Business
Campbell Reports First-Quarter Fiscal 2024 Results
Reaffirms Full-Year Fiscal 2024 Guidance Net Sales were $2.5 billion, decreasing 2% or 1% on an organic basis. On a two-year-compound annual growth rate
About this update from The Campbell's Company
[{"type":"text","content":"\nReaffirms Full-Year Fiscal 2024 Guidance\n\n\n\nNet Sales were $2.5 billion, decreasing 2% or 1% on an organic basis. On a two-year-compound annual growth rate (CAGR), net sales increased approximately 6% and organic net sales increased approximately 7% due to favorable net price realization and brand strength.\n\n\n\nEarnings Before Interest and Taxes (EBIT) were $358 million; Adjusted EBIT was $407 million, down 9%.\n\n\n\nEarnings Per Share (EPS) were $0.78; Adjusted EPS was $0.91, down 11%.\n\n\n\nReaffirms full-year fiscal 2024 guidance and continues to expect the acquisition of Sovos Brands, Inc. (Sovos Brands) to close in calendar year 2024.\n\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today reported results for its first-quarter fiscal 2024 ended October 29, 2023.\n\n\nCEO Comments\n“Our first-quarter results were in line with our expectations, as we continue to effectively navigate the current consumer landscape, while lapping 15% growth rates from a year ago,” said Mark Clouse, Campbell's President and CEO. \"We are off to an encouraging start in our important holiday season, and we expect to build momentum for the balance of the fiscal year behind disciplined execution, stepped up innovation, and the overall relevance of our brands in this current environment. As a result, we are confident in reaffirming our full-year guidance. Lastly, we remain excited about adding the Sovos Brands portfolio and expect to close the transaction in calendar year 2024.”\n\n\n\n\n \n\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n($ in millions, except per share)\n\n\n\n\n\n\n\nOctober 29, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nOctober 30, 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\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\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\n\n\n$2,518\n\n\n\n\n\n\n \n\n\n\n\n\n\n$2,575\n\n\n\n\n\n\n \n\n\n\n\n\n\n(2)%\n\n\n\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\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(1)%\n\n\n\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\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\n\n\n$358\n\n\n\n\n\n\n \n\n\n\n\n\n\n$436\n\n\n\n\n\n\n \n\n\n\n\n\n\n(18)%\n\n\n\n\n\n\n\n\nAdjusted\n\n\n\n\n\n\n\n$407\n\...