Campbell Soup Company (NYSE:CPB) today reported its fourth-quarter and full-year results for fiscal 2014.
Fourth-Quarter Overview
- U.S. Simple Meals Sales Increased 5 Percent; Organic Sales Declined 5 Percent; Earnings Increased 4 Percent
- Global Baking and Snacking Sales Increased 10 Percent; Organic Sales Declined 2 Percent; Earnings Increased 17 Percent
- Bolthouse and Foodservice Sales Increased 11 Percent; Organic Sales Grew 4 Percent; Earnings Increased 16 Percent
The company reported earnings from continuing operations for the quarter ended Aug. 3, 2014, of $137 million, or $0.43 per share, compared with earnings of $117 million, or $0.37 per share, in the prior year. In the fourth quarter of fiscal 2014, Campbell implemented initiatives to improve supply chain efficiency in Australia and reduce overhead across the organization. The company recorded pre-tax restructuring charges of $20 million ($14 million after tax or $0.04 per share) related to these initiatives. In addition, the company incurred pre-tax restructuring-related costs of $1 million associated with previously-announced initiatives. The company also recognized an additional pre-tax pension settlement charge of $4 million ($3 million after tax or $0.01 per share) associated with a U.S. pension plan. Excluding items impacting comparability in both periods, adjusted earnings from continuing operations increased 14 percent to $155 million, compared with $136 million in the prior-year quarter, and adjusted earnings per share from continuing operations increased 14 percent to $0.49, compared with $0.43 in the year-ago quarter. The quarter benefited from an additional week in fiscal 2014, which contributed an estimated $25 million to earnings from continuing operations and $0.08 to earnings per share from continuing operations. Full report.
