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SECURITY:  CPB  EXCHANGE: New York Stock Exchange 

Campbell Soup Company is a global manufacturer and marketer of high quality soup, sauces, beverage, biscuits, confectionery and prepared food products. The company owns a portfolio of more than 20 market-leading businesses each with more than $100 million in sales. They include "Campbell's" soups worldwide, "Erasco" soups in Germany and "Liebig" soups in France, "Pepperidge Farm" cookies and crackers, "V8" vegetable juices, "V8 Splash" juice beverages, "Pace" Mexican sauces, "Prego" pasta sauces, "Franco-American" canned pastas and gravies, "Swanson" broths, "Homepride" sauces in the United Kingdom, "Arnott's" biscuits in Australia and "Godiva" chocolates around the world. The company also owns dry soup and sauce businesses in Europe under the "Batchelors," "Oxo," "Lesieur," "Royco," "Liebig," "Heisse Tasse," "Blå Band" and "McDonnells" brands. The company is ably supported by approximately 25,000 employees worldwide
Campbell Soup Company est un fabricant et un acheteur globaux de potage de haute qualité, des sauces, de boisson, de biscuits, de confiserie et de produits alimentaires préparés.

https://www.campbellsoupcompany.com/


Campbell Reports Second-Quarter Results
Net Sales Decreased 1 Percent, Organic Sales Decreased 2 Percent
Campbell Records Pre-Tax Non-Cash Impairment Charges of $212 Million, or $0.58 Per Share, Related to Campbell Fresh Segment
Earnings Before Interest and Taxes (EBIT) Decreased 50 Percent, Adjusted EBIT Decreased 1 Percent
Earnings Per Share (EPS) Decreased 61 Percent to $0.33, Adjusted EPS Increased 5 Percent to $0.91 Reflecting Lower Adjusted Tax Rate
Campbell Reaffirms Fiscal 2017 Guidance
Campbell Increases Cost Savings Program Target from $300 Million by Fiscal 2018 to $450 Million by Fiscal 2020
CAMDEN, N.J.--(BUSINESS WIRE)--Feb. 17, 2017-- Campbell Soup Company (NYSE:CPB) today reported its second-quarter results for fiscal 2017.

                   
Three Months Ended            Six Months Ended
($ in millions, except per share)        Jan. 29, 2017         Jan. 31, 2016         % Change            Jan. 29, 2017         Jan. 31, 2016         % Change
Net Sales                                                    
As Reported (GAAP)        $2,171        $2,201        (1)%            $4,373        $4,404        (1)%
Organic                        (2)%                            (1)%
Earnings Before Interest and Taxes                                                    
As Reported (GAAP)        $205        $414        (50)%            $662        $729        (9)%
Adjusted        $417        $423        (1)%            $905        $902        -%
Diluted Earnings Per Share                                                    
As Reported (GAAP)        $0.33        $0.85        (61)%            $1.27        $1.47        (14)%
Adjusted        $0.91        $0.87        5%            $1.92        $1.82        5%
 
Note: A detailed reconciliation of the reported (GAAP) 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, “I am not satisfied with our sales performance this quarter. Declines were most prominent in Campbell Fresh driven by a market share decline and weather-related issues in carrots, capacity constraints from the Bolthouse Farms Protein PLUS recall last June, and Garden Fresh Gourmet. Although V8 shelf-stable beverages declined, I am encouraged by the positive momentum in our core U.S. soup, simple meals and Pepperidge Farm snacks businesses. U.S. soup sales increased in the quarter, driven by our ready-to-serve varieties, such as Chunky and new Well Yes!, which performed above expectations.

“C-Fresh performance was below our expectations. The new C-Fresh management team has conducted an extensive review of the business and has determined the recovery will take longer to execute than we originally planned. As a result, we no longer expect C-Fresh to grow this fiscal year. Despite these challenges, we remain confident in the growth potential of the packaged fresh category. C-Fresh continues to be an important strategic business for Campbell to meet growing consumer demand for fresh foods and interest in health and well-being.

“We continued to over-deliver on our cost savings initiative, and now expect to achieve our target a year ahead of schedule. We have increased our savings target from $300 million by the end of fiscal 2018 to $450 million by the end of fiscal 2020. Looking ahead, we expect to improve our sales performance in the back half and are maintaining our guidance for the fiscal year.”

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