a result of litigation or regulatory
actions affecting their independent contractor classification; (14)
the uncertainties of litigation and regulatory actions against the
company; (15) the costs, disruption and diversion of management’s
attention associated with activist investors; (16) a material
failure in or breach of the company’s information technology
systems; (17) impairment to goodwill or other intangible assets;
(18) the company’s ability to protect its intellectual property
rights; (19) increased liabilities and costs related to the
company’s defined benefit pension plans; (20) the company’s ability
to attract and retain key talent; (21) changes in currency exchange
rates, tax rates, interest rates, debt and equity markets,
inflation rates, economic conditions, law, regulation and other
external factors; (22) unforeseen business disruptions in one or
more of the company’s markets due to political instability, civil
disobedience, terrorism, armed hostilities, extreme weather
conditions, natural disasters, other pandemics or other calamities;
and (23) other factors described in the company’s most recent Form
10-K and subsequent Securities and Exchange Commission filings. The
company disclaims any obligation or intent to update the
forward-looking statements in order to reflect events or
circumstances after the date of this release.
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS (unaudited)
(millions, except per share
amounts)
Three Months Ended
April 26, 2020
April 28, 2019
Net sales
$
2,238
$
1,953
Costs and expenses
Cost of products sold
1,466
1,298
Marketing and selling expenses
239
215
Administrative expenses
154
150
Research and development expenses
25
23
Other expenses / (income)
81
20
Restructuring charges
—
2
Total costs and expenses
1,965
1,708
Earnings before interest and taxes
273
245
Interest, net
55
89
Earnings before taxes
218
156
Taxes on earnings
52
33
Earnings from continuing operations
166
123
Earnings (loss) from discontinued
operations
2
(39)
Net earnings
168
84
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
168
$
84
Per share - basic
Earnings from continuing operations
attributable to Campbell Soup Company
$
.55
$
.41
Earnings (loss) from discontinued
operations
.01
(.13)
Net earnings attributable to Campbell Soup
Company
$
.56
$
.28
Weighted average shares outstanding -
basic
302
301
Per share - assuming dilution
Earnings from continuing operations
attributable to Campbell Soup Company
$
.55
$
.41
Earnings (loss) from discontinued
operations
.01
(.13)
Net earnings attributable to Campbell Soup
Company*
$
.55
$
.28
Weighted average shares outstanding -
assuming dilution
304
302
*The sum of individual per share amounts may not add due to
rounding.
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS (unaudited)
(millions, except per share
amounts)
Nine Months Ended
April 26, 2020
April 28, 2019
Net sales
$
6,583
$
6,327
Costs and expenses
Cost of products sold
4,331
4,240
Marketing and selling expenses
682
647
Administrative expenses
436
444
Research and development expenses
69
66
Other expenses / (income)
115
12
Restructuring charges
10
22
Total costs and expenses
5,643
5,431
Earnings before interest and taxes
940
896
Interest, net
281
270
Earnings before taxes
659
626
Taxes on earnings
153
147
Earnings from continuing operations
506
479
Earnings (loss) from discontinued
operations
1,036
(260)
Net earnings
1,542
219
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
1,542
$
219
Per share - basic
Earnings from continuing operations
attributable to Campbell Soup Company
$
1.68
$
1.59
Earnings (loss) from discontinued
operations
3.43
(.86)
Net earnings attributable to Campbell Soup
Company
$
5.11
$
.73
Weighted average shares outstanding -
basic
302
301
Per share - assuming dilution
Earnings from continuing operations
attributable to Campbell Soup Company
$
1.66
$
1.59
Earnings (loss) from discontinued
operations
3.41
(.86)
Net earnings attributable to Campbell Soup
Company
$
5.07
$
.73
Weighted average shares outstanding -
assuming dilution
304
302
CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL
SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share
amounts)
Three Months Ended
April 26, 2020
April 28, 2019
Percent Change
Sales
Contributions:
Meals & Beverages
$
1,210
$
1,006
20%
Snacks
1,028
947
9%
Total sales
$
2,238
$
1,953
15%
Earnings
Contributions:
Meals & Beverages
$
275
$
204
35%
Snacks
154
129
19%
Total operating earnings
429
333
29%
Corporate
(156)
(86)
Restructuring charges
—
(2)
Earnings before interest and taxes
273
245
11%
Interest, net
55
89
Taxes on earnings
52
33
Earnings from continuing operations
166
123
Earnings (loss) from discontinued
operations
2
(39)
Net earnings
168
84
100%
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
168
$
84
100%
Per share - assuming dilution
Earnings from continuing
operations attributable to Campbell Soup Company
$
.55
$
.41
Earnings (loss) from discontinued
operations
.01
(.13)
Net earnings attributable to
Campbell Soup Company*
$
.55
$
.28
96%
*The sum of individual per share amounts may not add due to
rounding.
Beginning in fiscal 2020, the business in Latin America is
managed as part of the Snacks segment. In fiscal 2019, the business
in Latin America was managed as part of the Meals & Beverages
segment.
On June 16, 2019, the company sold its Bolthouse Farms business.
In the third quarter of fiscal 2019, the company also sold its
refrigerated soup plant and its Garden Fresh Gourmet business.
Beginning in the third quarter of fiscal 2019, the results of these
businesses were reported as discontinued operations. The businesses
were historically included in the Campbell Fresh segment. A portion
of the U.S. refrigerated soup business was retained and is reported
as part of foodservice in Meals & Beverages.
On September 23, 2019, the company sold the Kelsen Group; and on
December 23, 2019, the company sold its Arnott's business and
certain other international operations. Beginning in the fourth
quarter of fiscal 2019, the results of these businesses were
reported as discontinued operations. The businesses were
historically included in the Snacks segment.
Prior periods have been adjusted retrospectively to reflect
these changes.
CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL
SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share
amounts)
Nine Months Ended
April 26, 2020
April 28, 2019
Percent Change
Sales
Contributions:
Meals & Beverages
$
3,628
$
3,457
5%
Snacks
2,955
2,869
3%
Corporate
—
1
n/m
Total sales
$
6,583
$
6,327
4%
Earnings
Contributions:
Meals & Beverages
$
799
747
7%
Snacks
415
386
8%
Total operating earnings
1,214
1,133
7%
Corporate
(264)
(215)
Restructuring charges
(10)
(22)
Earnings before interest and taxes
940
896
5%
Interest, net
281
270
Taxes on earnings
153
147
Earnings from continuing operations
506
479
Earnings (loss) from discontinued
operations
1,036
(260)
Net earnings
1,542
219
n/m
Net loss attributable to noncontrolling
interests
—
—
Net earnings attributable to Campbell Soup
Company
$
1,542
$
219
n/m
Per share - assuming dilution
Earnings from continuing operations
attributable to Campbell Soup Company
$
1.66
$
1.59
Earnings (loss) from discontinued
operations
3.41
(.86)
Net earnings attributable to Campbell Soup
Company
$
5.07
$
.73
n/m
n/m - not meaningful
CAMPBELL SOUP COMPANY
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(millions)
April 26, 2020
April 28, 2019
Current assets
$
2,746
$
1,489
Current assets of discontinued
operations
—
672
Plant assets, net
2,340
2,438
Intangible assets, net
7,343
7,464
Other assets
289
175
Noncurrent assets of discontinued
operations
—
1,530
Total assets
$
12,718
$
13,768
Current liabilities
$
3,269
$
2,903
Current liabilities of discontinued
operations
—
608
Long-term debt
5,191
7,500
Other liabilities
1,677
1,461
Noncurrent liabilities of discontinued
operations
—
59
Total equity
2,581
1,237
Total liabilities and equity
$
12,718
$
13,768
Total debt*
$
6,695
$
9,280
Total cash and cash equivalents*
$
1,242
$
206
*Includes discontinued operations as of April 28, 2019.
On December 23, 2019, the company sold its Arnott's business and
certain other international operations. On September 23, 2019, the
company sold the Kelsen Group. On June 16, 2019, the company sold
its Bolthouse Farms business. The assets and liabilities of these
businesses are reported as assets and liabilities of discontinued
operations as of April 28, 2019.
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited)
(millions)
Nine Months Ended
April 26, 2020
April 28, 2019
Cash flows from operating activities:
Net earnings
$
1,542
$
219
Adjustments to reconcile net earnings to
operating cash flow
Impairment charges
—
360
Restructuring charges
10
22
Stock-based compensation
47
45
Pension and postretirement benefit
income
(11)
(16)
Depreciation and amortization
241
349
Deferred income taxes
35
50
Net (gain) loss on sales of businesses
(975)
18
Loss on extinguishment of debt
75
—
Investment losses
49
—
Other
74
21
Changes in working capital, net of
acquisition and divestitures
Accounts receivable
(121)
(63)
Inventories
118
156
Prepaid assets
(4)
(19)
Accounts payable and accrued
liabilities
92
60
Other
(47)
(54)
Net cash provided by operating
activities
1,125
1,148
Cash flows from investing activities:
Purchases of plant assets
(220)
(274)
Purchases of route businesses
(10)
(27)
Sales of route businesses
8
29
Business acquired, net of cash
acquired
—
(18)
Sales of businesses, net of cash
divested
2,537
54
Other
3
14
Net cash provided by (used in) investing
activities
2,318
(222)
Cash flows from financing activities:
Short-term borrowings
5,610
4,681
Short-term repayments
(6,405)
(4,995)
Long-term borrowings
1,000
—
Long-term repayments
(499)
(300)
Dividends paid
(320)
(318)
Treasury stock issuances
23
—
Payments related to tax withholding for
stock-based compensation
(10)
(8)
Payments related to extinguishment of
debt
(1,768)
—
Payments of debt issuance costs
(9)
(1)
Net cash used in financing activities
(2,378)
(941)
Effect of exchange rate changes on
cash
(2)
(5)
Net change in cash and cash
equivalents
1,063
(20)
Cash and cash equivalents — beginning of
period
31
49
Cash balance of discontinued operations —
beginning of period
148
177
Cash balance of discontinued operations —
end of period
—
(161)
Cash and cash equivalents — end of
period
$
1,242
$
45
Reconciliation of GAAP to Non-GAAP Financial
Measures Third Quarter Ended April 26, 2020
Campbell Soup Company uses certain non-GAAP financial measures
as defined by the Securities and Exchange Commission in certain
communications. These non-GAAP financial measures are measures of
performance not defined by accounting principles generally accepted
in the United States and should be considered in addition to, not
in lieu of, GAAP reported measures. Management believes that also
presenting certain non-GAAP financial measures provides additional
information to facilitate comparison of the company's historical
operating results and trends in its underlying operating results,
and provides transparency on how the company evaluates its
business. Management uses these non-GAAP financial measures in
making financial, operating and planning decisions and in
evaluating the company's performance. Beginning in the third
quarter of fiscal 2019, the results of the Campbell Fresh segment
were reported as discontinued operations. Beginning in the fourth
quarter of fiscal 2019, the results of the Kelsen Group, Arnott's
and certain other international operations (Campbell
International), which represented the former international biscuits
and snacks operating segment, were reported as discontinued
operations. On October 11, 2019, the company sold its European
chips business. The results of the business through the date of
sale are reflected in continuing operations within the Snacks
segment.
Organic Net Sales Organic
net sales are net sales excluding the impact of currency,
acquisitions, divestitures, and the additional week in fiscal 2020.
Management believes that excluding these items, which are not part
of the ongoing business, improves the comparability of year-to-year
results. A reconciliation of net sales as reported to organic net
sales follows.
Three Months Ended
April 26, 2020
April 28, 2019
% Change
(millions)
Net Sales, as
Reported
Impact of Currency
Organic Net Sales
Net Sales, as
Reported
Impact of Divestiture
Organic Net Sales
Net Sales, as
Reported
Organic Net Sales
Meals & Beverages
$
1,210
$
3
$
1,213
$
1,006
$
—
$
1,006
20%
21%
Snacks
1,028
(1)
1,027
947
(33)
914
9%
12%
Total Net Sales
$
2,238
$
2
$
2,240
$
1,953
$
(33)
$
1,920
15%
17%
Nine Months Ended
April 26, 2020
April 28, 2019
% Change
(millions)
Net Sales, as
Reported
Impact of Currency
Organic Net Sales
Net Sales, as
Reported
Impact of Divestiture
Organic Net Sales
Net Sales, as
Reported
Organic Net Sales
Meals & Beverages
$
3,628
$
4
$
3,632
$
3,457
$
—
$
3,457
5%
5%
Snacks
2,955
—
2,955
2,869
(65)
2,804
3%
5%
Corporate
—
—
—
1
—
1
n/m
n/m
Total Net Sales
$
6,583
$
4
$
6,587
$
6,327
$
(65)
$
6,262
4%
5%
n/m - not meaningful
Items Impacting Earnings
Management believes that financial information excluding certain
items that are not considered to reflect the ongoing operating
results, such as those listed below, improves the comparability of
year-to-year results. Consequently, management believes that
investors may be able to better understand its results excluding
these items.
The following items impacted earnings:
Continuing Operations (1)
The company has implemented several cost
savings initiatives in recent years.
In the third quarter of fiscal 2020, the
company recorded implementation costs and other related costs of
$10 million in Administrative expenses and $4 million in Cost of
products sold (aggregate impact of $11 million after tax, or $.04
per share) related to these initiatives. In the nine-month period
of fiscal 2020, the company recorded Restructuring charges of $10
million and implementation costs and other related costs of $31
million in Administrative expenses, $6 million in Cost of products
sold, $2 million in Marketing and selling expenses, and $1 million
in Research and development expenses (aggregate impact of $38
million after tax, or $.13 per share) related to these initiatives.
In the third quarter of fiscal 2019, the company recorded
Restructuring charges of $2 million and implementation costs and
other related costs of $12 million in Administrative expenses, $4
million in Cost of products sold, $2 million in Marketing and
selling expenses, and $1 million in Research and development
expenses (aggregate impact of $16 million after tax, or $.05 per
share) related to these initiatives. In the nine-month period of
fiscal 2019, the company recorded Restructuring charges of $22
million and implementation costs and other related costs of $35
million in Administrative expenses, $25 million in Cost of products
sold, $6 million in Marketing and selling expenses, and $2 million
in Research and development expenses (aggregate impact of $68
million after tax, or $.23 per share). For the year ended July 28,
2019, the company recorded Restructuring charges of $31 million and
implementation costs and other related costs of $62 million in
Administrative expenses, $18 million in Cost of products sold, $7
million in Marketing and selling expenses, and $3 million in
Research and development expenses (aggregate impact of $92 million
after tax, or $.30 per share) related to these initiatives.
(2)
In the third quarter of fiscal 2020, the
company recognized a pre-tax pension settlement charge in Other
expenses / (income) of $54 million ($41 million after tax, or $.13
per share). In the nine-month period of fiscal 2020, the company
recognized a pre-tax pension settlement charge in Other expenses /
(income) of $43 million ($33 million after tax, or $.11 per share).
In the third quarter of fiscal 2019, the company recognized a
pre-tax pension settlement charge in Other expenses / (income) of
$28 million ($22 million after tax, or $.07 per share). The
settlements resulted from the level of lump sum distributions from
the plans' assets.
(3)
On April 26, 2020, the company entered
into an agreement to sell its limited partnership interest in Acre
Venture Partners, L.P. The transaction closed on May 8, 2020. In
the third quarter of fiscal 2020, the company recognized a loss in
Other expenses / (income) of $45 million ($35 million after tax, or
$.12 per share) as a result of the pending sale.
(4)
In the nine-month period of fiscal 2020,
the company recorded a loss in Other expenses / (income) of $64
million ($41 million after tax, or $.13 per share) on the sale of
its European chips business.
(5)
In the nine-month period of fiscal 2020,
the company recorded a loss in Interest expense of $75 million ($57
million after tax, or $.19 per share) on the extinguishment of
debt.
(6)
In the nine-month period of fiscal 2019,
the company recorded a tax charge of $2 million ($.01 per share)
related to a transition tax on unremitted foreign earnings under
the enactment of the Tax Cuts and Jobs Act.
(7)
For the year ended July 28, 2019, the
company performed an assessment on the assets within the European
chips business and recorded a non-cash impairment charge of $16
million ($13 million after tax, or $.04 per share) on intangible
assets in Other expenses / (income).
(8)
For the year ended July 28, 2019, the
company incurred losses of $122 million in Other expenses /
(income) ($93 million after tax, or $.31 per share) associated with
mark-to-market adjustments for defined benefit pension and
postretirement plans.
Discontinued Operations (1)
In the third quarter of fiscal 2019, the
company recorded a reversal of a $1 million pre-tax and after-tax
charge related to the cost savings initiatives. In the nine-month
period of fiscal 2019, pre-tax and after-tax charges related to the
cost savings initiatives were not material.
(4)
In the nine-month period of fiscal 2020,
the company recognized net gains of $1.04 billion ($1.00 billion
after tax, or $3.29 per share) associated with the sale of Campbell
International. In the third quarter of fiscal 2019, the company
incurred pre-tax expenses of $24 million associated with the sale
process of the businesses in Campbell Fresh, including transaction
costs. In addition, the company recorded tax expense of $29 million
as deferred tax assets on Bolthouse Farms were not realizable. The
aggregate impact was $47 million after tax, or $.16 per share. The
company also incurred costs of $2 million ($1 million after tax)
associated with the planned divestiture of Campbell International.
The total aggregate impact was $48 million after tax, or $.16 per
share. In the nine-month of fiscal 2019, the company incurred
pre-tax expenses of $31 million associated with the sale process of
the businesses in Campbell Fresh, including transaction costs, and
recorded tax expense of $29 million on the deferred tax assets that
were not realizable. The aggregate impact was $52 million after
tax, or $.17 per share. The company also incurred costs of $7
million ($5 million after tax, or $.02 per share) associated with
the planned divestiture of Campbell International. The total
aggregate impact was $57 million after tax, or $.19 per share.
For the year ended July 28, 2019, the
company incurred pre-tax expenses of $32 million associated with
the sale process of the businesses in Campbell Fresh, including
transaction costs. In addition, the company recorded tax expense of
$29 million as deferred tax assets on Bolthouse Farms were not
realizable. The aggregate impact was $51 million after tax, or $.17
per share. For the year ended July 28, 2019, the company also
incurred costs of $12 million ($10 million after tax, or $.03 per
share) associated with the planned divestiture of Campbell
International. The total aggregate impact was $61 million after
tax, or $.20 per share.
(7)
In the first quarter of fiscal 2019, the
company recorded a non-cash impairment charge of $14 million ($11
million after tax, or $.04 per share) on its U.S. refrigerated soup
plant assets.
In the second quarter of fiscal 2019,
interim impairment assessments were performed on the intangible and
tangible assets within Campbell Fresh, which included Garden Fresh
Gourmet, Bolthouse Farms carrot and carrot ingredients, and
Bolthouse Farms refrigerated beverages and salad dressings, as the
company continued to pursue the divestiture of these businesses.
The company revised its future outlook for earnings and cash flows
for each of these businesses as the divestiture process progressed.
The company recorded non-cash impairment charges of $104 million on
the tangible assets and $73 million on the intangible assets of
Bolthouse Farms carrot and carrot ingredients; $96 million on the
intangible assets and $9 million on the tangible assets of
Bolthouse Farms refrigerated beverages and salad dressings; and $62
million on the intangible assets and $2 million on the tangible
assets of Garden Fresh Gourmet. The aggregate impact of the
impairment charges was $346 million ($264 million after tax, or
$.87 per share).
In the nine-month period of fiscal 2019,
the total non-cash impairment charges recorded were $360 million
($275 million after tax, or $.91 per share).
In the fourth quarter of fiscal 2019, as
part of the company's annual review of intangible assets, the
company recognized an impairment charge of $7 million on a
trademark and $10 million on goodwill in Kelsen due to a lower
long-term outlook for sales and the pending sale of the business.
The aggregate impact was $17 million ($12 million after tax, or
$.04 per share).
For the year ended July 28, 2019, the
total non-cash impairment charges recorded were $377 million ($287
million after tax, or $.95 per share).
(8)
For the year ended July 28, 2019, the
company incurred losses of $12 million ($9 million after tax, or
$.03 per share) associated with mark-to-market adjustments for
defined benefit pension plans.
The following tables reconcile financial information, presented
in accordance with GAAP, to financial information excluding certain
items:
Three Months Ended
April 26, 2020
April 28, 2019
(millions, except per share amounts)
As reported
Adjustments(a)
Adjusted
As reported
Adjustments(a)
Adjusted
Adjusted Percent
Change
Gross margin
$
772
$
4
$
776
$
655
$
4
$
659
18%
Gross margin percentage
34.5
%
34.7
%
33.5
%
33.7
%
Marketing and selling expenses
239
—
239
215
(2)
213
Administrative expenses
154
(10)
144
150
(12)
138
Research and development expenses
25
—
25
23
(1)
22
Other expenses / (income)
81
(99)
(18)
20
(28)
(8)
Restructuring charges
—
—
—
2
(2)
—
Earnings before interest and taxes
$
273
$
113
$
386
$
245
$
49
$
294
31%
Interest, net
55
—
55
89
—
89
Earnings before taxes
$
218
$
113
$
331
$
156
$
49
$
205
Taxes
52
26
78
33
11
44
Effective income tax rate
23.9
%
23.6
%
21.2
%
21.5
%
Earnings from continuing operations
$
166
$
87
$
253
$
123
$
38
$
161
57%
Earnings (loss) from discontinued
operations
2
—
2
(39)
47
8
(75)%
Net earnings attributable to Campbell Soup
Company
$
168
$
87
$
255
$
84
$
85
$
169
51%
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company*
$
.55
$
.29
$
.83
$
.41
$
.13
$
.53
57%
Diluted earnings (loss) per share -
discontinued operations
.01
—
.01
(.13)
.16
.03
(67)%
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.55
$
.29
$
.84
$
.28
$
.28
$
.56
50%
(a)See following tables for additional
information.
*The sum of individual per share amounts
may not add due to rounding.
Three Months Ended
April 26, 2020
(millions, except per share amounts)
Restructuring charges,
implementation costs and other related costs (1)
Pension settlement (2)
Investment losses (3)
Adjustments
Gross margin
$
4
$
—
$
—
$
4
Administrative expenses
(10)
—
—
(10)
Other expenses / (income)
—
(54)
(45)
(99)
Earnings before interest and taxes
$
14
$
54
$
45
$
113
Interest, net
—
—
—
—
Earnings before taxes
$
14
$
54
$
45
$
113
Taxes
3
13
10
26
Earnings from continuing operations
$
11
$
41
$
35
$
87
Earnings from discontinued operations
—
—
—
—
Net earnings attributable to Campbell Soup
Company
$
11
$
41
$
35
$
87
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company
$
.04
$
.13
$
.12
$
.29
Diluted earnings per share - discontinued
operations
—
—
—
—
Diluted net earnings per share
attributable to Campbell Soup Company
$
.04
$
.13
$
.12
$
.29
Three Months Ended
April 28, 2019
(millions, except per share amounts)
Restructuring charges,
implementation costs and other related costs (1)
Pension settlement (2)
Divestitures (4)
Adjustments
Gross margin
$
4
$
—
$
—
$
4
Marketing and selling expenses
(2)
—
—
(2)
Administrative expenses
(12)
—
—
(12)
Research and development expenses
(1)
—
—
(1)
Other expenses / (income)
—
(28)
—
(28)
Restructuring charges
(2)
—
—
(2)
Earnings before interest and taxes
$
21
$
28
$
—
$
49
Interest, net
—
—
—
—
Earnings before taxes
$
21
$
28
$
—
$
49
Taxes
5
6
—
11
Earnings from continuing operations
$
16
$
22
$
—
$
38
Loss from discontinued operations
(1)
—
48
47
Net earnings attributable to Campbell Soup
Company
$
15
$
22
$
48
$
85
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company*
$
.05
$
.07
$
—
$
.13
Diluted loss per share - discontinued
operations
—
—
.16
.16
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.05
$
.07
$
.16
$
.28
*The sum of individual per share amounts
may not add due to rounding.
Nine Months Ended
April 26, 2020
April 28, 2019
(millions, except per share amounts)
As reported
Adjustments(a)
Adjusted
As reported
Adjustments(a)
Adjusted
Adjusted Percent
Change
Gross margin
$
2,252
$
6
$
2,258
$
2,087
$
25
$
2,112
7%
Gross margin percentage
34.2
%
34.3
%
33.0
%
33.4
%
Marketing and selling expenses
682
(2)
680
647
(6)
641
Administrative expenses
436
(31)
405
444
(35)
409
Research and development expenses
69
(1)
68
66
(2)
64
Other expenses / (income)
115
(152)
(37)
12
(28)
(16)
Restructuring charges
10
(10)
—
22
(22)
—
Earnings before interest and taxes
$
940
$
202
$
1,142
$
896
$
118
$
1,014
13%
Interest, net
281
(75)
206
270
—
270
Earnings before taxes
$
659
$
277
$
936
$
626
$
118
$
744
Taxes
153
73
226
147
26
173
Effective income tax rate
23.2
%
24.1
%
23.5
%
23.3
%
Earnings from continuing operations
$
506
$
204
$
710
$
479
$
92
$
571
24%
Earnings (loss) from discontinued
operations
1,036
(1,000)
36
(260)
332
72
(50)%
Net earnings attributable to Campbell Soup
Company
$
1,542
$
(796)
$
746
$
219
$
424
$
643
16%
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company*
$
1.66
$
.67
$
2.34
$
1.59
$
.30
$
1.89
24%
Diluted earnings (loss) per share -
discontinued operations
3.41
(3.29)
.12
(.86)
1.10
.24
(50)%
Diluted net earnings per share
attributable to Campbell Soup Company*
$
5.07
$
(2.62)
$
2.45
$
.73
$
1.40
$
2.13
15%
(a)See following tables for additional
information.
*The sum of individual per share amounts
may not add due to rounding.
Nine Months Ended
April 26, 2020
(millions, except per share amounts)
Restructuring charges,
implementation costs and other related costs (1)
Pension settlement (2)
Investment losses (3)
Divestitures (4)
Loss on extinguishment of debt
(5)
Adjustments
Gross margin
$
6
$
—
$
—
$
—
$
—
$
6
Marketing and selling expenses
(2)
—
—
—
—
(2)
Administrative expenses
(31)
—
—
—
—
(31)
Research and development expenses
(1)
—
—
—
—
(1)
Other expenses / (income)
—
(43)
(45)
(64)
—
(152)
Restructuring charges
(10)
—
—
—
—
(10)
Earnings before interest and taxes
$
50
$
43
$
45
$
64
$
—
$
202
Interest, net
—
—
—
—
(75)
(75)
Earnings before taxes
$
50
$
43
$
45
$
64
$
75
$
277
Taxes
12
10
10
23
18
73
Earnings from continuing operations
$
38
$
33
$
35
$
41
$
57
$
204
Earnings from discontinued operations
—
—
—
(1,000)
—
(1,000)
Net earnings attributable to Campbell Soup
Company
$
38
$
33
$
35
$
(959)
$
57
$
(796)
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company*
$
.13
$
.11
$
.12
$
.13
$
.19
$
.67
Diluted earnings per share - discontinued
operations
—
—
—
(3.29)
—
(3.29)
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.13
$
.11
$
.12
$
(3.15)
$
.19
$
(2.62)
*The sum of individual per share amounts
may not add due to rounding.
Nine Months Ended
April 28, 2019
(millions, except per share amounts)
Restructuring charges,
implementation costs and other related costs (1)
Pension settlement (2)
Divestitures (4)
Tax reform (6)
Impairment charges (7)
Adjustments
Gross margin
$
25
$
—
$
—
$
—
$
—
$
25
Marketing and selling expenses
(6)
—
—
—
—
(6)
Administrative expenses
(35)
—
—
—
—
(35)
Research and development expenses
(2)
—
—
—
—
(2)
Other expenses / (income)
—
(28)
—
—
—
(28)
Restructuring charges
(22)
—
—
—
—
(22)
Earnings before interest and taxes
$
90
$
28
$
—
$
—
$
—
$
118
Interest, net
—
—
—
—
—
—
Earnings before taxes
$
90
$
28
$
—
$
—
$
—
$
118
Taxes
22
6
—
(2)
—
26
Earnings from continuing operations
$
68
$
22
$
—
$
2
$
—
$
92
Loss from discontinued operations
—
—
57
—
275
332
Net earnings attributable to Campbell Soup
Company
$
68
$
22
$
57
$
2
$
275
$
424
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company*
$
.23
$
.07
$
—
$
.01
$
—
$
.30
Diluted loss per share - discontinued
operations
—
—
.19
—
.91
1.10
Diluted net earnings per share
attributable to Campbell Soup Company*
$
.23
$
.07
$
.19
$
.01
$
.91
$
1.40
(millions, except per share
amounts)
Year Ended July 28,
2019
Gross margin, as reported
$
2,693
Add: Restructuring charges, implementation
costs and other related costs (1)
18
Adjusted Gross margin
$
2,711
Adjusted Gross margin
percentage
33.4
%
Earnings before interest and taxes, as
reported
$
979
Add: Restructuring charges, implementation
costs and other related costs (1)
121
Add: Pension settlement (2)
28
Add: Impairment charges (7)
16
Add: Pension and postretirement benefit
mark-to-market adjustments (8)
122
Adjusted Earnings before interest and
taxes
$
1,266
Interest, net, as reported
$
354
Adjusted Earnings before taxes
$
912
Taxes on earnings, as reported
$
151
Add: Tax benefit from restructuring
charges, implementation costs and other related costs (1)
29
Add: Tax benefit from pension settlement
(2)
6
Deduct: Tax expense from tax reform
(6)
(2)
Add: Tax benefit from impairment charges
(7)
3
Add: Tax benefit from pension and
postretirement benefit mark-to-market adjustments (8)
29
Adjusted Taxes on earnings
$
216
Adjusted effective income tax
rate
23.7
%
Earnings from continuing operations, as
reported
$
474
Add: Net adjustment from restructuring
charges, implementation costs and other related costs (1)
92
Add: Net adjustment from pension
settlement (2)
22
Add: Net adjustment from tax reform
(6)
2
Add: Net adjustment from impairment
charges (7)
13
Add: Net adjustment from total pension and
postretirement benefit mark-to-market adjustments (8)
93
Adjusted Earnings from continuing
operations
$
696
Loss from discontinued operations, as
reported
$
(263)
Add: Net adjustment from divestitures
(4)
61
Add: Net adjustment from impairment
charges (7)
287
Add: Net adjustment from total pension
benefit mark-to-market adjustments (8)
9
Adjusted Earnings from discontinued
operations
$
94
Adjusted Net earnings attributable to
Campbell Soup Company
$
790
Diluted earnings per share - continuing
operations attributable to Campbell Soup Company, as
reported
$
1.57
Add: Net adjustment from restructuring
charges, implementation costs and other related costs (1)
.30
Add: Net adjustment from pension
settlement (2)
.07
Add: Net adjustment from tax reform
(6)
.01
Add: Net adjustment from impairment
charges (7)
.04
Add: Net adjustment from total pension and
postretirement benefit mark-to-market adjustments (8)
.31
Adjusted Diluted earnings per share -
continuing operations attributable to Campbell Soup Company
$
2.30
Diluted loss per share - discontinued
operations, as reported
$
(.87)
Add: Net adjustment from divestitures
(4)
.20
Add: Net adjustment from impairment
charges (7)
.95
Add: Net adjustment from total pension
benefit mark-to-market adjustments (8)
.03
Adjusted Diluted earnings per share -
discontinued operations
$
.31
Diluted net earnings per share
attributable to Campbell Soup Company, as reported
$
.70
Add: Net adjustment from restructuring
charges, implementation costs and other related costs (1)
.30
Add: Net adjustment from pension
settlement (2)
.07
Add: Net adjustment from divestitures
(4)
.20
Add: Net adjustment from tax reform
(6)
.01
Add: Net adjustment from impairment
charges (7)
.99
Add: Net adjustment from total pension and
postretirement benefit mark-to-market adjustments (8)
.34
Adjusted Diluted net earnings per share
attributable to Campbell Soup Company*
$
2.62
*The sum of individual per share amounts
may not add due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200603005186/en/
INVESTOR CONTACT: Rebecca Gardy
(856) 342-6081 rebecca_gardy@campbells.com
MEDIA CONTACT: Thomas Hushen (856)
342-5227 thomas_hushen@campbells.com
Campbell Soup (NYSE:CPB)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Campbell Soup (NYSE:CPB)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024