Corporate expenses were $154 million in the fourth quarter of fiscal 2020 compared to $192 million in the prior year. In the fiscal first quarter of 2021, Campbell Soup reported a 7% increase in net sales to $ 2.34 billion. 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). The balance of the increase reflects increases in charitable contributions, higher incentive compensation accruals, and higher benefit costs, offset partly by the benefits from cost savings initiatives. Beginning in fiscal 2020, the business in Latin America is managed as part of the Snacks segment. Add to Cart. The one of the world’s top soup … Real Food Philosophy. ... As heartwarming as chicken soup: The story of Dorothy McFadden, Retired Campbell … Excluding items impacting comparability, the adjusted tax rate decreased 330 basis points to 22.3% from 25.6%. 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. We’re constantly looking for great new Campbell's coupons. On October 11, 2019, the company sold its European chips business. Net interest expense was $341 million compared to $354 million in the prior year. The company’s top and bottom lines will likely display year-over-year growth. 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%. 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. This seems to indicate a slowdown as restrictions ease. Organic net sales are net sales excluding the impact of currency, acquisitions, divestitures, and the additional week in fiscal 2020. In the fourth quarter of fiscal 2020, Campbell achieved $45 million in savings under its multi-year cost savings program, inclusive of Snyder’s-Lance synergies, bringing total program-to-date savings to $725 million. $15.95. In fiscal 2019, the business in Latin America was managed as part of the Meals & Beverages segment. Fiscal 2020 was a 53-week year, with the extra week falling in the fourth quarter. By continuing to use this site you accept our privacy and cookie policy. is not affiliated with CSC Brand LP and CSC Brand … Rating: 100 % of 100 (1) Campbell's® Soup … Excluding items impacting comparability in the current year, adjusted net interest expense decreased 25% from the prior year to $266 million reflecting lower levels of debt. 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. Fiscal 2020 had 53 weeks. Total debt, including amounts related to discontinued operations, was reduced by $2.52 billion in fiscal 2020 primarily due to successful deleveraging following the completion of the company’s previously announced divestiture plan. 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. Our Values. The financial calendar for SP Group in 2021 is:26 March Announcement of financial statements for 2020 27 April Annual General Meeting 03 May Dividends for 2020 at the disposal of … 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. Excluding items impacting comparability, adjusted gross margin increased 190 basis points to 35.6% driven by the benefits of supply chain productivity improvements and cost savings initiatives, as well as mark-to-market gains on outstanding commodity hedges, improved operating leverage and favorable product mix, offset partly by higher supply chain costs related to COVID-19 and cost inflation. 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. Adjustments to reconcile net earnings to operating cash flow, Pension and postretirement benefit expense, Changes in working capital, net of acquisition and divestitures, Net cash provided by operating activities, Sales of businesses, net of cash divested, Net cash provided by investing activities, Short-term borrowings, including revolving line of credit, Short-term repayments, including revolving line of credit, Payments related to tax withholding for stock-based compensation, Payments related to extinguishment of debt, Cash and cash equivalents — beginning of period, Cash balance of discontinued operations — beginning of period, Cash balance of discontinued operations — end of period, Cash and cash equivalents — end of period, Reconciliation of GAAP to Non-GAAP Financial Measures Fiscal Year Ended August 2, 2020. Huge selection of 2021 calendars, games, toys, puzzles, gifts and more! Capital investments were $299 million compared to $384 million in the prior year reflecting delays in certain projects impacted by the current operating environment. Campbell will host a 30 minute live Q&A-only call today at 8:30 a.m. Eastern Time. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release. Campbell Soup Company. (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. 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. ©2020 ALL RIGHTS RESERVED Except for certain license rights granted, turnkey merchandise programs, llc. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. Personalize your space and organize your life with Calendars.com. Campbell Soup, a US-centric packaged food company, is expected to report a profit of $0.91 in the first quarter of fiscal year 2021, up from previous $0.63. Net interest expense was $60 million compared to $84 million in the prior year reflecting lower levels of debt. Corporate Participants: Rebecca Gardy — Vice President of Investor Relations. 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. Beginning in the fourth quarter of fiscal 2019, the results of the Kelsen Group, Arnott's and certain other international operations (Campbell International), which represented the former international biscuits and snacks operating segment, were reported as discontinued operations. Net sales increased 18% to $2.11 billion. “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. Prior-period segment results have been adjusted retrospectively to reflect this change. Excluding items impacting comparability, the adjusted tax rate increased 40 basis points to 24.1% from 23.7%. The total aggregate impact was $61 million after tax, or $.20 per share. 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. Net sales in the quarter increased 11%. Our Purpose. Campbell Soup Company to Report First-Quarter Fiscal 2021 Results on Dec. 9, 2020 CAMDEN, N.J.–(BUSINESS WIRE)–Nov. Total fiscal 2020 savings were $165 million. In the first quarter of fiscal 2020, the company recorded a loss in Other expenses / (income) of $64 million ($60 million after tax, or $.20 per share) on the sale of its European chips business. 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. For the second quarter of 2021… Segment operating earnings were comparable to the prior year as sales volume gains, including the benefit of the additional week, were offset by increased marketing support and lower gross margin performance. The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items: Diluted earnings (loss) per share - continuing operations attributable to Campbell Soup Company*, Diluted earnings (loss) per share - discontinued operations, Diluted net earnings (loss) per share attributable to Campbell Soup Company*. I would expect us to be in a position where we're with a fully loaded promotional calendar that is really … Campbell (NYSE:CPB) is driven and inspired by our purpose, "Real food that matters for life's moments." 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. In the first quarter of fiscal 2019, the company recorded a non-cash impairment charge of $14 million ($11 million after tax, or $.04 per share) on its U.S. refrigerated soup plant assets. As reported EBIT increased 13% to $1.11 billion. Main Undergraduate Campus. The materials will be available at investor.campbellsoupcompany.com/events-and-presentations. The … Community. (856) 342-6081rebecca_gardy@campbells.com, MEDIA CONTACT:Thomas Hushen In the third quarter of fiscal 2020, the company recognized a loss in Other expenses / (income) of $45 million ($35 million after tax, or $.12 per share) as a result of the pending sale. The company also incurred costs of $5 million pre tax and after tax ($.02 per share) associated with the planned divestiture of Campbell International. 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. Net sales increased 7% to $8.69 billion. 2021 Calendars Top 50 Calendars Exclusives Pocket Wall Calendars 18 Month Calendars Jeopardy Desk Calendar. The period ended August 2, 2020 had 14 weeks. A reconciliation of net sales as reported to organic net sales follows. The company is a member of the Standard and Poor's 500 and the FTSE4Good Index. 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. Beginning in fiscal 2020, the segment also includes the retail business in Latin America. Cost Savings Program from Continuing Operations. Earnings Before Interest and Taxes (EBIT). A teleconference recording of the Q&A call will also be available until midnight on Sept. 17, 2020, at +1 (404) 537-3406. In the first quarter of fiscal 2020, the company recorded Restructuring charges of $3 million and implementation costs and other related costs of $8 million in Administrative expenses (aggregate impact of $8 million after tax, or $.03 per share) related to these initiatives. 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. The Company's segments include Americas Simple Meals and Beverages, and Global … The remaining decrease in expenses primarily reflects gains on outstanding commodity hedges. You'll also find a slew of new ways to use Campbell's soup to make delicious meals on the Campbell's Kitchen website. 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. Consequently, management believes that investors may be able to better understand its results excluding these items. (a)See following tables for additional information. Find out the dividend ex-date of U.S. dividend-paying publicly traded companies as of January 7, 2021. Dividend Calendar as of January 7, 2021 - Fidelity Skip to Main Content. The aggregate impact was $17 million ($12 million after tax, or $.04 per share). The impact of the continuing pandemic on the company's fiscal 2021 results is uncertain and makes it … The period ended July 28, 2019 had 13 weeks. 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) impacts of, and associated responses to, the COVID-19 pandemic; (2) the company’s ability to execute on and realize the expected benefits from its strategy, including growing sales in snacks and maintaining its market share position in soup; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power with product innovation, promotional programs and new advertising; (4) the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; (5) the ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions; (6) disruptions to the company’s supply chain and/or operations, as well as fluctuations in the supply of and inflation in energy and raw and packaging materials cost; (7) the company’s ability to manage changes to its organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; (8) changes in consumer demand for the company’s products and favorable perception of the company’s brands; (9) changing inventory management practices by certain of the company’s key customers; (10) a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company’s key customers maintain significance to the company’s business; (11) product quality and safety issues, including recalls and product liabilities; (12) the possible disruption to the independent contractor distribution models used by certain of the company’s businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; (13) the uncertainties of litigation and regulatory actions against the company; (14) the costs, disruption and diversion of management’s attention associated with activist investors; (15) a material failure in or breach of the company’s information technology systems; (16) impairment to goodwill or other intangible assets; (17) the company’s ability to protect its intellectual property rights; (18) increased liabilities and costs related to the company’s defined benefit pension plans; (19) the company’s ability to attract and retain key talent; (20) negative changes and volatility in financial and credit markets, deteriorating economic conditions and other external factors, including changes in laws and regulations; (21) unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, extreme weather conditions, natural disasters, other pandemics or other calamities; and (22) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. Campbell Soup Company (NYSE:CPB) Q1 2021 Earnings Conference Call December 09, 2020, 08:30 AM ET Company Participants Rebecca Gardy - VP, Investor Relations Mark Clouse - … The dividend will be payable on … On April 26, 2020, the company entered into an agreement to sell its limited partnership interest in Acre Venture Partners, L.P. 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 company reported EPS of $1.95 per share. Campbell Provides First-Quarter Fiscal 2021 Guidance. Net sales increased 7% to $2.34 billion … Excluding items impacting comparability, adjusted EBIT increased 22% to $307 million as higher sales volumes, including the benefit of the additional week in the quarter, and improved gross margin performance, were offset partly by increased marketing investment and higher adjusted administrative expenses. Our Brands. Administrative expenses increased 12% to $186 million. In the second quarter of fiscal 2019, interim impairment assessments were performed on the intangible and tangible assets within Campbell Fresh, which included Garden Fresh Gourmet, Bolthouse Farms carrot and carrot ingredients, and Bolthouse Farms refrigerated beverages and salad dressings, as the company continued to pursue the divestiture of these businesses. 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. The results for the European chips business up through the time of sale are included as part of the Snacks segment. 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. 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. *The sum of individual per share amounts may not add due to rounding. Rating: 100 % of 100 (2) Campbell's® Soup Can String Lights . 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. Organic net sales, which exclude the impact from the additional week in the quarter and the impact from the sale of the European chips business, increased 12% from the prior year driven by favorable volume in both Meals & Beverages and Snacks reflecting a continued increase in demand as at-home food consumption remained elevated. Full-Year Results from Continuing Operations. 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