Campbell Reports Fourth-Quarter and Full-Year Results and Increases Quarterly Dividend
- Fourth-Quarter As Reported Sales Comparable to Prior Year, Organic Sales Decreased 1 Percent
- Fourth-Quarter As Reported Earnings Per Share (EPS) Loss of $0.26, Fourth-Quarter Adjusted EPS of
$0.46 Decreased 6 Percent
- Full-Year As Reported Sales and Organic Sales Decreased 1 Percent
- Full-Year As Reported EPS of $1.81 Decreased 15 Percent, Adjusted EPS of $2.94 Increased 11
Percent
- Full-Year Cash Flow From Operations Increased to $1.463 Billion from $1.182 Billion
- Campbell Provides Fiscal 2017 Guidance
Campbell Soup Company (NYSE:CPB) today reported its fourth-quarter and full-year results for fiscal 2016 and announced a
12 percent increase in its quarterly dividend.
|
|
Three Months Ended
|
|
Twelve Months Ended
|
($ in millions, except per share) |
|
July 31,
2016
|
|
Aug. 2,
2015
|
|
%
Change
|
|
July 31,
2016
|
|
Aug. 2,
2015
|
|
%
Change
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP) |
|
$1,687 |
|
$1,693 |
|
-% |
|
$7,961 |
|
$8,082 |
|
(1)% |
Organic |
|
|
|
|
|
(1) % |
|
|
|
|
|
(1)% |
Earnings (Loss) Before Interest and Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP) |
|
$(37) |
|
$43 |
|
n/m |
|
$960 |
|
$1,054 |
|
(9)% |
Adjusted |
|
$253 |
|
$259 |
|
(2)% |
|
$1,467 |
|
$1,316 |
|
11% |
Diluted Earnings (Loss) Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
As Reported (GAAP) |
|
$(0.26) |
|
$0.05 |
|
n/m |
|
$1.81 |
|
$2.13 |
|
(15)% |
Adjusted |
|
$0.46 |
|
$0.49 |
|
(6)% |
|
$2.94 |
|
$2.65 |
|
11% |
n/m – not meaningful
Note: A detailed reconciliation of the reported financial information to the adjusted financial information is included at the
end of this news release.
CEO Comments
Denise Morrison, Campbell’s President and Chief Executive Officer, said, “We finished the year in line with our guidance,
including strong profit performance. However, I am not pleased with the results of our fourth quarter. The performance of our
Campbell Fresh business, driven predominantly by execution issues, is disappointing. We have taken and are taking steps designed to
ensure the business performs to its potential. We remain confident in our Campbell Fresh strategy and its ability to deliver
long-term growth consistent with its portfolio role, as the business remains well-positioned to capitalize on the health and
well-being consumer trend. For the year, Americas Simple Meals and Beverages and Global Biscuits and Snacks delivered significant
margin expansion, driving double-digit profit growth. Despite the difficult quarter, we delivered adjusted EPS growth of 11 percent
for the year.”
Morrison concluded, “While we have made progress, we recognize we need to deliver sales growth – and it remains a top priority.
Reflecting its confidence in our long-term growth prospects and strong profit performance this year, the Board declared a 12
percent increase in our quarterly dividend today.”
Items Impacting Comparability
The Company reported a loss of $0.26 per share in the fourth quarter. The current quarter results reflect a pre-tax non-cash
impairment charge of $141 million, or $0.41 per share, to reduce the carrying value of the intangible assets of the Bolthouse Farms
carrot and carrot ingredients reporting unit. The current quarter also included pre-tax pension and postretirement mark-to-market
losses of $138 million, or $0.29 per share, and pre-tax charges related to cost savings initiatives of $11 million, or $0.02 per
share. The prior-year quarter included pre-tax pension and postretirement mark-to-market losses of $110 million, or $0.22 per
share, and pre-tax charges related to the implementation of the new organizational structure and cost savings initiatives of $106
million, or $0.21 per share. Excluding items impacting comparability in both periods, adjusted EPS decreased 6 percent to $0.46 per
share, compared with $0.49 per share in the year-ago quarter. A detailed reconciliation of the reported financial information to
the adjusted information is included at the end of this news release.
Fourth-Quarter Results
Sales of $1.687 billion were comparable to prior year as the benefit from the acquisition of Garden Fresh Gourmet was offset by
the decline in organic sales and the adverse impact of currency translation. Organic sales decreased 1 percent primarily driven by
Campbell Fresh, reflecting declines in carrots and carrot ingredients, as well as the impact from the voluntary recall announced on
June 22 of Bolthouse Farms Protein PLUS drinks. The estimated negative impact on net sales in the fourth quarter
related to the recall and related production outages was approximately one percentage point.
Gross margin decreased from 33.2 percent to 32.4 percent. Excluding items impacting comparability, adjusted gross margin
decreased 0.9 points. The decrease in adjusted gross margin was primarily driven by increased promotional spending, inflation, the
impact of the Bolthouse Farms recall and related production outages, as well as higher carrot costs, partly offset by productivity
improvements.
Marketing and selling expenses increased 14 percent to $216 million. Excluding items impacting comparability, adjusted marketing
and selling expenses increased 14 percent to $196 million primarily due to higher advertising and consumer promotion expenses.
Administrative expenses decreased 4 percent to $185 million. Excluding items impacting comparability, adjusted administrative
expenses decreased 19 percent to $128 million primarily due to lower incentive compensation costs and the benefits from cost
savings initiatives.
As reported EBIT was a loss of $37 million, reflecting the non-cash impairment charge, pension and postretirement mark-to-market
losses and charges associated with cost savings initiatives as previously mentioned. Excluding items impacting comparability,
adjusted EBIT decreased 2 percent to $253 million reflecting higher advertising and consumer promotion expenses and a lower
adjusted gross margin percentage, partly offset by lower administrative expenses.
Net interest expense increased $1 million to $28 million reflecting higher average interest rates on the debt portfolio, partly
offset by lower levels of debt. The tax rate increased to 24.6 percent as compared with a tax rate of 6.3 percent in the prior
year. Excluding items impacting comparability, the adjusted tax rate increased 2.3 percentage points to 36.4 percent. The increase
in the adjusted tax rate reflects a $13 million correction for deferred taxes, most of which related to the third quarter of fiscal
2016. This was partly offset by the geographic mix of earnings.
Full-Year Results
Sales decreased 1 percent to $7.961 billion driven by the adverse impact of currency translation and a decline in organic sales,
partly offset by the benefit from the acquisition of Garden Fresh Gourmet. Organic sales decreased 1 percent driven by lower
volume, partly offset by higher selling prices.
EBIT decreased 9 percent to $960 million. Excluding items impacting comparability, adjusted EBIT increased 11 percent to $1.467
billion reflecting a higher adjusted gross margin percentage and the benefits from cost savings initiatives, partly offset by the
adverse impact of currency translation, higher incentive compensation costs, and volume declines.
Net interest expense increased $6 million to $111 million reflecting higher average interest rates on the debt portfolio, partly
offset by lower levels of debt. The tax rate increased 3.9 percentage points to 33.7 percent. Excluding items impacting
comparability, the adjusted tax rate increased 1.2 percentage points to 32.6 percent. This increase was primarily due to lapping
the favorable resolution of an intercompany pricing agreement between the U.S. and Canada in the prior year.
Cash flow from operations increased to $1.463 billion from $1.182 billion a year ago primarily due to higher cash earnings and
lower working capital requirements.
Company Announces Quarterly Dividend Increase
Campbell announced that the company’s Board of Directors has approved an increase in its quarterly dividend from $0.312 per
share to $0.35 per share, an increase of 12 percent. The quarterly dividend is payable Oct. 31, 2016, to shareholders of record at
the close of business Oct. 12, 2016.
Fiscal 2017 Guidance
Campbell expects sales to increase by 0 to 1 percent, adjusted EBIT to increase by 1 to 4 percent, and adjusted EPS to increase
by 2 to 5 percent, or $3.00 to $3.09 per share. This guidance assumes the impact from currency translation will be nominal. A
non-GAAP reconciliation is not provided for 2017 guidance since certain items are not estimable, such as pension and postretirement
mark-to-market adjustments, and these items are not considered to be part of the company's ongoing business results.
Segment Operating Review
An analysis of net sales and operating earnings by reportable segment follows:
Three Months Ended July 31, 2016
|
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
Americas
Simple Meals
and Beverages
|
|
Global Biscuits
and Snacks
|
|
Campbell
Fresh
|
|
Total |
Net Sales, as Reported |
|
$842 |
|
$622 |
|
$223 |
|
$1,687 |
|
|
|
|
|
|
|
|
|
Volume and Mix |
|
2% |
|
3% |
|
(10)% |
|
1% |
Price and Sales Allowances |
|
-% |
|
1% |
|
-% |
|
-% |
Promotional Spending |
|
(1)% |
|
(2)% |
|
(2)% |
|
(2)% |
Organic Net Sales |
|
-%* |
|
2% |
|
(12)% |
|
(1)% |
Currency |
|
-% |
|
(1)% |
|
-% |
|
(1)% |
Acquisitions |
|
-% |
|
-% |
|
7% |
|
1% |
% Change vs. Prior Year |
|
-% |
|
1% |
|
(5)% |
|
-%* |
Segment Operating Earnings |
|
$191 |
|
$81 |
|
$8 |
|
|
% Change vs. Prior Year |
|
4% |
|
5% |
|
(62)% |
|
|
* Numbers do not add due to rounding.
Note: A detailed reconciliation of the reported net sales to organic net sales is included at the end of this news release.
Twelve Months Ended July 31, 2016
|
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
Americas
Simple Meals
and Beverages
|
|
Global Biscuits
and Snacks
|
|
Campbell
Fresh
|
|
Total |
Net Sales, as Reported |
|
$4,380 |
|
$2,564 |
|
$1,017 |
|
$7,961 |
|
|
|
|
|
|
|
|
|
Volume and Mix |
|
(2)% |
|
1% |
|
(3)% |
|
(1)% |
Price and Sales Allowances |
|
1% |
|
1% |
|
-% |
|
1% |
Promotional Spending |
|
-% |
|
-% |
|
(1)% |
|
-% |
Organic Net Sales |
|
(1)% |
|
1%* |
|
(4)% |
|
(1)%* |
Currency |
|
(1)% |
|
(4)% |
|
-% |
|
(2)% |
Acquisitions |
|
-% |
|
-% |
|
10% |
|
1% |
% Change vs. Prior Year |
|
(2)% |
|
(3)% |
|
5%* |
|
(1)%* |
Segment Operating Earnings |
|
$1,069 |
|
$422 |
|
$60 |
|
|
% Change vs. Prior Year |
|
13% |
|
10% |
|
(2)% |
|
|
* Numbers do not add due to rounding.
Note: A detailed reconciliation of the reported net sales to organic net sales is included at the end of this news release.
Americas Simple Meals and Beverages
Sales in the quarter were comparable to the prior year at $842 million driven by gains in Prego pasta sauces and
Plum products, partly offset by declines in V8 beverages and soup. U.S. soup sales decreased 2 percent driven by
declines in ready-to-serve soups, partly offset by increases in broth.
Segment operating earnings increased 4 percent to $191 million. The increase was primarily driven by a higher gross margin
percentage, partly offset by increased marketing and selling expenses.
Global Biscuits and Snacks
Sales increased 1 percent in the quarter to $622 million. Excluding the negative impact of currency translation, segment sales
increased 2 percent primarily driven by gains in Pepperidge Farm Goldfish crackers and Arnott’s biscuits.
Segment operating earnings increased 5 percent to $81 million as the benefit from lower administrative expenses was partly
offset by a lower gross margin percentage.
Campbell Fresh
Sales decreased 5 percent in the quarter to $223 million. Excluding the impact from the acquisition of Garden Fresh Gourmet,
segment sales declined 12 percent reflecting lower sales in carrots and carrot ingredients, as well as in Bolthouse Farms
premium refrigerated beverages, partly offset by gains in fresh soup and Bolthouse Farms salad dressings.
Segment operating earnings decreased 62 percent to $8 million. The decrease in operating earnings was primarily driven by the
adverse impact of the voluntary recall on Bolthouse Farms Protein PLUS drinks and related production outages, as well
as higher carrot costs and lower sales in carrots and carrot ingredients. The decrease was partly offset by lower administrative
expenses.
Unallocated Corporate Expenses
Unallocated corporate expenses for the quarter were $318 million compared to $145 million in the prior year. The increase in
expenses reflects the impact of the non-cash impairment charge, pension and postretirement mark-to-market losses and charges
related to cost savings initiatives as previously mentioned. The remaining increase in expenses was primarily due to losses on open
commodity hedges.
Conference Call
Campbell will host a conference call to discuss these results today at 8:30 a.m. Eastern Daylight Time. To join, dial +1 (703)
639-1316. The conference ID is 1673833. Access to a live webcast of the call with accompanying slides, as well as a replay of the
call, will be available at investor.campbellsoupcompany.com. A recording of the call will also be available until midnight on Sept. 15,
2016, at +1 (703) 925-2533. The access code for the replay is 1673833.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food that matters for life’s moments.” We make a range of
high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to
provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to
what’s important today. Led by our iconic Campbell’s brand, our portfolio includes Pepperidge Farm, Bolthouse Farms,
Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh Gourmet. 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
& Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit
www.whatsinmyfood.com.
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 the
statements made regarding sales, EBIT and EPS guidance for fiscal 2017, 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 manage changes
to its organizational structure and/or business processes; (2) the company’s ability to realize projected cost savings and benefits
from its efficiency programs; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power
in the market; (4) the impact of changes in consumer demand for the company’s products; (5) the impact of product quality and
safety issues, including recalls and product liabilities; (6) the risks associated with trade and consumer acceptance of the
company’s initiatives, including its trade and promotional programs; (7) the practices, including changes to inventory practices,
and increased significance of certain of the company’s key trade customers; (8) the impact of fluctuations in the supply or costs
of energy and raw and packaging materials; (9) the impact of business portfolio changes; (10) the uncertainties of litigation and
regulatory actions against the company; (11) disruption to the independent contractor distribution models used by certain of our
businesses, including the results of litigation or regulatory actions that could affect their independent contractor
classification; (12) the company’s ability to protect its intellectual property rights; (13) the impact of an impairment to
goodwill or other intangible assets; (14) the impact of a material failure in or breach of the company’s information technology
systems; (15) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation
rates, economic conditions, law, regulation and other external factors; (16) the impact of unforeseen business disruptions in one
or more of the company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, natural disasters
or other calamities; and (17) 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 |
(millions, except per share amounts) |
|
|
|
|
|
Three Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
Net sales |
|
$ |
1,687 |
|
|
$ |
1,693 |
|
Costs and expenses |
|
|
|
|
Cost of products sold |
|
1,141 |
|
|
1,131 |
|
Marketing and selling expenses |
|
216 |
|
|
189 |
|
Administrative expenses |
|
185 |
|
|
193 |
|
Research and development expenses |
|
38 |
|
|
34 |
|
Other expenses / (income) |
|
145 |
|
|
10 |
|
Restructuring charges |
|
(1 |
) |
|
93 |
|
Total costs and expenses |
|
1,724 |
|
|
1,650 |
|
Earnings (loss) before interest and taxes |
|
(37 |
) |
|
43 |
|
Interest, net |
|
28 |
|
|
27 |
|
Earnings (loss) before taxes |
|
(65 |
) |
|
16 |
|
Taxes on earnings |
|
16 |
|
|
(1 |
) |
Net earnings (loss) |
|
(81 |
) |
|
17 |
|
Net loss attributable to noncontrolling interests |
|
— |
|
|
— |
|
Net earnings (loss) attributable to Campbell Soup Company |
|
$ |
(81 |
) |
|
$ |
17 |
|
Per share - basic |
|
|
|
|
Net earnings (loss) attributable to Campbell Soup Company |
|
$ |
(.26 |
) |
|
$ |
.05 |
|
Dividends |
|
$ |
.312 |
|
|
$ |
.312 |
|
Weighted average shares outstanding - basic |
|
308 |
|
|
310 |
|
Per share - assuming dilution |
|
|
|
|
Net earnings (loss) attributable to Campbell Soup Company |
|
$ |
(.26 |
) |
|
$ |
.05 |
|
Weighted average shares outstanding - assuming dilution |
|
310 |
|
|
312 |
|
In fiscal 2016, the company changed the method of accounting for the recognition of actuarial gains and losses for defined
benefit pension and postretirement plans and the calculation of expected return on pension plan assets. These changes in accounting
policy have been retrospectively applied to all periods presented. The company excludes the impact of the mark-to-market
adjustments resulting from these accounting changes in evaluating performance. In the fourth quarter of fiscal 2016, the company
incurred losses of $138 in Costs and expenses ($90 after tax, or $.29 per share) due to mark-to-market adjustments. In the fourth
quarter of fiscal 2015, the company incurred losses of $110 in Costs and expenses ($69 after tax, or $.22 per share) due to
mark-to-market adjustments.
|
CAMPBELL SOUP COMPANY |
CONSOLIDATED STATEMENTS OF EARNINGS |
(millions, except per share amounts) |
|
|
|
|
|
Twelve Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
Net sales |
|
$ |
7,961 |
|
|
$ |
8,082 |
Costs and expenses |
|
|
|
|
Cost of products sold |
|
5,181 |
|
|
5,300 |
Marketing and selling expenses |
|
893 |
|
|
884 |
Administrative expenses |
|
641 |
|
|
601 |
Research and development expenses |
|
124 |
|
|
117 |
Other expenses / (income) |
|
131 |
|
|
24 |
Restructuring charges |
|
31 |
|
|
102 |
Total costs and expenses |
|
7,001 |
|
|
7,028 |
Earnings before interest and taxes |
|
960 |
|
|
1,054 |
Interest, net |
|
111 |
|
|
105 |
Earnings before taxes |
|
849 |
|
|
949 |
Taxes on earnings |
|
286 |
|
|
283 |
Net earnings |
|
563 |
|
|
666 |
Net loss attributable to noncontrolling interests |
|
— |
|
|
— |
Net earnings attributable to Campbell Soup Company |
|
$ |
563 |
|
|
$ |
666 |
Per share - basic |
|
|
|
|
Net earnings attributable to Campbell Soup Company |
|
$ |
1.82 |
|
|
$ |
2.13 |
Dividends |
|
$ |
1.248 |
|
|
$ |
1.248 |
Weighted average shares outstanding - basic |
|
309 |
|
|
312 |
Per share - assuming dilution |
|
|
|
|
Net earnings attributable to Campbell Soup Company |
|
$ |
1.81 |
|
|
$ |
2.13 |
Weighted average shares outstanding - assuming dilution |
|
311 |
|
|
313 |
In fiscal 2016, the company changed the method of accounting for the recognition of actuarial gains and losses for defined
benefit pension and postretirement plans and the calculation of expected return on pension plan assets. These changes in accounting
policy have been retrospectively applied to all periods presented. The company excludes the impact of the mark-to-market
adjustments resulting from these accounting changes in evaluating performance. In fiscal 2016, the company incurred losses of $313
in Costs and expenses ($200 after tax, or $.64 per share) due to mark-to-market adjustments. In fiscal 2015, the company incurred
losses of $138 in Costs and expenses ($87 after tax, or $.28 per share) due to mark-to-market adjustments.
|
|
|
|
|
CAMPBELL SOUP COMPANY |
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS |
(millions, except per share amounts) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
July 31, 2016 |
|
August 2, 2015 |
|
Percent
Change
|
Sales
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
Americas Simple Meals and Beverages |
|
$ |
842 |
|
|
$ |
842 |
|
|
—% |
Global Biscuits and Snacks |
|
622 |
|
|
617 |
|
|
1% |
Campbell Fresh |
|
223 |
|
|
234 |
|
|
(5)% |
Total sales |
|
$ |
1,687 |
|
|
$ |
1,693 |
|
|
—% |
Earnings
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
Americas Simple Meals and Beverages |
|
$ |
191 |
|
|
$ |
183 |
|
|
4% |
Global Biscuits and Snacks |
|
81 |
|
|
77 |
|
|
5% |
Campbell Fresh |
|
8 |
|
|
21 |
|
|
(62)% |
Total operating earnings |
|
280 |
|
|
281 |
|
|
—% |
Unallocated corporate expenses |
|
318 |
|
|
145 |
|
|
|
Restructuring charges |
|
(1 |
) |
|
93 |
|
|
|
Earnings (loss) before interest and taxes |
|
(37 |
) |
|
43 |
|
|
(186)% |
Interest, net |
|
28 |
|
|
27 |
|
|
|
Taxes on earnings |
|
16 |
|
|
(1 |
) |
|
|
Net earnings (loss) |
|
(81 |
) |
|
17 |
|
|
(576)% |
Net loss attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
|
Net earnings (loss) attributable to Campbell Soup Company |
|
$ |
(81 |
) |
|
$ |
17 |
|
|
(576)% |
Per share - assuming dilution |
|
|
|
|
|
|
Net earnings (loss) attributable to Campbell Soup Company |
|
$ |
(.26 |
) |
|
$ |
.05 |
|
|
(620)% |
In fiscal 2016, the company modified its segment reporting as a result of changes in the management of the business. In
addition, the company changed the method of accounting for the recognition of actuarial gains and losses for defined benefit
pension and postretirement plans and the calculation of expected return on pension plan assets. In fiscal 2016, the company
also modified its method of allocating pension and postretirement benefit costs to reportable segments. Through fiscal 2015, the
company included all components of benefit expense in measuring segment performance. In fiscal 2016, service cost is allocated to
segments. All other components of expense, including interest cost, expected return on assets, and recognized actuarial gains and
losses, are reflected in Unallocated corporate expenses and not included in segment operating results. The changes in segment
reporting and accounting policies have been retrospectively applied to all periods presented.
|
|
|
|
|
CAMPBELL SOUP COMPANY |
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS |
(millions, except per share amounts) |
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
July 31, 2016 |
|
August 2, 2015 |
|
Percent
Change
|
Sales
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
Americas Simple Meals and Beverages |
|
$ |
4,380 |
|
|
$ |
4,483 |
|
|
(2)% |
Global Biscuits and Snacks |
|
2,564 |
|
|
2,631 |
|
|
(3)% |
Campbell Fresh |
|
1,017 |
|
|
968 |
|
|
5% |
Total sales |
|
$ |
7,961 |
|
|
$ |
8,082 |
|
|
(1)% |
Earnings
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
Americas Simple Meals and Beverages |
|
$ |
1,069 |
|
|
$ |
948 |
|
|
13% |
Global Biscuits and Snacks |
|
422 |
|
|
383 |
|
|
10% |
Campbell Fresh |
|
60 |
|
|
61 |
|
|
(2)% |
Total operating earnings |
|
1,551 |
|
|
1,392 |
|
|
11% |
Unallocated corporate expenses |
|
560 |
|
|
236 |
|
|
|
Restructuring charges |
|
31 |
|
|
102 |
|
|
|
Earnings before interest and taxes |
|
960 |
|
|
1,054 |
|
|
(9)% |
Interest, net |
|
111 |
|
|
105 |
|
|
|
Taxes on earnings |
|
286 |
|
|
283 |
|
|
|
Net earnings |
|
563 |
|
|
666 |
|
|
(15)% |
Net loss attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
|
Net earnings attributable to Campbell Soup Company |
|
$ |
563 |
|
|
$ |
666 |
|
|
(15)% |
Per share - assuming dilution |
|
|
|
|
|
|
Net earnings attributable to Campbell Soup Company |
|
$ |
1.81 |
|
|
$ |
2.13 |
|
|
(15)% |
In fiscal 2016, the company modified its segment reporting as a result of changes in the management of the business. In
addition, the company changed the method of accounting for the recognition of actuarial gains and losses for defined benefit
pension and postretirement plans and the calculation of expected return on pension plan assets. In fiscal 2016, the company
also modified its method of allocating pension and postretirement benefit costs to reportable segments. Through fiscal 2015, the
company included all components of benefit expense in measuring segment performance. In fiscal 2016, service cost is allocated to
segments. All other components of expense, including interest cost, expected return on assets, and recognized actuarial gains and
losses, are reflected in Unallocated corporate expenses and not included in segment operating results. The changes in segment
reporting and accounting policies have been retrospectively applied to all periods presented.
|
|
|
|
|
CAMPBELL SOUP COMPANY |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(millions) |
|
|
|
|
|
|
|
July 31, 2016 |
|
August 2, 2015 |
Current assets |
|
$ |
1,908 |
|
|
$ |
2,093 |
Plant assets, net |
|
2,407 |
|
|
2,347 |
Intangible assets, net |
|
3,415 |
|
|
3,549 |
Other assets |
|
107 |
|
|
88 |
Total assets |
|
$ |
7,837 |
|
|
$ |
8,077 |
Current liabilities |
|
$ |
2,728 |
|
|
$ |
2,806 |
Long-term debt |
|
2,141 |
|
|
2,539 |
Other liabilities |
|
1,435 |
|
|
1,355 |
Total equity |
|
1,533 |
|
|
1,377 |
Total liabilities and equity |
|
$ |
7,837 |
|
|
$ |
8,077 |
Total debt |
|
$ |
3,533 |
|
|
$ |
4,082 |
Cash and cash equivalents |
|
$ |
296 |
|
|
$ |
253 |
In fiscal 2016, the company changed the method of accounting for the recognition of actuarial gains and losses for defined
benefit pension and postretirement plans and the calculation of expected return on pension plan assets. These changes in accounting
policy have been retrospectively applied to all periods presented.
|
|
|
CAMPBELL SOUP COMPANY |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(millions) |
|
|
|
|
|
Twelve Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
Cash flows from operating activities: |
|
|
|
|
Net earnings |
|
$ |
563 |
|
|
$ |
666 |
|
Adjustments to reconcile net earnings to operating cash flow |
|
|
|
|
Impairment charges |
|
141 |
|
|
6 |
|
Restructuring charges |
|
31 |
|
|
102 |
|
Stock-based compensation |
|
64 |
|
|
57 |
|
Pension and postretirement benefit expense |
|
317 |
|
|
118 |
|
Depreciation and amortization |
|
308 |
|
|
303 |
|
Deferred income taxes |
|
(30 |
) |
|
(49 |
) |
Other, net |
|
6 |
|
|
15 |
|
Changes in working capital, net of acquisition |
|
|
|
|
Accounts receivable |
|
24 |
|
|
12 |
|
Inventories |
|
59 |
|
|
(18 |
) |
Prepaid assets |
|
9 |
|
|
10 |
|
Accounts payable and accrued liabilities |
|
(13 |
) |
|
6 |
|
Pension fund contributions |
|
(2 |
) |
|
(5 |
) |
Receipts from hedging activities |
|
44 |
|
|
11 |
|
Other |
|
(58 |
) |
|
(52 |
) |
Net cash provided by operating activities |
|
1,463 |
|
|
1,182 |
|
Cash flows from investing activities: |
|
|
|
|
Purchases of plant assets |
|
(341 |
) |
|
(380 |
) |
Sales of plant assets |
|
5 |
|
|
15 |
|
Business acquired, net of cash acquired |
|
— |
|
|
(232 |
) |
Other, net |
|
(18 |
) |
|
(6 |
) |
Net cash used in investing activities |
|
(354 |
) |
|
(603 |
) |
Cash flows from financing activities: |
|
|
|
|
Net short-term borrowings (repayments) |
|
(547 |
) |
|
100 |
|
Long-term borrowings |
|
— |
|
|
300 |
|
Repayments of notes payable |
|
— |
|
|
(309 |
) |
Dividends paid |
|
(390 |
) |
|
(394 |
) |
Treasury stock purchases |
|
(143 |
) |
|
(244 |
) |
Treasury stock issuances |
|
2 |
|
|
9 |
|
Excess tax benefits on stock-based compensation |
|
7 |
|
|
6 |
|
Contributions from noncontrolling interest |
|
— |
|
|
9 |
|
Other, net |
|
— |
|
|
(3 |
) |
Net cash used in financing activities |
|
(1,071 |
) |
|
(526 |
) |
Effect of exchange rate changes on cash |
|
5 |
|
|
(32 |
) |
Net change in cash and cash equivalents |
|
43 |
|
|
21 |
|
Cash and cash equivalents — beginning of period |
|
253 |
|
|
232 |
|
Cash and cash equivalents — end of period |
|
$ |
296 |
|
|
$ |
253 |
|
In fiscal 2016, the company changed the method of accounting for the recognition of actuarial gains and losses for defined
benefit pension and postretirement plans and the calculation of expected return on pension plan assets. These changes in accounting
policy have been retrospectively applied to all periods presented.
Reconciliation of GAAP to Non-GAAP Financial Measures
Fiscal Year Ended July 31, 2016
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.
Organic Net Sales
Organic net sales are net sales excluding the impact of currency and acquisitions. 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 |
|
|
July 31, 2016 |
|
August 2,
2015
|
|
% Change |
|
(millions) |
|
Net Sales,
as
Reported
|
|
Impact of
Currency
|
|
Impact of
Acquisitions
|
|
Organic
Net Sales
|
|
Net Sales,
as
Reported
|
|
Net Sales,
as
Reported
|
|
Organic
Net Sales
|
Americas Simple Meals and Beverages |
|
$ |
842 |
|
|
$ |
4 |
|
|
$ |
— |
|
|
$ |
846 |
|
|
$ |
842 |
|
|
— |
% |
|
— |
% |
Global Biscuits and Snacks |
|
622 |
|
|
6 |
|
|
— |
|
|
628 |
|
|
617 |
|
|
1 |
% |
|
2 |
% |
Campbell Fresh |
|
223 |
|
|
— |
|
|
(16 |
) |
|
207 |
|
|
234 |
|
|
(5 |
)% |
|
(12 |
)% |
Total Net Sales |
|
$ |
1,687 |
|
|
$ |
10 |
|
|
$ |
(16 |
) |
|
$ |
1,681 |
|
|
$ |
1,693 |
|
|
— |
% |
|
(1 |
)% |
|
|
Year Ended |
|
|
July 31, 2016 |
|
August 2,
2015
|
|
% Change |
|
(millions) |
|
Net Sales,
as
Reported
|
|
Impact of
Currency
|
|
Impact of
Acquisitions
|
|
Organic
Net Sales
|
|
Net Sales,
as
Reported
|
|
Net Sales,
as
Reported
|
|
Organic
Net Sales
|
Americas Simple Meals and Beverages |
|
$ |
4,380 |
|
|
$ |
55 |
|
|
$ |
— |
|
|
$ |
4,435 |
|
|
$ |
4,483 |
|
|
(2 |
)% |
|
(1 |
)% |
Global Biscuits and Snacks |
|
2,564 |
|
|
103 |
|
|
— |
|
|
2,667 |
|
|
2,631 |
|
|
(3 |
)% |
|
1 |
% |
Campbell Fresh |
|
1,017 |
|
|
— |
|
|
(92 |
) |
|
925 |
|
|
968 |
|
|
5 |
% |
|
(4 |
)% |
Total Net Sales |
|
$ |
7,961 |
|
|
$ |
158 |
|
|
$ |
(92 |
) |
|
$ |
8,027 |
|
|
$ |
8,082 |
|
|
(1 |
)% |
|
(1 |
)% |
Items Impacting Gross Margin, Costs and Expenses, and Earnings
The company believes that financial information excluding certain items that are not considered to be part of the ongoing
business, such as those listed below, improves the comparability of year-to-year results. Consequently, the company believes that
investors may be able to better understand its results excluding these items.
The following items impacted gross margin, costs and expenses, and earnings:
(1) |
|
In fiscal 2016, the company changed the method of accounting for the recognition of
actuarial gains and losses for defined benefit pension and postretirement plans and the calculation of expected return on
pension plan assets. Historically, actuarial gains and losses associated with benefit obligations were recognized in
Accumulated other comprehensive loss in the Consolidated Balance Sheets and were amortized into earnings over the remaining
service life of participants to the extent that the amounts were in excess of a corridor. Under the new policy, actuarial gains
and losses will be recognized immediately in the Consolidated Statements of Earnings as of the measurement date, which is
typically the end of the fiscal year, or more frequently if an interim remeasurement is required. In addition, the company will
no longer use a market-related value of plan assets, which is an average value, to determine the expected return on assets but
rather will use the fair value of plan assets. The company excludes the impact of the mark-to-market adjustments resulting from
these accounting changes in evaluating performance. These changes in accounting policy have been retrospectively applied to all
periods presented. In the fourth quarter of fiscal 2016, the company incurred losses of $138 million in Costs and expenses ($90
million after tax, or $.29 per share) due to mark-to-market adjustments. In fiscal 2016, the company incurred losses of $313
million in Costs and expenses ($200 million after tax, or $.64 per share) due to mark-to-market adjustments. In the fourth
quarter of fiscal 2015, the company incurred losses of $110 million in Costs and expenses ($69 million after tax, or $.22 per
share). In fiscal 2015, the company incurred losses of $138 million in Costs and expenses ($87 million after tax, or $.28 per
share) due to mark-to-market adjustments. |
|
|
|
(2) |
|
In fiscal 2015, the company implemented a new enterprise design and initiatives to
reduce costs and to streamline its organizational structure. In the fourth quarter of fiscal 2016, the company recorded
implementation costs and other related costs of $12 million in Administrative expenses related to these initiatives. In the
fourth quarter of fiscal 2016, the company also recorded a reduction to Restructuring charges of $1 million related to the
fiscal 2014 initiatives. The aggregate after-tax impact of Restructuring charges, implementation costs and other related costs
was $7 million, or $.02 per share. In fiscal 2016, the company recorded Restructuring charges of $35 million and implementation
costs and other related costs of $47 million in Administrative expenses related to the fiscal 2015 initiatives. The company
also recorded a reduction to Restructuring charges of $4 million related to the fiscal 2014 initiatives. The aggregate
after-tax impact of Restructuring charges, implementation costs and other related costs was $49 million, or $.16 per share. In
the fourth quarter of fiscal 2015, the company recorded Restructuring charges of $93 million and implementation costs of $13
million in Administrative expenses related to the fiscal 2015 initiatives (aggregate impact of $67 million after tax, or $.21
per share). In fiscal 2015, the company recorded Restructuring charges of $102 million and implementation costs of $22 million
in Administrative expenses related to the fiscal 2015 initiatives (aggregate impact of $78 million after tax, or $.25 per
share). |
|
|
|
(3) |
|
In fiscal 2016, the company recorded a gain of $25 million in Other expenses /
(income) ($.08 per share) from a settlement of a claim related to the Kelsen acquisition. |
|
|
|
(4) |
|
In the fourth quarter of fiscal 2016, as part of the annual review of intangible
assets, the company recorded a non-cash impairment charge of $141 million in Other expenses / (income) ($127 million after tax,
or $.41 per share) related to the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit. |
The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding
certain items:
|
|
Three Months Ended |
|
|
|
|
July 31, 2016 |
|
August 2, 2015 |
|
|
(millions, except per share amounts) |
|
As
reported
|
|
Adjustments(a) |
|
Adjusted |
|
As
reported
|
|
Adjustments(a) |
|
Adjusted |
|
Adjusted
Percent
Change
|
Gross margin |
|
$ |
546 |
|
|
$ |
63 |
|
|
$ |
609 |
|
|
$ |
562 |
|
|
$ |
64 |
|
|
$ |
626 |
|
|
(3 |
)% |
Gross margin percentage |
|
32.4 |
% |
|
|
|
36.1 |
% |
|
33.2 |
% |
|
|
|
37.0 |
% |
|
|
Marketing and selling expenses |
|
216 |
|
|
(20 |
) |
|
196 |
|
|
189 |
|
|
(17 |
) |
|
172 |
|
|
|
Administrative expenses |
|
185 |
|
|
(57 |
) |
|
128 |
|
|
193 |
|
|
(34 |
) |
|
159 |
|
|
|
Research and development expenses |
|
38 |
|
|
(10 |
) |
|
28 |
|
|
34 |
|
|
(8 |
) |
|
26 |
|
|
|
Other expenses / (income) |
|
145 |
|
|
(141 |
) |
|
4 |
|
|
10 |
|
|
— |
|
|
10 |
|
|
|
Restructuring charges |
|
(1 |
) |
|
1 |
|
|
— |
|
|
93 |
|
|
(93 |
) |
|
— |
|
|
|
Earnings (loss) before interest and taxes |
|
$ |
(37 |
) |
|
$ |
290 |
|
|
$ |
253 |
|
|
$ |
43 |
|
|
$ |
216 |
|
|
$ |
259 |
|
|
(2 |
)% |
Interest, net |
|
28 |
|
|
— |
|
|
28 |
|
|
27 |
|
|
— |
|
|
27 |
|
|
|
Earnings (loss) before taxes |
|
$ |
(65 |
) |
|
$ |
290 |
|
|
$ |
225 |
|
|
$ |
16 |
|
|
$ |
216 |
|
|
$ |
232 |
|
|
|
Taxes |
|
16 |
|
|
66 |
|
|
82 |
|
|
(1 |
) |
|
80 |
|
|
79 |
|
|
|
Effective income tax rate |
|
(24.6 |
)% |
|
|
|
36.4 |
% |
|
(6.3 |
)% |
|
|
|
34.1 |
% |
|
|
Net earnings (loss) attributable to Campbell Soup Company |
|
$ |
(81 |
) |
|
$ |
224 |
|
|
$ |
143 |
|
|
$ |
17 |
|
|
$ |
136 |
|
|
$ |
153 |
|
|
(7 |
)% |
Diluted net earnings (loss) per share attributable to Campbell Soup
Company |
|
$ |
(.26 |
) |
|
$ |
.72 |
|
|
$ |
.46 |
|
|
$ |
.05 |
|
|
$ |
.44 |
|
|
$ |
.49 |
|
|
(6 |
)% |
(a)See following table for additional information. |
|
|
Three Months Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
(millions, except per share amounts) |
|
Mark-to-
market (1)
|
|
Restructuring
charges,
implementation
costs and other
related costs (2)
|
|
Impairment
charges (4)
|
|
Adjustments |
|
Mark-to-
market (1)
|
|
Restructuring
charges and
implementation
costs (2)
|
|
Adjustments |
Gross margin |
|
$ |
63 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
63 |
|
|
$ |
64 |
|
|
$ |
— |
|
|
$ |
64 |
|
Marketing and selling expenses |
|
(20 |
) |
|
— |
|
|
— |
|
|
(20 |
) |
|
(17 |
) |
|
— |
|
|
(17 |
) |
Administrative expenses |
|
(45 |
) |
|
(12 |
) |
|
— |
|
|
(57 |
) |
|
(21 |
) |
|
(13 |
) |
|
(34 |
) |
Research and development expenses |
|
(10 |
) |
|
— |
|
|
— |
|
|
(10 |
) |
|
(8 |
) |
|
— |
|
|
(8 |
) |
Other expenses / (income) |
|
— |
|
|
— |
|
|
(141 |
) |
|
(141 |
) |
|
— |
|
|
— |
|
|
— |
|
Restructuring charges |
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
|
— |
|
|
(93 |
) |
|
(93 |
) |
Earnings before interest and taxes |
|
$ |
138 |
|
|
$ |
11 |
|
|
$ |
141 |
|
|
$ |
290 |
|
|
$ |
110 |
|
|
$ |
106 |
|
|
$ |
216 |
|
Interest, net |
|
— |
|
|
— |
|
|
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Earnings before taxes |
|
$ |
138 |
|
|
$ |
11 |
|
|
$ |
141 |
|
|
$ |
290 |
|
|
$ |
110 |
|
|
$ |
106 |
|
|
$ |
216 |
|
Taxes |
|
48 |
|
|
4 |
|
|
14 |
|
|
66 |
|
|
41 |
|
|
39 |
|
|
80 |
|
Net earnings attributable to Campbell Soup Company |
|
$ |
90 |
|
|
$ |
7 |
|
|
$ |
127 |
|
|
$ |
224 |
|
|
$ |
69 |
|
|
$ |
67 |
|
|
$ |
136 |
|
Diluted net earnings per share attributable to Campbell Soup Company* |
|
$ |
.29 |
|
|
$ |
.02 |
|
|
$ |
.41 |
|
|
$ |
.72 |
|
|
$ |
.22 |
|
|
$ |
.21 |
|
|
$ |
.44 |
|
*The sum of the individual per share amounts may not add due to
rounding. |
|
|
Year Ended |
|
|
|
|
July 31, 2016 |
|
August 2, 2015 |
|
|
(millions, except per share amounts) |
|
As
reported
|
|
Adjustments(a) |
|
Adjusted |
|
As
reported
|
|
Adjustments(a) |
|
Adjusted |
|
Adjusted
Percent
Change
|
Gross margin |
|
$ |
2,780 |
|
|
$ |
176 |
|
|
$ |
2,956 |
|
|
$ |
2,782 |
|
|
$ |
80 |
|
|
$ |
2,862 |
|
|
3 |
% |
Gross margin percentage |
|
34.9 |
% |
|
|
|
37.1 |
% |
|
34.4 |
% |
|
|
|
35.4 |
% |
|
|
Marketing and selling expenses |
|
893 |
|
|
(46 |
) |
|
847 |
|
|
884 |
|
|
(21 |
) |
|
863 |
|
|
|
Administrative expenses |
|
641 |
|
|
(118 |
) |
|
523 |
|
|
601 |
|
|
(49 |
) |
|
552 |
|
|
|
Research and development expenses |
|
124 |
|
|
(20 |
) |
|
104 |
|
|
117 |
|
|
(10 |
) |
|
107 |
|
|
|
Other expenses / (income) |
|
131 |
|
|
(116 |
) |
|
15 |
|
|
24 |
|
|
— |
|
|
24 |
|
|
|
Restructuring charges |
|
31 |
|
|
(31 |
) |
|
— |
|
|
102 |
|
|
(102 |
) |
|
— |
|
|
|
Earnings before interest and taxes |
|
$ |
960 |
|
|
$ |
507 |
|
|
$ |
1,467 |
|
|
$ |
1,054 |
|
|
$ |
262 |
|
|
$ |
1,316 |
|
|
11 |
% |
Interest, net |
|
111 |
|
|
— |
|
|
111 |
|
|
105 |
|
|
— |
|
|
105 |
|
|
|
Earnings before taxes |
|
$ |
849 |
|
|
$ |
507 |
|
|
$ |
1,356 |
|
|
$ |
949 |
|
|
$ |
262 |
|
|
$ |
1,211 |
|
|
|
Taxes |
|
286 |
|
|
156 |
|
|
442 |
|
|
283 |
|
|
97 |
|
|
380 |
|
|
|
Effective income tax rate |
|
33.7 |
% |
|
|
|
32.6 |
% |
|
29.8 |
% |
|
|
|
31.4 |
% |
|
|
Net earnings attributable to Campbell Soup Company |
|
$ |
563 |
|
|
$ |
351 |
|
|
$ |
914 |
|
|
$ |
666 |
|
|
$ |
165 |
|
|
$ |
831 |
|
|
10 |
% |
Diluted net earnings per share attributable to Campbell Soup Company* |
|
$ |
1.81 |
|
|
$ |
1.13 |
|
|
$ |
2.94 |
|
|
$ |
2.13 |
|
|
$ |
.53 |
|
|
$ |
2.65 |
|
|
11 |
% |
(a)See following table for additional information. |
*The sum of the individual per share amounts may not add due to
rounding. |
|
|
Year Ended |
|
|
July 31, 2016 |
|
August 2, 2015 |
(millions, except per share amounts) |
|
Mark-to-
market
(1)
|
|
Restructuring
charges,
implementation
costs and other
related costs (2)
|
|
Claim
settlement (3)
|
|
Impairment
charges (4)
|
|
Adjustments |
|
Mark-to-
market
(1)
|
|
Restructuring
charges and
implementation
costs (2)
|
|
Adjustments |
Gross margin |
|
$ |
176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
176 |
|
|
$ |
80 |
|
|
$ |
— |
|
|
$ |
80 |
|
Marketing and selling expenses |
|
(46 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(46 |
) |
|
(21 |
) |
|
— |
|
|
(21 |
) |
Administrative expenses |
|
(71 |
) |
|
(47 |
) |
|
— |
|
|
— |
|
|
(118 |
) |
|
(27 |
) |
|
(22 |
) |
|
(49 |
) |
Research and development expenses |
|
(20 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(20 |
) |
|
(10 |
) |
|
— |
|
|
(10 |
) |
Other expenses / (income) |
|
— |
|
|
— |
|
|
25 |
|
|
(141 |
) |
|
(116 |
) |
|
— |
|
|
— |
|
|
— |
|
Restructuring charges |
|
— |
|
|
(31 |
) |
|
— |
|
|
— |
|
|
(31 |
) |
|
— |
|
|
(102 |
) |
|
(102 |
) |
Earnings before interest and taxes |
|
$ |
313 |
|
|
$ |
78 |
|
|
$ |
(25 |
) |
|
$ |
141 |
|
|
$ |
507 |
|
|
$ |
138 |
|
|
$ |
124 |
|
|
$ |
262 |
|
Interest, net |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Earnings before taxes |
|
$ |
313 |
|
|
$ |
78 |
|
|
$ |
(25 |
) |
|
$ |
141 |
|
|
$ |
507 |
|
|
$ |
138 |
|
|
$ |
124 |
|
|
$ |
262 |
|
Taxes |
|
113 |
|
|
29 |
|
|
— |
|
|
14 |
|
|
156 |
|
|
51 |
|
|
46 |
|
|
97 |
|
Net earnings attributable to Campbell Soup Company |
|
$ |
200 |
|
|
$ |
49 |
|
|
$ |
(25 |
) |
|
$ |
127 |
|
|
$ |
351 |
|
|
$ |
87 |
|
|
$ |
78 |
|
|
$ |
165 |
|
Diluted net earnings per share attributable to Campbell Soup Company |
|
$ |
.64 |
|
|
$ |
.16 |
|
|
$ |
(.08 |
) |
|
$ |
.41 |
|
|
$ |
1.13 |
|
|
$ |
.28 |
|
|
$ |
.25 |
|
|
$ |
.53 |
|
Campbell Soup Company
INVESTOR CONTACT:
Ken Gosnell, 856-342-6081
ken_gosnell@campbellsoup.com
or
MEDIA CONTACT:
Carla Burigatto, 856-342-3737
carla_burigatto@campbellsoup.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160901005605/en/