Business
Campbell Reports First-Quarter Fiscal 2022 Results
Net Sales decreased 4%; Organic Net Sales decreased 4% cycling retailer inventory recovery in the prior year. Compared to the first quarter of fiscal 2020,
About this update from The Campbell's Company
[{"type":"text","content":"\n\nNet Sales decreased 4%; Organic Net Sales decreased 4% cycling retailer inventory recovery in the prior year. Compared to the first quarter of fiscal 2020, net sales increased 2% and organic net sales increased 5%.\n\n\n\nEarnings Before Interest and Taxes (EBIT) decreased 18% to $376 million. Adjusted EBIT decreased 15% to $389 million.\n\n\n\nEarnings Per Share (EPS) from Continuing Operations were $0.86. Adjusted EPS decreased $0.12, or 12%, to $0.89.\n\n\n\nReaffirms full-year guidance which has been adjusted to reflect the exclusion of unrealized mark-to-market (MTM) gains and losses on outstanding undesignated commodity hedges from Adjusted Net earnings until such time that the related exposure impacts operating results.\n\n\n\nInvestor day to be held virtually on December 14, 2021.\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today reported results for its first-quarter fiscal 2022.\n\n\n\n\n \n\n\n\nContinuing Operations\n\n\n\n\nThree Months Ended\n\n\n\n\n\n($ in millions, except per share)\n\n\n\n\nOct. 31, 2021\n\n\n\n \n\n\n\nNov. 1, 2020\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAs Reported (GAAP)\n\n\n\n\n$2,236\n\n\n\n \n\n\n\n$2,340\n\n\n\n \n\n\n\n(4)%\n\n\n\n\n\nOrganic\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n(4)%\n\n\n\n\n\nEarnings Before Interest and Taxes (EBIT)\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAs Reported (GAAP)\n\n\n\n\n$376\n\n\n\n \n\n\n\n$461\n\n\n\n \n\n\n\n(18)%\n\n\n\n\n\nAdjusted\n\n\n\n\n$389\n\n\n\n \n\n\n\n$457\n\n\n\n \n\n\n\n(15)%\n\n\n\n\n\nDiluted Earnings Per Share\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAs Reported (GAAP)\n\n\n\n\n$0.86\n\n\n\n \n\n\n\n$1.02\n\n\n\n \n\n\n\n(16)%\n\n\n\n\n\nAdjusted\n\n\n\n\n$0.89\n\n\n\n \n\n\n\n$1.01\n\n\n\n \n\n\n\n(12)%\n\n\n\n\nNote: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release. Prior-year results are adjusted to reflect the exclusion of unrealized mark-to-market gains and losses on outstanding undesignated commodity hedges.\n\nCEO Comments\n\nMark Clouse, Campbell’s President and CEO, said, \"We are pleased with our first-quarter results as consumer demand for our brands remained elevated, and pricing pai...