Campbell's Reports Second Quarter Fiscal 2025 Results
Campbell's (CPB) reported Q2 fiscal 2025 results with net sales increasing 9% to $2.7 billion, though organic net sales decreased 2%. The company's EBIT rose to $327 million, with adjusted EBIT up 2% to $372 million. Earnings per share were $0.58, while adjusted EPS declined 8% to $0.74.
The Meals & Beverages segment saw 21% sales growth driven by the Sovos Brands acquisition, while organic sales fell 1%. The Snacks segment experienced a 6% decrease in sales, with organic sales down 3%. Year-to-date cash flow from operations reached $737 million, with $283 million returned to shareholders through dividends and share repurchases.
Campbell's updated its fiscal 2025 guidance, now projecting net sales growth of 6-8%, organic net sales between -2% to flat, and adjusted EPS of $2.95-$3.05. The company has achieved $65 million in savings under its $250 million cost savings program announced in September 2024.
Campbell's (CPB) ha riportato i risultati del secondo trimestre dell'anno fiscale 2025 con vendite nette in aumento del 9% a 2,7 miliardi di dollari, sebbene le vendite nette organiche siano diminuite del 2%. L'EBIT dell'azienda è salito a 327 milioni di dollari, con un EBIT rettificato in aumento del 2% a 372 milioni di dollari. Gli utili per azione sono stati di 0,58 dollari, mentre l'EPS rettificato è sceso dell'8% a 0,74 dollari.
Il segmento Pasti e Bevande ha registrato una crescita delle vendite del 21% grazie all'acquisizione di Sovos Brands, mentre le vendite organiche sono diminuite dell'1%. Il segmento Snack ha subito una diminuzione delle vendite del 6%, con vendite organiche in calo del 3%. Il flusso di cassa operativo da inizio anno ha raggiunto 737 milioni di dollari, con 283 milioni di dollari restituiti agli azionisti tramite dividendi e riacquisti di azioni.
Campbell's ha aggiornato le previsioni per l'anno fiscale 2025, ora prevedendo una crescita delle vendite nette del 6-8%, vendite nette organiche tra -2% e stabili, e un EPS rettificato di 2,95-3,05 dollari. L'azienda ha raggiunto 65 milioni di dollari di risparmi nel suo programma di risparmio sui costi da 250 milioni di dollari annunciato a settembre 2024.
Campbell's (CPB) reportó los resultados del segundo trimestre del año fiscal 2025, con ventas netas que aumentaron un 9% a 2.7 mil millones de dólares, aunque las ventas netas orgánicas disminuyeron un 2%. El EBIT de la compañía aumentó a 327 millones de dólares, con un EBIT ajustado que subió un 2% a 372 millones de dólares. Las ganancias por acción fueron de 0.58 dólares, mientras que el EPS ajustado cayó un 8% a 0.74 dólares.
El segmento de Comidas y Bebidas vio un crecimiento en ventas del 21% impulsado por la adquisición de Sovos Brands, mientras que las ventas orgánicas cayeron un 1%. El segmento de Snacks experimentó una disminución del 6% en ventas, con ventas orgánicas en baja del 3%. El flujo de efectivo de las operaciones hasta la fecha alcanzó 737 millones de dólares, con 283 millones de dólares devueltos a los accionistas a través de dividendos y recompra de acciones.
Campbell's actualizó su guía para el año fiscal 2025, proyectando ahora un crecimiento de ventas netas del 6-8%, ventas netas orgánicas entre -2% y estables, y un EPS ajustado de 2.95-3.05 dólares. La compañía ha logrado 65 millones de dólares en ahorros bajo su programa de ahorro de costos de 250 millones de dólares anunciado en septiembre de 2024.
캠벨스 (CPB)는 2025 회계연도 2분기 실적을 발표했으며, 순매출이 9% 증가하여 27억 달러에 달했습니다. 그러나 유기적 순매출은 2% 감소했습니다. 회사의 EBIT는 3억 2700만 달러로 상승했으며, 조정 EBIT는 2% 증가하여 3억 7200만 달러에 이르렀습니다. 주당 순이익은 0.58달러였고, 조정 주당 순이익은 8% 감소하여 0.74달러로 나타났습니다.
식사 및 음료 부문은 Sovos Brands 인수로 인해 21%의 매출 성장을 보였지만, 유기적 매출은 1% 감소했습니다. 스낵 부문은 매출이 6% 감소했으며, 유기적 매출은 3% 하락했습니다. 연초부터 운영으로 인한 현금 흐름은 7억 3700만 달러에 달했으며, 2억 8300만 달러는 배당금과 자사주 매입을 통해 주주에게 반환되었습니다.
캠벨스는 2025 회계연도 가이던스를 업데이트하며, 이제 순매출 성장률을 6-8%로, 유기적 순매출을 -2%에서 보합으로, 조정 주당 순이익을 2.95-3.05달러로 예상하고 있습니다. 회사는 2024년 9월에 발표된 2억 5000만 달러 규모의 비용 절감 프로그램을 통해 6500만 달러의 절감을 달성했습니다.
Campbell's (CPB) a annoncé les résultats du deuxième trimestre de l'exercice fiscal 2025, avec des ventes nettes en augmentation de 9% à 2,7 milliards de dollars, bien que les ventes nettes organiques aient diminué de 2%. L'EBIT de l'entreprise a augmenté à 327 millions de dollars, avec un EBIT ajusté en hausse de 2% à 372 millions de dollars. Les bénéfices par action étaient de 0,58 dollar, tandis que le BPA ajusté a chuté de 8% à 0,74 dollar.
Le segment Repas et Boissons a connu une croissance des ventes de 21% grâce à l'acquisition de Sovos Brands, tandis que les ventes organiques ont baissé de 1%. Le segment Snacks a enregistré une baisse de 6% des ventes, avec des ventes organiques en recul de 3%. Le flux de trésorerie d'exploitation depuis le début de l'année a atteint 737 millions de dollars, avec 283 millions de dollars restitués aux actionnaires par le biais de dividendes et de rachats d'actions.
Campbell's a mis à jour ses prévisions pour l'exercice 2025, projetant désormais une croissance des ventes nettes de 6 à 8%, des ventes nettes organiques entre -2% et stables, et un BPA ajusté de 2,95 à 3,05 dollars. L'entreprise a réalisé 65 millions de dollars d'économies dans le cadre de son programme d'économies de coûts de 250 millions de dollars annoncé en septembre 2024.
Campbell's (CPB) hat die Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 veröffentlicht, wobei der Nettoumsatz um 9% auf 2,7 Milliarden Dollar gestiegen ist, obwohl der organische Nettoumsatz um 2% gesunken ist. Das EBIT des Unternehmens stieg auf 327 Millionen Dollar, während das bereinigte EBIT um 2% auf 372 Millionen Dollar zunahm. Der Gewinn pro Aktie betrug 0,58 Dollar, während das bereinigte EPS um 8% auf 0,74 Dollar fiel.
Das Segment Mahlzeiten und Getränke verzeichnete ein Umsatzwachstum von 21%, das durch die Übernahme von Sovos Brands bedingt war, während der organische Umsatz um 1% zurückging. Das Snack-Segment erlebte einen Umsatzrückgang von 6%, wobei der organische Umsatz um 3% sank. Der Cashflow aus dem operativen Geschäft belief sich bis heute auf 737 Millionen Dollar, wobei 283 Millionen Dollar durch Dividenden und Aktienrückkäufe an die Aktionäre zurückgegeben wurden.
Campbell's hat seine Prognose für das Geschäftsjahr 2025 aktualisiert und rechnet nun mit einem Nettoumsatzwachstum von 6-8%, einem organischen Nettoumsatz zwischen -2% und stabil sowie einem bereinigten EPS von 2,95-3,05 Dollar. Das Unternehmen hat 65 Millionen Dollar an Einsparungen im Rahmen seines 250 Millionen Dollar umfassenden Kostensenkungsprogramms erzielt, das im September 2024 angekündigt wurde.
- Cost savings program delivered $65M of $250M target
- Operating cash flow increased to $737M from $684M
- Meals & Beverages segment sales up 21% with Sovos acquisition
- Sovos Brands acquisition slightly accretive to adjusted earnings
- Organic net sales declined 2%
- Adjusted EPS decreased 8% to $0.74
- Snacks segment sales dropped 6%
- Gross profit margin decreased 100 basis points to 30.4%
- Net interest expense increased to $80M from $46M
- Lowered full-year guidance
Insights
Campbell's Q2 fiscal 2025 results reveal a mixed performance with significant acquisition-driven growth masking organic challenges. Net sales increased 9% to $2.7 billion, primarily due to the Sovos Brands acquisition, while organic net sales declined 2%. This decline stemmed from pricing pressures rather than volume issues.
The earnings picture shows concerning trends. Adjusted EPS decreased 8% to $0.74, primarily due to higher interest expenses from acquisition-related debt. Gross profit margin compressed 100 basis points to 30.4%, reflecting ongoing cost inflation and unfavorable pricing dynamics despite productivity improvements.
Management's guidance revision is particularly noteworthy. Campbell's lowered its full-year outlook, now projecting organic sales between down 2% and flat (previously positive), and adjusted EPS of $2.95-$3.05 (down 1-4% year-over-year). This revision signals continued headwinds in their core business.
The segment performance divergence is telling: Meals & Beverages grew 21% with acquisition benefits, while Snacks declined 6%, with a concerning 3% organic decline. This weakness in Snacks, affecting key brands like Goldfish crackers and Snyder's pretzels, represents a structural challenge for a critical growth segment.
While the $737 million in operating cash flow demonstrates financial stability, the company's challenges in driving organic growth amid cost pressures and the need for increased marketing investment suggest fundamental business headwinds beyond simple macroeconomic factors.
Campbell's Q2 fiscal 2025 results reveal a concerning narrative beneath the headline numbers. While total sales grew 9% to $2.7 billion, this growth relies entirely on the Sovos Brands acquisition, masking a 2% decline in organic sales. This dichotomy highlights a company addressing fundamental growth challenges through acquisition rather than organic improvement.
The profitability picture shows significant pressure points. Adjusted EPS fell 8% to $0.74, with interest expenses ballooning to $80 million from $46 million last year due to acquisition financing. Gross margin contracted 100 basis points to 30.4% despite cost-saving initiatives, signaling that inflation and pricing pressures are outpacing efficiency improvements.
Most alarming is the performance divergence between segments. The Snacks division - historically a growth driver - experienced not just a 6% revenue decline but a disproportionate 29% drop in operating earnings. With weaknesses in flagship brands like Goldfish and Snyder's, this suggests deeper competitive or consumer preference shifts rather than temporary headwinds.
Management's downward guidance revision further confirms these structural challenges. The company now expects organic sales between down 2% and flat - acknowledging that anticipated improvements haven't materialized. This projection weakness, combined with continued share repurchases despite increased debt ($56 million in repurchases year-to-date), raises questions about capital allocation priorities.
While the $737 million in operating cash flow and accelerated cost savings provide some stability, they're insufficient to offset the fundamental challenges in driving organic growth and maintaining pricing power in key categories.
-
Net Sales increased
9% to$2.7 billion 2% on an organic basis. -
Earnings Before Interest and Taxes (EBIT) were
$327 million 2% to$372 million -
Earnings Per Share (EPS) were
$0.58 8% to$0.74 -
Fiscal year-to-date cash flow from operations was
$737 million $283 million - Updates full-year fiscal 2025 guidance.
CEO Comments
Mick Beekhuizen, Campbell’s President and CEO, said “Second quarter earnings were in line with our expectations despite the dynamic operating environment. Given the softness in some of our snacking categories, the anticipated sequential top-line improvement did not materialize during the quarter, and we now have a more muted second half expectation. As a result, we are updating our full-year guidance. We remain confident in our ability to successfully navigate the current consumer landscape with our portfolio of advantaged leadership brands, talented team and track record of execution. We have a strong foundation to deliver long-term sustainable, profitable growth and shareholder returns.”
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Three Months Ended |
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($ in millions, except per share) |
January 26, 2025 |
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January 28, 2024 |
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% Change |
Net Sales |
|
|
|
|
|
As Reported (GAAP) |
|
|
|
|
|
Organic |
|
|
|
|
(2)% |
Earnings Before Interest and Taxes (EBIT) |
|
|
|
|
|
As Reported (GAAP) |
|
|
|
|
|
Adjusted |
|
|
|
|
|
Diluted Earnings Per Share |
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|
|
|
|
As Reported (GAAP) |
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|
|
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(15)% |
Adjusted |
|
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|
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(8)% |
Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release. |
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Items Impacting Comparability
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.
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Diluted Earnings Per Share |
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Three Months Ended |
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|
January 26, 2025 |
|
January 28, 2024 |
As Reported (GAAP) |
|
|
|
Costs associated with cost savings and optimization initiatives |
|
|
|
Commodity mark-to-market losses (gains) |
|
|
|
Accelerated amortization |
|
|
|
Impairment charges |
|
|
$— |
Charges associated with divestitures |
|
|
$— |
Certain litigation expenses |
$— |
|
$— |
Costs associated with acquisition |
$— |
|
|
Adjusted |
|
|
|
Second Quarter Results
Net sales in the quarter increased
Gross profit increased to
Marketing and selling expenses, which represented approximately
Administrative expenses decreased
Other expenses were
EBIT increased to
Net interest expense was
EPS decreased to
Cash Flow and Shareholder Return
Cash flow from operations for the six months ended January 26, 2025 was
Cost Savings Program
Through the second quarter, Campbell's has delivered approximately
Updated Full-Year Fiscal 2025 Guidance:
Based on year-to-date performance and the ongoing dynamic consumer environment, Campbell’s is updating its full-year fiscal 2025 guidance. In addition, the company’s updated guidance reflects the sale of the noosa yoghurt business, which was divested on February 24, 2025, and is estimated to have an impact of approximately 1 percentage point on net sales and an estimated
The company is updating its full-year fiscal 2025 financial outlook as follows:
-
Net sales growth of approximately
6% to8% . -
Organic net sales expected to be in the range of down
2% to flat.- Organic net sales exclude acquisitions, divestitures, currency and the 53rd week. As a reminder, Sovos Brands was acquired on March 12, 2024, and therefore moves into organic net sales during the third quarter of fiscal 2025.
-
Adjusted EBIT growth of
3% to5% .-
Reflecting strong first half progress on cost savings initiatives, expected full-year 2025 cost savings are increased to
$120 million
-
Reflecting strong first half progress on cost savings initiatives, expected full-year 2025 cost savings are increased to
-
Adjusted EPS of
$2.95 $3.05 4% to down1% versus prior year adjusted EPS of$3.08 -
Net interest expense expected to be
$325 $330 million
-
Net interest expense expected to be
The company’s guidance does not reflect any impact from potential import tariffs by the
Consistent with prior guidance, the benefit of the 53rd week is included in the company's fiscal 2025 guidance (with the exception of organic net sales which exclude the 53rd week) and is estimated to be worth approximately 2 points of growth to reported net sales and adjusted EBIT, along with approximately
Other additional guidance assumptions can be found in the accompanying investor presentation available at https://investor.thecampbellscompany.com/events-presentations.
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FY2024 Results |
Prior FY2025
|
Updated FY2025
|
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($ in millions, except per share) |
|
|
|
|
|
|
|
Net Sales |
|
|
|
|
+ |
|
+ |
Organic Net Sales |
|
|
* |
|
|
|
(2)% to |
|
|
|
|
|
|
|
|
Adjusted EBIT |
|
|
* |
|
+ |
|
+ |
|
|
|
|
|
|
|
|
Adjusted EPS |
|
|
* |
|
+ |
|
(4)% to (1)% |
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|
|
|
|
|
|
|
Prior guidance reflects Sovos Brands which was acquired on March 12, 2024, the divestiture of the Pop Secret popcorn business which was sold on August 26, 2024 and the impact of the 53rd week in fiscal 2025. Updated guidance also reflects the divestiture of the noosa yoghurt business which was sold on February 24, 2025. Organic net sales exclude acquisitions, divestitures, currency and the 53rd week in fiscal 2025. |
|
* 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 fiscal 2025 guidance as the company is unable to reasonably estimate the full-year financial impact of items such as actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions. The inability to predict the amount and timing of these future items makes a detailed reconciliation of these forward-looking financial measures impracticable. |
Segment Operating Review
An analysis of net sales and operating earnings by reportable segment follows:
|
Three Months Ended January 26, 2025 |
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|
($ in millions) |
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|
Meals & Beverages* |
|
Snacks |
|
Total |
Net Sales, as Reported |
|
|
|
|
|
|
|
|
|
|
|
Volume/Mix |
|
|
(2)% |
|
—% |
Net Price Realization |
(2)% |
|
(1)% |
|
(2)% |
Organic Net Sales |
(1)% |
|
(3)% |
|
(2)% |
Currency |
—% |
|
—% |
|
—% |
Acquisition / (Divestiture)1 |
|
|
(3)% |
|
|
% Change vs. Prior Year |
|
|
(6)% |
|
|
|
|
|
|
|
|
Segment Operating Earnings |
|
|
|
|
|
% Change vs. Prior Year |
|
|
(29)% |
|
|
*Numbers may not add due to rounding. |
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| 1 Reflects the incremental net sales associated with the Sovos Brands acquisition, which was completed on March 12, 2024, and the loss of net sales associated with the divestiture of the Pop Secret popcorn business, which was completed on August 26, 2024.
Note: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release. |
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Meals & Beverages
Net sales in the quarter increased
Operating earnings in the quarter increased
Snacks
Net sales in the quarter decreased
Operating earnings in the quarter decreased
Corporate
Corporate expense was
Conference Call and Webcast
Campbell's will host a conference call to discuss these results on Wednesday, March 5, 2025, at 8:00 a.m. Eastern Time. Participants calling from the
Reportable Segments
The Campbell's Company earnings results are reported as follows:
Meals & Beverages, which consists of our soup, simple meals and beverages products in retail and foodservice in the
Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder’s of
We refer to the following products as our “leadership brands”: Campbell’s condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder’s of
About The Campbell's Company
For 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in
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: the risks associated with imposed and threatened tariffs by the
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||||||||
THE CAMPBELL'S COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (millions, except per share amounts) |
||||||||
|
|
Three Months Ended |
||||||
|
|
January 26, 2025 |
|
January 28, 2024 |
||||
Net sales |
|
$ |
2,685 |
|
|
$ |
2,456 |
|
Costs and expenses |
|
|
|
|
||||
Cost of products sold |
|
|
1,866 |
|
|
1,680 |
||
Marketing and selling expenses |
|
|
256 |
|
|
|
217 |
|
Administrative expenses |
|
|
165 |
|
|
|
189 |
|
Research and development expenses |
|
|
25 |
|
|
|
25 |
|
Other expenses / (income) |
|
|
41 |
|
|
|
26 |
|
Restructuring charges |
|
|
5 |
|
|
|
2 |
|
Total costs and expenses |
|
|
2,358 |
|
|
|
2,139 |
|
Earnings before interest and taxes |
|
|
327 |
|
|
|
317 |
|
Interest, net |
|
|
80 |
|
|
|
46 |
|
Earnings before taxes |
|
|
247 |
|
|
|
271 |
|
Taxes on earnings |
|
|
74 |
|
|
|
68 |
|
Net earnings |
|
|
173 |
|
|
|
203 |
|
Net loss attributable to noncontrolling interests |
|
|
— |
|
|
|
— |
|
Net earnings attributable to The Campbell's Company |
|
$ |
173 |
|
|
$ |
203 |
|
Per share - basic |
|
|
|
|
||||
Net earnings attributable to The Campbell's Company |
|
$ |
.58 |
|
|
$ |
.68 |
|
Weighted average shares outstanding - basic |
|
|
298 |
|
|
|
298 |
|
Per share - assuming dilution |
|
|
|
|
||||
Net earnings attributable to The Campbell's Company |
|
$ |
.58 |
|
|
$ |
.68 |
|
Weighted average shares outstanding - assuming dilution |
|
|
299 |
|
|
|
299 |
|
THE CAMPBELL'S COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) (millions, except per share amounts) |
||||||||
|
|
Six Months Ended |
||||||
|
|
January 26, 2025 |
|
January 28, 2024 |
||||
Net sales |
|
$ |
5,457 |
|
|
$ |
4,974 |
|
Costs and expenses |
|
|
|
|
||||
Cost of products sold |
|
|
3,771 |
|
|
3,410 |
||
Marketing and selling expenses |
|
|
506 |
|
|
|
439 |
|
Administrative expenses |
|
|
340 |
|
|
|
347 |
|
Research and development expenses |
|
|
51 |
|
|
|
49 |
|
Other expenses / (income) |
|
|
84 |
|
|
|
50 |
|
Restructuring charges |
|
|
11 |
|
|
|
4 |
|
Total costs and expenses |
|
|
4,763 |
|
|
|
4,299 |
|
Earnings before interest and taxes |
|
|
694 |
|
|
|
675 |
|
Interest, net |
|
|
163 |
|
|
|
94 |
|
Earnings before taxes |
|
|
531 |
|
|
|
581 |
|
Taxes on earnings |
|
|
140 |
|
|
|
144 |
|
Net earnings |
|
|
391 |
|
|
|
437 |
|
Net loss attributable to noncontrolling interests |
|
|
— |
|
|
|
— |
|
Net earnings attributable to The Campbell's Company |
|
$ |
391 |
|
|
$ |
437 |
|
Per share - basic |
|
|
|
|
||||
Net earnings attributable to The Campbell's Company |
|
$ |
1.31 |
|
|
$ |
1.47 |
|
Weighted average shares outstanding - basic |
|
|
298 |
|
|
|
298 |
|
Per share - assuming dilution |
|
|
|
|
||||
Net earnings attributable to The Campbell's Company |
|
$ |
1.30 |
|
|
$ |
1.46 |
|
Weighted average shares outstanding - assuming dilution |
|
|
300 |
|
|
|
299 |
|
THE CAMPBELL'S COMPANY CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited) (millions, except per share amounts) |
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|
Three Months Ended |
|
|
|||||||
|
January 26, 2025 |
|
January 28, 2024 |
|
Percent Change |
|||||
Sales |
|
|
|
|
|
|||||
Contributions: |
|
|
|
|
|
|||||
Meals & Beverages |
$ |
1,679 |
|
|
$ |
1,382 |
|
|
21 |
% |
Snacks |
|
1,006 |
|
|
|
1,074 |
|
|
(6 |
)% |
Total sales |
$ |
2,685 |
|
|
$ |
2,456 |
|
|
9 |
% |
Earnings |
|
|
|
|
|
|||||
Contributions: |
|
|
|
|
|
|||||
Meals & Beverages |
$ |
291 |
|
|
$ |
247 |
|
|
18 |
% |
Snacks |
|
114 |
|
|
|
161 |
|
|
(29 |
)% |
Total operating earnings |
|
405 |
|
|
|
408 |
|
|
(1 |
)% |
Corporate income (expense) |
|
(73 |
) |
|
|
(89 |
) |
|
|
|
Restructuring charges |
|
(5 |
) |
|
|
(2 |
) |
|
|
|
Earnings before interest and taxes |
|
327 |
|
|
|
317 |
|
|
3 |
% |
Interest, net |
|
80 |
|
|
|
46 |
|
|
|
|
Taxes on earnings |
|
74 |
|
|
|
68 |
|
|
|
|
Net earnings |
|
173 |
|
|
|
203 |
|
|
(15 |
)% |
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
|
Net earnings attributable to The Campbell's Company |
$ |
173 |
|
|
$ |
203 |
|
|
(15 |
)% |
Per share - assuming dilution |
|
|
|
|
|
|||||
Net earnings attributable to The Campbell's Company |
$ |
.58 |
|
|
$ |
.68 |
|
|
(15 |
)% |
THE CAMPBELL'S COMPANY CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited) (millions, except per share amounts) |
||||||||||
|
Six Months Ended |
|
|
|||||||
|
January 26, 2025 |
|
January 28, 2024 |
|
Percent Change |
|||||
Sales |
|
|
|
|
|
|||||
Contributions: |
|
|
|
|
|
|||||
Meals & Beverages |
$ |
3,385 |
|
|
$ |
2,786 |
|
|
22 |
% |
Snacks |
|
2,072 |
|
|
|
2,188 |
|
|
(5 |
)% |
Total sales |
$ |
5,457 |
|
|
$ |
4,974 |
|
|
10 |
% |
Earnings |
|
|
|
|
|
|||||
Contributions: |
|
|
|
|
|
|||||
Meals & Beverages |
$ |
628 |
|
|
$ |
534 |
|
|
18 |
% |
Snacks |
|
256 |
|
|
|
322 |
|
|
(20 |
)% |
Total operating earnings |
|
884 |
|
|
|
856 |
|
|
3 |
% |
Corporate income (expense) |
|
(179 |
) |
|
|
(177 |
) |
|
|
|
Restructuring charges |
|
(11 |
) |
|
|
(4 |
) |
|
|
|
Earnings before interest and taxes |
|
694 |
|
|
|
675 |
|
|
3 |
% |
Interest, net |
|
163 |
|
|
|
94 |
|
|
|
|
Taxes on earnings |
|
140 |
|
|
|
144 |
|
|
|
|
Net earnings |
|
391 |
|
|
|
437 |
|
|
(11 |
)% |
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
|
Net earnings attributable to The Campbell's Company |
$ |
391 |
|
|
$ |
437 |
|
|
(11 |
)% |
Per share - assuming dilution |
|
|
|
|
|
|||||
Net earnings attributable to The Campbell's Company |
$ |
1.30 |
|
|
$ |
1.46 |
|
|
(11 |
)% |
THE CAMPBELL'S COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (millions) |
|||||||
|
January 26, 2025 |
|
January 28, 2024 |
||||
Current assets |
$ |
2,946 |
|
|
$ |
2,070 |
|
Assets of business held for sale |
|
235 |
|
|
— |
||
Plant assets, net |
|
2,637 |
|
|
|
2,470 |
|
Intangible assets, net |
|
9,523 |
|
|
|
7,071 |
|
Other assets |
|
569 |
|
|
|
495 |
|
Total assets |
$ |
15,910 |
|
|
$ |
12,106 |
|
Current liabilities |
$ |
3,359 |
|
|
$ |
2,056 |
|
Liabilities of business held for sale |
|
54 |
|
|
|
— |
|
Long-term debt |
|
6,496 |
|
|
|
4,506 |
|
Other liabilities |
|
2,089 |
|
|
|
1,693 |
|
Total equity |
|
3,912 |
|
|
|
3,851 |
|
Total liabilities and equity |
$ |
15,910 |
|
|
$ |
12,106 |
|
Total debt |
$ |
7,675 |
|
|
$ |
4,520 |
|
Total cash and cash equivalents |
$ |
829 |
|
|
$ |
169 |
|
THE CAMPBELL'S COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (millions) |
|||||||
|
Six Months Ended |
||||||
|
January 26, 2025 |
|
January 28, 2024 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net earnings |
$ |
391 |
|
|
$ |
437 |
|
Adjustments to reconcile net earnings to operating cash flow |
|
|
|
||||
Impairment charges |
|
26 |
|
|
|
— |
|
Restructuring charges |
|
11 |
|
|
|
4 |
|
Stock-based compensation |
|
36 |
|
|
|
36 |
|
Pension and postretirement benefit expense |
|
2 |
|
|
|
3 |
|
Depreciation and amortization |
|
219 |
|
|
|
192 |
|
Deferred income taxes |
|
5 |
|
|
|
6 |
|
Net loss on sale of business |
|
25 |
|
|
|
— |
|
Other |
|
67 |
|
|
|
76 |
|
Changes in working capital, net of divestiture |
|
|
|
||||
Accounts receivable |
|
(94 |
) |
|
|
(116 |
) |
Inventories |
|
52 |
|
|
|
102 |
|
Other current assets |
|
(24 |
) |
|
|
(22 |
) |
Accounts payable and accrued liabilities |
|
40 |
|
|
|
(17 |
) |
Other |
|
(19 |
) |
|
|
(17 |
) |
Net cash provided by operating activities |
|
737 |
|
|
|
684 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of plant assets |
|
(211 |
) |
|
|
(263 |
) |
Purchases of route businesses |
|
(90 |
) |
|
|
(6 |
) |
Sales of route businesses |
|
61 |
|
|
|
13 |
|
Sale of business |
|
70 |
|
|
|
— |
|
Other |
|
(5 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(175 |
) |
|
|
(256 |
) |
Cash flows from financing activities: |
|
|
|
||||
Short-term borrowings, including commercial paper |
|
663 |
|
|
|
1,416 |
|
Short-term repayments, including commercial paper |
|
(925 |
) |
|
|
(1,596 |
) |
Long-term borrowings |
|
1,144 |
|
|
|
— |
|
Long-term repayments |
|
(400 |
) |
|
|
— |
|
Dividends paid |
|
(227 |
) |
|
|
(224 |
) |
Treasury stock purchases |
|
(56 |
) |
|
|
(29 |
) |
Payments related to tax withholding for stock-based compensation |
|
(28 |
) |
|
|
(14 |
) |
Payments of debt issuance costs |
|
(11 |
) |
|
|
— |
|
Other |
|
— |
|
|
|
(1 |
) |
Net cash provided by (used in) financing activities |
|
160 |
|
|
|
(448 |
) |
Effect of exchange rate changes on cash |
|
(1 |
) |
|
|
— |
|
Net change in cash and cash equivalents |
|
721 |
|
|
|
(20 |
) |
Cash and cash equivalents — beginning of period |
|
108 |
|
|
|
189 |
|
Cash and cash equivalents — end of period |
$ |
829 |
|
|
$ |
169 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures
Second Quarter Ended January 26, 2025
The Campbell's Company (the "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
Organic Net Sales
Organic net sales are net sales excluding the impact of currency, acquisitions, divestitures and the 53rd week in fiscal 2025. 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 |
|||||||||||||||||||||||||||
|
January 26, 2025 |
|
January 28, 2024 |
|
% Change |
||||||||||||||||||||||
(millions) |
Net Sales, as Reported |
Impact of Currency |
Impact of Acquisition |
Organic Net Sales |
|
Net Sales, as Reported |
Impact of Divestiture |
Organic Net Sales |
|
Net Sales, as Reported |
Organic Net Sales |
||||||||||||||||
Meals & Beverages |
$ |
1,679 |
|
$ |
6 |
|
$ |
(313 |
) |
$ |
1,372 |
|
|
$ |
1,382 |
|
$ |
— |
|
$ |
1,382 |
|
|
21 |
% |
(1 |
)% |
Snacks |
|
1,006 |
|
2 |
|
— |
|
|
1,008 |
|
|
1,074 |
|
(32 |
) |
|
1,042 |
|
(6 |
)% |
(3 |
)% |
|||||
Total Net Sales |
$ |
2,685 |
|
$ |
8 |
|
$ |
(313 |
) |
$ |
2,380 |
|
|
$ |
2,456 |
|
$ |
(32 |
) |
$ |
2,424 |
|
|
9 |
% |
(2 |
)% |
Six Months Ended |
|||||||||||||||||||||||||||
|
January 26, 2025 |
|
January 28, 2024 |
|
% Change |
||||||||||||||||||||||
(millions) |
Net Sales, as Reported |
Impact of Currency |
Impact of Acquisition |
Organic Net Sales |
|
Net Sales, as Reported |
Impact of Divestiture |
Organic Net Sales |
|
Net Sales, as Reported |
Organic Net Sales |
||||||||||||||||
Meals & Beverages |
$ |
3,385 |
|
$ |
7 |
|
$ |
(623 |
) |
$ |
2,769 |
|
|
$ |
2,786 |
|
$ |
— |
|
$ |
2,786 |
|
|
22 |
% |
(1 |
)% |
Snacks |
|
2,072 |
|
2 |
|
— |
|
2,074 |
|
|
2,188 |
|
(53 |
) |
|
2,135 |
|
(5 |
)% |
(3 |
)% |
||||||
Total Net Sales |
$ |
5,457 |
|
$ |
9 |
|
$ |
(623 |
) |
$ |
4,843 |
|
|
$ |
4,974 |
|
$ |
(53 |
) |
$ |
4,921 |
|
|
10 |
% |
(2 |
)% |
Twelve Months Ended |
|||||||||
|
July 28, 2024 |
||||||||
(millions) |
Net Sales, as Reported |
Impact of Divestitures |
Organic Net Sales for FY 2025 Guidance |
||||||
Meals & Beverages |
$ |
5,258 |
|
$ |
(68 |
) |
$ |
5,190 |
|
Snacks |
|
4,378 |
|
(111 |
) |
|
4,267 |
||
Total Net Sales |
$ |
9,636 |
|
$ |
(179 |
) |
$ |
9,457 |
|
Items Impacting Earnings
Adjusted Net earnings are net earnings excluding the impact of costs associated with cost savings and optimization initiatives, unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges, accelerated amortization, impairment charges, gains or losses on divestitures, certain litigation expenses or recoveries, costs or recoveries related to a cybersecurity incident, actuarial gains or losses on pension and postretirement plans and costs associated with acquisitions. 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:
(1) |
|
The company has implemented several cost savings initiatives in recent years. In the second quarter of fiscal 2025, the company recorded Restructuring charges of |
|
|
|
|
|
In the second quarter of fiscal 2024, the company began implementation of an optimization initiative to improve the effectiveness of its Snacks direct-store-delivery route-to-market network. In the six-month period of fiscal 2025, the company recognized |
|
|
|
|
|
In the second quarter of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was |
(2) |
|
In the second quarter of fiscal 2025, the company recognized gains in Cost of products sold of |
|
|
|
(3) |
|
In the second quarter of fiscal 2025 and 2024, the company recorded accelerated amortization expense in Other expenses / (income) of |
|
|
|
(4) |
|
In the second quarter of fiscal 2025, the company performed an interim impairment assessment on certain salty snacks and cookie trademarks within the Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and Archway, collectively referred to as the company's "Allied brands," and recognized an impairment charge of |
|
|
|
|
|
In the second quarter of fiscal 2025, the company performed an interim impairment assessment on the Late July trademark within the Snacks segment and recognized an impairment charge of |
|
|
|
|
|
In the second quarter of fiscal 2025, the total aggregate impact of the impairment charges was |
|
|
|
|
|
In the fourth quarter of fiscal 2024, the company recognized an impairment charge of |
|
|
|
|
|
In the fourth quarter of fiscal 2024, the company performed an impairment assessment on the assets in the Pop Secret popcorn business within the Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced margins, and as the company pursued divesting the business. As a result of these factors, in the fourth quarter of fiscal 2024, the company lowered the long-term outlook for the business and recognized an impairment charge of |
|
|
|
|
|
For the year ended July 28, 2024, the total aggregate impact of the impairment charges was |
|
||
|
|
The charges were included in Other expenses / (income). |
|
|
|
(5) |
|
In the second quarter of fiscal 2025, the company recorded |
|
|
|
(6) |
|
In the second quarter of fiscal 2025, the company recorded litigation expenses in Administrative expenses of |
|
|
|
(7) |
|
In the six-month period of fiscal 2025, the company recorded insurance recoveries in Administrative expenses of |
|
|
|
(8) |
|
In the six-month period of fiscal 2025, the company recognized an actuarial loss in Other expenses / (income) of |
|
|
|
(9) |
|
In the first quarter of fiscal 2024, the company announced its intent to acquire Sovos Brands, Inc. and on March 12, 2024, the acquisition closed. In the second quarter of fiscal 2024, the company incurred costs associated with the acquisition in Other expenses / (income) of |
The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items:
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
Year Ended |
||||||||||||||||
(millions, except per share amounts) |
|
January 26,
|
|
January 28,
|
|
Percent Change |
|
January 26,
|
|
January 28,
|
|
Percent Change |
|
July 28,
|
||||||||||||
Gross profit, as reported |
|
$ |
819 |
|
|
$ |
776 |
|
|
6 |
% |
|
$ |
1,686 |
|
|
$ |
1,564 |
|
|
8 |
% |
|
$ |
2,971 |
|
Gross profit margin, as reported |
|
|
30.5 |
% |
|
|
31.6 |
% |
|
(110) pts |
|
|
30.9 |
% |
|
|
31.4 |
% |
|
(50) pts |
|
|
30.8 |
% |
||
Costs associated with cost savings and optimization initiatives (1) |
|
|
10 |
|
|
|
3 |
|
|
|
|
|
18 |
|
|
|
6 |
|
|
|
|
|
26 |
|
||
Commodity mark-to-market losses (gains) (2) |
|
|
(14 |
) |
|
|
(7 |
) |
|
|
|
|
(18 |
) |
|
|
8 |
|
|
|
|
|
22 |
|
||
Cybersecurity incident costs (recoveries) (7) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
2 |
|
|
|
|
|
2 |
|
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
18 |
|
||
Adjusted Gross profit |
|
$ |
815 |
|
|
$ |
772 |
|
|
6 |
% |
|
$ |
1,686 |
|
|
$ |
1,580 |
|
|
7 |
% |
|
$ |
3,039 |
|
Adjusted Gross profit margin |
|
|
30.4 |
% |
|
|
31.4 |
% |
|
(100) pts |
|
|
30.9 |
% |
|
|
31.8 |
% |
|
(90) pts |
|
|
31.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketing and selling expenses, as reported |
|
$ |
256 |
|
|
$ |
217 |
|
|
18 |
% |
|
$ |
506 |
|
|
$ |
439 |
|
|
15 |
% |
|
$ |
833 |
|
Costs associated with cost savings and optimization initiatives (1) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
(10 |
) |
|
|
(3 |
) |
|
|
|
|
(9 |
) |
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
(3 |
) |
||
Adjusted Marketing and selling expenses |
|
$ |
255 |
|
|
$ |
216 |
|
|
18 |
% |
|
$ |
496 |
|
|
$ |
436 |
|
|
14 |
% |
|
$ |
821 |
|
Administrative expenses, as reported |
|
$ |
165 |
|
|
$ |
189 |
|
|
(13 |
)% |
|
$ |
340 |
|
|
$ |
347 |
|
|
(2 |
)% |
|
$ |
737 |
|
Costs associated with cost savings and optimization initiatives (1) |
|
|
(8 |
) |
|
|
(29 |
) |
|
|
|
|
(19 |
) |
|
|
(34 |
) |
|
|
|
|
(54 |
) |
||
Certain litigation expenses (6) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
(2 |
) |
|
|
(3 |
) |
|
|
|
|
(5 |
) |
||
Cybersecurity incident recoveries (costs) (7) |
|
|
— |
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
|
(1 |
) |
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
(47 |
) |
||
Adjusted Administrative expenses |
|
$ |
156 |
|
|
$ |
159 |
|
|
(2 |
)% |
|
$ |
320 |
|
|
$ |
309 |
|
|
4 |
% |
|
$ |
630 |
|
Research and development expenses, as reported |
|
$ |
25 |
|
|
$ |
25 |
|
|
|
|
$ |
51 |
|
|
$ |
49 |
|
|
|
|
$ |
102 |
|
||
Costs associated with cost savings and optimization initiatives (1) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
|
|
(3 |
) |
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
(2 |
) |
||
Adjusted Research and development expenses |
|
$ |
24 |
|
|
$ |
24 |
|
|
|
|
$ |
49 |
|
|
$ |
47 |
|
|
|
|
$ |
97 |
|
||
Other expenses / (income), as reported |
|
$ |
41 |
|
|
$ |
26 |
|
|
|
|
$ |
84 |
|
|
$ |
50 |
|
|
|
|
$ |
261 |
|
||
Accelerated amortization (3) |
|
|
(7 |
) |
|
|
(7 |
) |
|
|
|
|
(14 |
) |
|
|
(14 |
) |
|
|
|
|
(27 |
) |
||
Impairment charges (4) |
|
|
(26 |
) |
|
|
— |
|
|
|
|
|
(26 |
) |
|
|
— |
|
|
|
|
|
(129 |
) |
||
Charges associated with divestitures (5) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(25 |
) |
|
|
— |
|
|
|
|
|
— |
|
||
Pension and postretirement actuarial losses (8) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(2 |
) |
|
|
— |
|
|
|
|
|
(33 |
) |
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
(10 |
) |
|
|
|
|
— |
|
|
|
(19 |
) |
|
|
|
|
(35 |
) |
||
Adjusted Other expenses / (income) |
|
$ |
8 |
|
|
$ |
9 |
|
|
|
|
$ |
17 |
|
|
$ |
17 |
|
|
|
|
$ |
37 |
|
||
Earnings before interest and taxes, as reported |
|
$ |
327 |
|
|
$ |
317 |
|
|
3 |
% |
|
$ |
694 |
|
|
$ |
675 |
|
|
3 |
% |
|
$ |
1,000 |
|
Costs associated with cost savings and optimization initiatives (1) |
|
|
25 |
|
|
|
36 |
|
|
|
|
|
60 |
|
|
|
49 |
|
|
|
|
|
109 |
|
||
Commodity mark-to-market losses (gains) (2) |
|
|
(14 |
) |
|
|
(7 |
) |
|
|
|
|
(18 |
) |
|
|
8 |
|
|
|
|
|
22 |
|
||
Accelerated amortization (3) |
|
|
7 |
|
|
|
7 |
|
|
|
|
|
14 |
|
|
|
14 |
|
|
|
|
|
27 |
|
||
Impairment charges (4) |
|
|
26 |
|
|
|
— |
|
|
|
|
|
26 |
|
|
|
— |
|
|
|
|
|
129 |
|
||
Charges associated with divestitures (5) |
|
|
— |
|
|
|
— |
|
|
|
|
|
25 |
|
|
|
— |
|
|
|
|
|
— |
|
||
Certain litigation expenses (6) |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
2 |
|
|
|
3 |
|
|
|
|
|
5 |
|
||
Cybersecurity incident costs (recoveries) (7) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(1 |
) |
|
|
3 |
|
|
|
|
|
3 |
|
||
Pension and postretirement actuarial losses (8) |
|
|
— |
|
|
|
— |
|
|
|
|
|
2 |
|
|
|
— |
|
|
|
|
|
33 |
|
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
10 |
|
|
|
|
|
— |
|
|
|
19 |
|
|
|
|
|
126 |
|
||
Adjusted Earnings before interest and taxes |
|
$ |
372 |
|
|
$ |
364 |
|
|
2 |
% |
|
$ |
804 |
|
|
$ |
771 |
|
|
4 |
% |
|
$ |
1,454 |
|
Interest, net, as reported |
|
$ |
80 |
|
|
$ |
46 |
|
|
|
|
$ |
163 |
|
|
$ |
94 |
|
|
|
|
$ |
243 |
|
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
(2 |
) |
||
Adjusted Interest, net |
|
$ |
80 |
|
|
$ |
46 |
|
|
|
|
$ |
163 |
|
|
$ |
94 |
|
|
|
|
$ |
241 |
|
||
Adjusted Earnings before taxes |
|
$ |
292 |
|
|
$ |
318 |
|
|
|
|
$ |
641 |
|
|
$ |
677 |
|
|
|
|
$ |
1,213 |
|
||
Taxes on earnings, as reported |
|
$ |
74 |
|
|
$ |
68 |
|
|
9 |
% |
|
$ |
140 |
|
|
$ |
144 |
|
|
(3 |
)% |
|
$ |
190 |
|
Effective income tax rate, as reported |
|
|
30.0 |
% |
|
|
25.1 |
% |
|
490 pts |
|
|
26.4 |
% |
|
|
24.8 |
% |
|
160 pts |
|
|
25.1 |
% |
||
Costs associated with cost savings and optimization initiatives (1) |
|
|
6 |
|
|
|
9 |
|
|
|
|
|
14 |
|
|
|
12 |
|
|
|
|
|
26 |
|
||
Commodity mark-to-market losses (gains) (2) |
|
|
(4 |
) |
|
|
(2 |
) |
|
|
|
|
(5 |
) |
|
|
2 |
|
|
|
|
|
6 |
|
||
Accelerated amortization (3) |
|
|
2 |
|
|
|
2 |
|
|
|
|
|
4 |
|
|
|
4 |
|
|
|
|
|
7 |
|
||
Impairment charges (4) |
|
|
7 |
|
|
|
— |
|
|
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
31 |
|
||
Charges associated with divestitures (5) |
|
|
(15 |
) |
|
|
— |
|
|
|
|
|
(9 |
) |
|
|
— |
|
|
|
|
|
— |
|
||
Certain litigation expenses (6) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
||
Cybersecurity incident costs (recoveries) (7) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
1 |
|
||
Pension and postretirement actuarial losses (8) |
|
|
— |
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
8 |
|
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
1 |
|
|
|
|
|
— |
|
|
|
2 |
|
|
|
|
|
19 |
|
||
Adjusted Taxes on earnings |
|
$ |
70 |
|
|
$ |
78 |
|
|
(10 |
)% |
|
$ |
152 |
|
|
$ |
165 |
|
|
(8 |
)% |
|
$ |
288 |
|
Adjusted effective income tax rate |
|
|
24.0 |
% |
|
|
24.5 |
% |
|
(50) pts |
|
|
23.7 |
% |
|
|
24.4 |
% |
|
(70) pts |
|
|
23.7 |
% |
||
Net earnings attributable to The Campbell's Company, as reported |
|
$ |
173 |
|
|
$ |
203 |
|
|
(15 |
)% |
|
$ |
391 |
|
|
$ |
437 |
|
|
(11 |
)% |
|
$ |
567 |
|
Costs associated with cost savings and optimization initiatives (1) |
|
|
19 |
|
|
|
27 |
|
|
|
|
|
46 |
|
|
|
37 |
|
|
|
|
|
83 |
|
||
Commodity mark-to-market losses (gains) (2) |
|
|
(10 |
) |
|
|
(5 |
) |
|
|
|
|
(13 |
) |
|
|
6 |
|
|
|
|
|
16 |
|
||
Accelerated amortization (3) |
|
|
5 |
|
|
|
5 |
|
|
|
|
|
10 |
|
|
|
10 |
|
|
|
|
|
20 |
|
||
Impairment charges (4) |
|
|
19 |
|
|
|
— |
|
|
|
|
|
19 |
|
|
|
— |
|
|
|
|
|
98 |
|
||
Charges associated with divestitures (5) |
|
|
15 |
|
|
|
— |
|
|
|
|
|
34 |
|
|
|
— |
|
|
|
|
|
— |
|
||
Certain litigation expenses (6) |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
2 |
|
|
|
3 |
|
|
|
|
|
5 |
|
||
Cybersecurity incident costs (recoveries) (7) |
|
|
— |
|
|
|
— |
|
|
|
|
|
(1 |
) |
|
|
2 |
|
|
|
|
|
2 |
|
||
Pension and postretirement actuarial losses (8) |
|
|
— |
|
|
|
— |
|
|
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
25 |
|
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
9 |
|
|
|
|
|
— |
|
|
|
17 |
|
|
|
|
|
109 |
|
||
Adjusted Net earnings attributable to The Campbell's Company |
|
$ |
222 |
|
|
$ |
240 |
|
|
(8 |
)% |
|
$ |
489 |
|
|
$ |
512 |
|
|
(4 |
)% |
|
$ |
925 |
|
Diluted net earnings per share attributable to The Campbell's Company, as reported |
|
$ |
.58 |
|
|
$ |
.68 |
|
|
(15 |
)% |
|
$ |
1.30 |
|
|
$ |
1.46 |
|
|
(11 |
)% |
|
$ |
1.89 |
|
Costs associated with cost savings and optimization initiatives (1) |
|
|
.06 |
|
|
|
.09 |
|
|
|
|
|
.15 |
|
|
|
.12 |
|
|
|
|
|
.28 |
|
||
Commodity mark-to-market losses (gains) (2) |
|
|
(.03 |
) |
|
|
(.02 |
) |
|
|
|
|
(.04 |
) |
|
|
.02 |
|
|
|
|
|
.05 |
|
||
Accelerated amortization (3) |
|
|
.02 |
|
|
|
.02 |
|
|
|
|
|
.03 |
|
|
|
.03 |
|
|
|
|
|
.07 |
|
||
Impairment charges (4) |
|
|
.06 |
|
|
|
— |
|
|
|
|
|
.06 |
|
|
|
— |
|
|
|
|
|
.33 |
|
||
Charges associated with divestitures (5) |
|
|
.05 |
|
|
|
— |
|
|
|
|
|
.11 |
|
|
|
— |
|
|
|
|
|
— |
|
||
Certain litigation expenses (6) |
|
|
— |
|
|
|
— |
|
|
|
|
|
.01 |
|
|
|
.01 |
|
|
|
|
|
.02 |
|
||
Cybersecurity incident costs (recoveries) (7) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
.01 |
|
|
|
|
|
.01 |
|
||
Pension and postretirement actuarial losses (8) |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
.08 |
|
||
Costs associated with acquisition (9) |
|
|
— |
|
|
|
.03 |
|
|
|
|
|
— |
|
|
|
.06 |
|
|
|
|
|
.36 |
|
||
Adjusted Diluted net earnings per share attributable to The Campbell's Company* |
|
$ |
.74 |
|
|
$ |
.80 |
|
|
(8 |
)% |
|
$ |
1.63 |
|
|
$ |
1.71 |
|
|
(5 |
)% |
|
$ |
3.08 |
|
*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/20250304186074/en/
INVESTOR CONTACT:
Rebecca Gardy
(856) 342-6081
Rebecca_Gardy@campbells.com
MEDIA CONTACT:
James Regan
(856) 219-6409
James_Regan@campbells.com
Source: The Campbell's Company
FAQ
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What is the progress of Campbell's (CPB) cost savings program announced in September 2024?
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