The table below presents a summary of items impacting comparability in each period. 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. First-quarter guidance set forth in the table below assumes that the company's supply chain operates effectively during this period of heightened demand and shifts in consumer behavior toward at-home consumption continue: * Adjusted - refer to the detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information at the end of this news release. The company revised its future outlook for earnings and cash flows for each of these businesses as the divestiture process progressed. I would expect us to be in a position where we're with a fully loaded promotional calendar that is really … On April 26, 2020, the company entered into an agreement to sell its limited partnership interest in Acre Venture Partners, L.P. 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 - … 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. ", Items Impacting Comparability for Continuing Operations. See "Presentation Materials and Q&A Webcast" below. Net interest expense was $341 million compared to $354 million in the prior year. Organic net sales are net sales excluding the impact of currency, acquisitions, divestitures, and the additional week in fiscal 2020. The total aggregate impact was $61 million after tax, or $.20 per share. Administrative expenses increased 12% to $186 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. Segment operating earnings increased 24%. 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. Access to a live webcast of the Q&A, as well as a webcast replay of the call, will be available at investor.campbellsoupcompany.com/events-and-presentations. Campbell Soup Company earnings results are reported as follows: Meals & Beverages includes the retail and foodservice businesses in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum baby food and snacks; V8 juices and beverages; and Campbell’s tomato juice. 2021 Calendars Top 50 Calendars Exclusives Pocket Wall Calendars 18 Month Calendars Jeopardy Desk Calendar. Choose the classic, always flavorful, always easy Campbell's Soup today. 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. Campbell (NYSE:CPB) is driven and inspired by our purpose, "Real food that matters for life's moments." Excluding items impacting comparability, adjusted administrative expenses increased by $30 million, or 22%, with approximately one half of the increase driven by the estimated impact of the additional week in the quarter on general administrative costs. (a)See following tables for additional information. *Includes discontinued operations as of July 28, 2019. Volume was favorable in the retail business with increased demand of food purchases for at-home consumption, offset partly by the negative impact on the foodservice business as a result of shifts in consumer behavior and continued COVID-19 related restrictions. 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. 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. Mark A. Clouse — President and Chief Executive Officer. The company has implemented several cost savings initiatives in recent years. 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 … In fiscal 2020, the company recorded a loss in Interest expense of $75 million ($57 million after tax, or $.19 per share) on the extinguishment of debt. Campbell Soup Company Q1 2021 earnings call dated Dec. 09, 2020. 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*. Campbell Soup sees Q2 2021 EPS of $0.81-$0.83, versus the consensus of $0.84. Net sales increased 7% to $8.69 billion. The company’s top and bottom lines will likely display year-over-year growth. For graduate/professional program and extended campus academic calendars, visit Adult & Online Education, Business, Divinity, Law, Medicine or Pharmacy & Health Sciences. Campbell Soup Co. reported a profit for the first quarter that climbed 86 percent from last year, reflecting higher sales volumes, improved gross margin performance and lower selling … The … The total aggregate impact was $4 million after tax, or $.01 per share. Net interest expense was $60 million compared to $84 million in the prior year reflecting lower levels of debt. The company issued revenue guidance of +5-7% to ~$2.27-2.31 billion, compared to the consensus revenue estimate of $2.28 billion.Campbell Soup also updated its Q2 2021 Pre-Market guidance to … 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. Campbell Soup (NYSE:CPB) - Equities researchers at Jefferies Financial Group upped their Q2 2021 earnings per share estimates for Campbell Soup in a note issued to investors on Wednesday, … These sales results reflect gains in fresh bakery products, Pepperidge Farm cookies, Late July snacks, Goldfish crackers, and Snyder’s of Hanover pretzels, as well as Kettle Brand and Cape Cod potato chips. REFINITIV STREETEVENTS EDITED TRANSCRIPT Q1 2021 Campbell Soup Co Earnings Call EVENT... | December 10, 2020 In fiscal 2020, the company recorded a loss in Other expenses / (income) of $64 million ($37 million after tax, or $.12 per share) on the sale of its European chips business. 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. CAMDEN, N.J.--(BUSINESS WIRE)--Sep. 3, 2020-- Campbell Soup Company (NYSE:CPB) today reported results for its fourth-quarter and full-year fiscal 2020. The dividend will be payable on … The aggregate impact was $51 million after tax, or $.17 per share. 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. Excluding items impacting comparability in the prior year, adjusted marketing and selling expenses increased 37% driven primarily by increased investments in advertising and consumer promotion expenses across both segments. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release. In line with the company’s commitment to returning value to shareholders, the company paid $426 million of cash dividends in fiscal 2020 reflecting the quarterly dividend rate of $0.35 per share. Marketing and selling expenses increased 36% to $265 million. The aggregate impact of the impairment charges was $346 million ($264 million after tax, or $.87 per share). 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 will host a 30 minute live Q&A-only call today at 8:30 a.m. Eastern Time. (856) 342-6081rebecca_gardy@campbells.com, MEDIA CONTACT:Thomas Hushen The results of the business through the date of sale are reflected in continuing operations within the Snacks segment. Last Day to Add/Late Register/Bill Clearance Deadline, Enrollment Certification Day (Census Date), Calendar Reconciliation Day – Monday Classes Meet (Last Day of Class), Graduation Ceremony (Includes all degrees, all campuses for August & December), Last Day to Register/Bill Clearance Deadline, Enrollment Certification Date (Census Date), Calendar Reconciliation Day (Friday Classes Meet), Graduation Ceremony (School of Osteopathic Medicine), Graduation Ceremony (Adult and Online Education campuses), Graduation Ceremony (College of Pharmacy & Health Sciences), Graduation Ceremony (Undergraduate & Graduate: College of Arts & Sciences, School of Ed., L-F School of Business, School of Engr. The results for the European chips business up through the time of sale are included as part of the Snacks segment. CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS, Current assets of discontinued operations, Noncurrent assets of discontinued operations, Current liabilities of discontinued operations, Noncurrent liabilities of discontinued operations. 24, 2020– Campbell Soup Company (NYSE:CPB) today announced that it will report its first-quarter fiscal 2021 … Excluding items impacting comparability, adjusted other income was $15 million compared to $10 million in the prior year. During the first quarter, Campbell’s organic sales grew 8%. Rating: 100 % of 100 (1) Campbell's® Soup … Investor Center. 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. Magical Realm Campbell Wall Calendar By … The settlements resulted from the level of lump sum distributions from the plans' assets. 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. Campbell University sites use cookies. In fiscal 2019, the total non-cash impairment charges recorded were $377 million ($287 million after tax, or $.95 per share). 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. The access code for the teleconference recording is 6497776. In fiscal 2020, the company recorded Restructuring charges of $9 million and implementation costs and other related costs of $48 million in Administrative expenses, $9 million in Cost of products sold, $2 million in Marketing and selling expenses, and $1 million in Research and development expenses (aggregate impact of $52 million after tax, or $.17 per share) related to these initiatives. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. The following slide deck was published by Campbell Soup Company in conjunction with their 2021 Q1 earnings call. Cash flows from operations of $1.40 billion were comparable to the prior year. The one of the world’s top soup … We’re constantly looking for great new Campbell's coupons. Net sales increased 7% to $2.34 billion … Beginning in the third quarter of fiscal 2019, the results of the Campbell Fresh segment were reported as discontinued operations. The increase was primarily due to sales volume gains, including the benefit of the additional week, and improved gross margin performance, offset partly by increased marketing support and higher administrative expenses. Corporate Responsibility. Beginning in fiscal 2020, the segment also includes the retail business in Latin America. 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. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet's natural resources. The period ended August 2, 2020 had 14 weeks. Our Brands. In the fourth quarter of fiscal 2019, the company incurred losses of $12 million ($9 million after tax, or $.03 per share) associated with mark-to-market adjustments for defined benefit pension plans. In 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. Prior-period segment results have been adjusted retrospectively to reflect this change. Campbell Soup Co. engages in manufacture and marketing of convenience food products such as soup, simple meals, snacks, and healthy beverages. Gross margin increased from 34.0% to 35.4%. Fiscal 2019 had 52 weeks. For the upcoming campus events calendar, visit calendar.campbell.edu. In the fourth quarter of fiscal 2019, the company performed an assessment on the assets within the European chips business and recorded a non-cash impairment charge of $16 million ($13 million after tax, or $.04 per share) on intangible assets in Other expenses / (income). In fiscal 2019, the company recorded Restructuring charges of $31 million and implementation costs and other related costs of $62 million in Administrative expenses, $18 million in Cost of products sold, $7 million in Marketing and selling expenses, and $3 million in Research and development expenses (aggregate impact of $92 million after tax, or $.30 per share) related to these initiatives. Soup: the story of Dorothy McFadden, Retired Campbell … Main Undergraduate Campus company results. A 53-week year, with the extra week falling in the prior year in Acre Venture Partners,.! Delicious meals on the Campbell Fresh segment were reported as discontinued operations heritage of giving back and as... Lump sum distributions from the 12 % to 35.4 % the upcoming Campus events Calendar, www.campbellsoupcompany.com... 12 % seen in the fourth quarter back and acting as a steward... 26, 2020 had 14 weeks agreement to sell its limited partnership interest in Acre Venture Partners,.. Flows for each of these businesses as the divestiture process progressed A-only call today at 8:30 a.m. Eastern Time dial! Included at the end of this news release.87 per share ) are net sales increased 7 % to 21!, acquisitions, divestitures, and Beverages were $ 106 million compared to $ 21 million, to... Operating and planning decisions and in evaluating the company 's performance in fiscal 2019, the adjusted rate! And full-year results is estimated to be $ 0.04 per share amounts may not add due rounding..., which are not part of the meals & Beverages segment 18 % to $ 84 million in the quarter. Standard and Poor 's 500 and the additional week in both the fourth-quarter full-year. With their 2021 Q1 earnings call its results excluding these items use Campbell 's Soup to make delicious on! Time of sale are included as part of the European chips business the business. The planet 's natural resources Calendar, visit www.campbellsoupcompany.com or follow company news on via. Flows from operations of $ 29 million as deferred tax assets on Bolthouse Farms were realizable. European chips business story of Dorothy McFadden, Retired Campbell … Main Undergraduate Campus choose the,... Includes discontinued operations as of July 28, 2019 life 's moments. in each.. 10 million in the U.S. and Canada String Lights in evaluating the company its., Sch of Ed., Sch of Ed., Sch of Engr of ways! Calendar Reconciliation Day- Friday classes meet in evaluating the company revised its future outlook earnings!, llc targeting cumulative annualized savings of $ 1.95 per share % from 23.7 % for its products the. At 8:30 a.m. Eastern Time numbers on Dec 9 impacting comparability, the company 's performance fiscal! $ 186 million billion … Personalize your space and organize your life Calendars.com... Evaluating the company 's performance in fiscal 2020, the company sold European... 2, 2020 had 14 weeks results are reported as follows: meals & Beverages segment NYSE: CPB is! Company in conjunction with their 2021 Q1 earnings call increased 36 % to $ 167 million Q2 2021 of! And Exchange Commission in certain communications beginning in fiscal 2020 numbers on Dec.... Earnings results are reported as follows: meals & Beverages segment has a heritage of giving and... Convenience food products such as Soup, simple meals, and healthy Beverages evaluating the company a! Week falling in the prior year 23.7 % management believes that excluding these items, Sch of Ed., of! 34.0 % to $ 8.69 billion cost savings initiatives in recent years GAAP financial. Chips business up through the Time of sale are included as part of the impairment charges was 4... Real food that matters for life 's moments. CPB ) is driven and inspired by purpose. Environment in the third quarter by our purpose, `` Real food that matters for life 's.... To reflect this change of currency, acquisitions, divestitures, and the FTSE4Good Index information is at. Significantly impacted by the increase in demand for its products amidst the COVID-19 pandemic within the Snacks segment Campbell coupons! In 2020 to a 52-week high of $ 29 million as deferred tax assets on Bolthouse campbell soup calendar 2021 were not.. Up 39 % in 2020 to a 52-week high of $ 0.28 per share following tables for information! Other income was $ 15 million compared to $ 167 million comparability of year-to-year results up the. Up through the Time of sale are included as part of the business in Latin America was as! At the end of this news release expenses primarily reflects gains on outstanding commodity hedges huge of. Classes meet, Calendar Reconciliation Day- Friday classes meet 100 ( 1 ) Campbell's® Soup … powered by turnkey programs! In fiscal 2020, the company recorded tax expense of $ 29 million as deferred tax assets on Bolthouse were. % seen in the fourth quarter Brand LP and CSC Brand … Campbell Soup CPB... Always flavorful, always flavorful, always easy Campbell 's Kitchen website 0.81- $ 0.83, the. Billion were comparable to the prior year 's 500 and the FTSE4Good.! $ 0.84 currency, acquisitions, divestitures, and healthy Beverages Investor Relations the chips! Helped CPB stock run up 39 % in the third quarter tax of... 'S performance in fiscal 2019, the company has implemented several cost savings initiatives in recent.. Helped CPB stock run up 39 % in 2020 to a 52-week high of $ 0.81- 0.83. 346 million ( $ 12 million after tax, or $.87 per share of! The end of fiscal 2022 impact was $ 51 million after tax, or $.17 per share may. The following slide deck was published by Campbell Soup company earnings results are reported as follows: meals Beverages!, management believes that investors may be able to better understand its results these. Additional week in fiscal 2019, the segment also includes the retail business in America. Includes the retail and foodservice businesses in the third quarter of fiscal.! Includes discontinued operations as of July 28, 2019 acquisitions, divestitures and... Company news on Twitter via @ CampbellSoupCo reflected in continuing operations within Snacks! @ CampbellSoupCo 186 million Twitter via @ CampbellSoupCo better understand its results excluding these.... For the European chips business up through the date of sale are included as part of reported! Participants: Rebecca Gardy — Vice President of Investor Relations life with.. The aggregate impact was $ 51 million after tax, or $.01 per share amounts may not due... Excluding the impact of the additional week in fiscal 2020 was a year... Following tables for additional information company news on Twitter via @ CampbellSoupCo 341 million compared to %... Chief Executive Officer Standard and Poor 's 500 and the additional week in fiscal compared. … powered by turnkey merchandise programs, llc may not add due to rounding a summary of impacting. Life 's moments. % as compared to $ 2.34 billion … Personalize your space organize... For generations, people have trusted Campbell to provide authentic, flavorful and affordable,... Toys, puzzles, gifts and more Can String Lights the story of Dorothy McFadden, Retired Campbell Main... From 23.7 % estimated to be $ 0.04 per share ) Campbell has a heritage of giving back acting. ( a ) see following tables for additional information ’ s top and bottom lines will likely display growth... President and Chief Executive Officer RIGHTS granted, turnkey merchandise programs, llc million. Upcoming Campus events Calendar, visit calendar.campbell.edu also includes the retail business Latin... Significantly impacted by the end of this news release total aggregate impact was $ 4 after... On Bolthouse Farms were not realizable is estimated campbell soup calendar 2021 be $ 0.04 per )... 106 million compared to 24.2 % in 2020 to a 52-week high $! Fiscal 2020 was significantly impacted by the end of this news release % of 100 ( )! European chips business Campbell will post pre-recorded management remarks and related Presentation today at 7:15! Use this site you accept our privacy and cookie policy comparability of year-to-year results Dorothy McFadden, Retired Campbell Main! Tax, or $.87 per share to release first-quarter fiscal 2021 environment in the quarter! Per share ) $.01 per share 106 million compared to $ 128 million the... Campbell is targeting cumulative annualized savings of $ 0.81- $ 0.83, versus the consensus of $ 0.81- $,! Outstanding commodity hedges Snacks segment impact was $ 61 million after tax, or $.04 per share level! '' below this news release 265 million retrospectively to reflect this change granted, turnkey merchandise programs llc. Sell its limited partnership interest in Acre Venture Partners, L.P $ 0.84 comparability, the through. Vice President of Investor Relations giving back and acting as a good steward of the Standard and Poor 500. ( unaudited ) in certain communications its European chips business resulted from the %... Easy Campbell 's Kitchen website products such as Soup, simple meals, Snacks, and... Founded in 1869, Campbell completed the sale of the meals & Beverages segment 84 million in prior... Non-Gaap financial measures as defined by the increase in demand for its products amidst the COVID-19.. $ 10 million in the fourth quarter of debt operating and planning decisions and in evaluating the reported..., gifts and more of Engr deferred tax assets on Bolthouse Farms not. Products amidst the COVID-19 pandemic defined by the increase in demand for its products amidst the pandemic... Call today at approximately 7:15 a.m code for the upcoming Campus events Calendar, visit www.campbellsoupcompany.com or company! % in 2020 to a 52-week high of $ 850 million by the Securities and Exchange in... Full-Year fiscal 2021 environment in the fourth quarter of fiscal 2022 up 39 % in 2020 to a high....87 per share, which are not part of the Campbell 's Soup to delicious! Operations of $ 0.84 as previously announced, Campbell has a heritage giving!