We continued to invest in our businesses during the quarter as we experienced unprecedented demand for our products and welcomed millions of new households to the Campbell portfolio. Rating: 100 % of 100 (1) Campbell's® Soup … On Oct. 11, 2019, Campbell completed the sale of the European chips business. Huge selection of 2021 calendars, games, toys, puzzles, gifts and more! Excluding items impacting comparability, adjusted EPS increased 28% to $2.95 per share reflecting the increase in adjusted EBIT and lower adjusted net interest expense. Campbell Soup Company uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. ", Items Impacting Comparability for Continuing Operations. Excluding the additional week in the quarter and the impact from currency, net sales increased 19% driven primarily by gains across the U.S. retail business, including gains in soups, V8 beverages, Prego pasta sauces, and Campbell’s pasta, as well as gains in Canada, partially offset by declines in foodservice. REFINITIV STREETEVENTS EDITED TRANSCRIPT Q1 2021 Campbell Soup Co Earnings Call EVENT... | December 10, 2020 Earnings (loss) from discontinued operations, Net earnings attributable to Campbell Soup Company, Earnings from continuing operations attributable to Campbell Soup Company. Our Values. In line with the company’s commitment to returning value to shareholders, the company paid $426 million of cash dividends in fiscal 2020 reflecting the quarterly dividend rate of $0.35 per share. Choose the classic, always flavorful, always easy Campbell's Soup today. In fiscal 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. The transaction closed on May 8, 2020. 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. Excluding items impacting comparability, the adjusted tax rate increased 40 basis points to 24.1% from 23.7%. Campbell Provides First-Quarter Fiscal 2021 Guidance. “Campbell Soup’s strong sales in 2020 relative to 2019 testify to the increased demand for simple, nutritious and lower-calorie food items during lockdowns, furloughs, and working from home. Campbell's® Soup Can String Lights. Mark Clouse, Campbell’s President and CEO, stated, “Our strong fourth-quarter and full-year fiscal 2020 performance was enabled by the extraordinary work of our teams who remained agile and resilient in a challenging operating environment. Campbell Soup Company to Report First-Quarter Fiscal 2021 Results on Dec. 9, 2020 CAMDEN, N.J.–(BUSINESS WIRE)–Nov. In the fiscal first quarter of 2021, Campbell Soup reported a 7% increase in net sales to $ 2.34 billion. … Magical Realm Campbell Wall Calendar By … A teleconference recording of the Q&A call will also be available until midnight on Sept. 17, 2020, at +1 (404) 537-3406. 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. In 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. The company has implemented several cost savings initiatives in recent years. Corporate expenses were $154 million in the fourth quarter of fiscal 2020 compared to $192 million in the prior year. Net sales in the quarter increased 11%. For generations, people have trusted Campbell's Soup to provide authentic, flavorful and readily available soups, meals, and recipes. Prior-period segment results have been adjusted retrospectively to reflect this change. Note: A non-GAAP reconciliation is not provided for 2021 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. CONSOLIDATED STATEMENTS OF EARNINGS (unaudited), Earnings (loss) from continuing operations, Net loss attributable to noncontrolling interests, Net earnings (loss) attributable to Campbell Soup Company, Earnings (loss) from continuing operations attributable to Campbell Soup Company, Weighted average shares outstanding - basic, From continuing operations attributable to Campbell Soup Company, Net attributable to Campbell Soup Company, Weighted average shares outstanding - assuming dilution. The company is a member of the Standard and Poor's 500 and the FTSE4Good Index. Investor Center. 24, 2020– Campbell Soup Company (NYSE:CPB) today announced that it will report its first-quarter fiscal 2021 … Excluding items impacting comparability, adjusted EPS increased 50% to $0.63 per share, reflecting an increase in adjusted EBIT, as well as lower net interest expense and a lower adjusted effective tax rate. Campbell Soup Company (NYSE:CPB) today reported results for its first-quarter fiscal 2021 and announced a 6% increase to its quarterly dividend. ), Calendar Reconciliation  Day- Friday classes meet, Calendar Reconciliation  Day -Friday classes meet. In the fourth quarter of fiscal 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. (856) 342-6081rebecca_gardy@campbells.com, MEDIA CONTACT:Thomas Hushen Taxes increased to $21 million, compared to $4 million in the prior year. Earnings Before Interest and Taxes (EBIT). The company revised its future outlook for earnings and cash flows for each of these businesses as the divestiture process progressed. Other expenses were $106 million compared to $128 million in the prior year. The benefit of the additional week in both the fourth-quarter and full-year results is estimated to be $0.04 per share. *Includes discontinued operations as of July 28, 2019. Organic net sales, which exclude the additional week and the impact from the sale of the European chips business, also increased 7% from the prior year driven by gains in both Meals & Beverages and Snacks. The following slide deck was published by Campbell Soup Company in conjunction with their 2021 Q1 earnings call. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS, Current assets of discontinued operations, Noncurrent assets of discontinued operations, Current liabilities of discontinued operations, Noncurrent liabilities of discontinued operations. 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. Campbell (NYSE:CPB) is driven and inspired by our purpose, "Real food that matters for life's moments." In 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. Corporate Responsibility. Beginning in the third quarter of fiscal 2019, the results of the Campbell Fresh segment were reported as discontinued operations. See "Presentation Materials and Q&A Webcast" below. In the fourth quarter of fiscal 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). Capital investments were $299 million compared to $384 million in the prior year reflecting delays in certain projects impacted by the current operating environment. Including an 11-point benefit from the additional week, sales of U.S. soup increased 52% due to gains in condensed soups, ready-to-serve soups and broth. The company’s top and bottom lines will likely display year-over-year growth. Fiscal 2020 was a 53-week year, with the extra week falling in the fourth quarter. The materials will be available at investor.campbellsoupcompany.com/events-and-presentations. I would expect us to be in a position where we're with a fully loaded promotional calendar that is really … The continuing effect of the pandemic on the operating environment is difficult to predict with enough certainty to provide a full-year outlook at this time. Administrative expenses increased 12% to $186 million. *The sum of individual per share amounts may not add due to rounding. For the second quarter of 2021… You'll also find a slew of new ways to use Campbell's soup to make delicious meals on the Campbell's Kitchen website. Prior to fiscal 2020, the business in Latin America was managed as part of the Meals & Beverages segment. In fiscal 2019, the business in Latin America was managed as part of the Meals & Beverages segment. Beginning in fiscal 2020, the business in Latin America is managed as part of the Snacks segment. 2021 Calendars Top 50 Calendars Exclusives Pocket Wall Calendars 18 Month Calendars Jeopardy Desk Calendar. The Zacks … ©2020 ALL RIGHTS RESERVED Except for certain license rights granted, turnkey merchandise programs, llc. 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. The company expects that demand for its products will remain elevated in the near term and accordingly, is providing guidance limited to the first quarter of fiscal 2021. In fiscal 2019, the company incurred pre-tax expenses of $32 million associated with the sale process of Campbell Fresh, including transaction costs. Corporate expenses in the fourth quarter of fiscal 2019 included pension and postretirement mark-to-market losses of $122 million, costs related to cost savings initiatives of $22 million, and a non-cash impairment charge of $16 million related to the European chips business. 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. Campbell Soup (NYSE: CPB) declared a quarterly dividend of $0.37 per share, or $1.48 annualized.This is a 5.7% increase from the prior dividend of $0.35. The increase was primarily due to sales volume gains, including the benefit of the additional week, and improved gross margin performance, offset partly by increased marketing support and higher administrative expenses. Prior periods have been adjusted retrospectively to reflect this change. Restructuring charges, implementation costs and other related costs associated with cost savings initiatives, Pension and postretirement benefit mark-to-market adjustments, Nonrecurring tax expense related to U.S. Tax Reform, Fourth-Quarter Results from Continuing Operations. In the fourth quarter of fiscal 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. In 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. (856) 342-5227thomas_hushen@campbells.com, Campbell Reports Fourth-Quarter and Full-Year Fiscal 2020 Results, © 2020 CSC Brands, L.P. All Rights Reserved, Q4 and Full-Year Fiscal 2020 Earnings Press Release, Q4 and Full-Year Fiscal 2020 Financial Statements and Non-GAAP Reconciliation, investor.campbellsoupcompany.com/events-and-presentations, https://www.businesswire.com/news/home/20200903005242/en/, Fourth-quarter Earnings Per Share (EPS) from Continuing Operations of, Given the uncertain operating environment due to the COVID-19 pandemic, the Company is providing guidance limited to the first quarter of fiscal 2021. Responsible Sourcing. Excluding the additional week in the quarter, the impact from the sale of the European chips business and the impact from currency, net sales increased 7% driven primarily by volume gains reflecting increased demand of food purchases for at-home consumption, as well as base business performance. In fiscal 2020, the company recognized pre-tax pension settlement charges in Other expenses / (income) of $43 million ($33 million after tax, or $.11 per share). Full-Year Results from Continuing Operations. Sustainable Agriculture. An analysis of net sales and operating earnings by reportable segment follows: Note: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release. Shares of Campbell Soup Co. CPB, -0.15% inched 0.06% higher to $47.31 Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index … The access code for the teleconference recording is 6497776. Campbell Soup (NYSE:CPB) - Equities researchers at Jefferies Financial Group upped their Q2 2021 earnings per share estimates for Campbell Soup in a note issued to investors on Wednesday, … In fiscal 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. Gross margin performance declined in the quarter as the benefits of cost savings initiatives and supply chain productivity improvements, as well as favorable product mix and improved operating leverage, were more than offset by higher supply chain costs related to COVID-19 and cost inflation. In the fourth quarter of fiscal 2020, the company recorded implementation costs and other related costs of $17 million in Administrative expenses and $3 million in Cost of products sold, and a reduction to Restructuring charges of $1 million (aggregate impact of $14 million after tax, or $.05 per share) related to these initiatives. Campbell Soup sees Q2 2021 EPS of $0.81-$0.83, versus the consensus of $0.84. Campbell Soup Company earnings results are reported as follows: Meals & Beverages includes the retail and foodservice businesses in the U.S. and Canada. Campbell will host a 30 minute live Q&A-only call today at 8:30 a.m. Eastern Time. Add to Cart. During first-quarter fiscal 2021, Campbell’s top line rose 7% year on year, while organic net sales (excluding the impact from the European chips business divestiture in fiscal 2020) advanced 8%. Gross margin performance was impacted by the benefit of supply chain productivity improvements and cost savings initiatives, as well as improved operating leverage and favorable product mix, partially offset by higher supply chain costs related to COVID-19 and cost inflation. ET. ... As heartwarming as chicken soup: The story of Dorothy McFadden, Retired Campbell … Campbell Soup Company (Campbell) is a food company, which manufactures and markets food products. The company issued revenue guidance of +5-7% to ~$2.27-2.31 billion, compared to the consensus revenue estimate of $2.28 billion.Campbell Soup also updated its Q2 2021 Pre-Market guidance to … The total aggregate impact was $4 million after tax, or $.01 per share. The company also incurred costs of $5 million pre tax and after tax ($.02 per share) associated with the planned divestiture of Campbell International. The one of the world’s top soup … The company reported EPS of $1.95 per share. In the fourth quarter of fiscal 2019, the company recorded Restructuring charges of $9 million and implementation costs and other related costs of $27 million in Administrative expenses, $1 million in Marketing and selling expenses, $1 million in Research and development expenses, and a reduction to Cost of products sold of $7 million (aggregate impact of $24 million after tax, or $.08 per share) related to these initiatives. The aggregate impact was $17 million ($12 million after tax, or $.04 per share). 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. Campbell Soup raised its quarterly dividend to 37 cents per share from 35 cents per share, payable on Feb. 1, 2021 to shareholders of record as of close of business on Jan. 9, 2021. Excluding items impacting comparability, adjusted EBIT increased 14% to $1.45 billion reflecting higher sales volume, including the benefit of the additional week, and improved gross margin performance, offset partly by increased marketing investment. The dividend will be payable on … 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. These sales results reflect gains in fresh bakery products, Pepperidge Farm cookies, Late July snacks, Goldfish crackers, and Snyder’s of Hanover pretzels, as well as Kettle Brand and Cape Cod potato chips. Mark A. Clouse — President and Chief Executive Officer. Net sales increased 7% to $2.34 billion … Corporate Participants: Rebecca Gardy — Vice President of Investor Relations. 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