Business
Campbell Reports Fourth-Quarter Fiscal 2023 Results; Provides Full-Year Fiscal 2024 Guidance
For the fourth quarter: Net Sales increased to $2.1 billion. Organic Net Sales increased 5%. Earnings Before Interest and Taxes (EBIT) increased to $272
About this update from The Campbell's Company
[{"type":"text","content":"\nFor the fourth quarter:\n\n\n\nNet Sales increased to $2.1 billion. Organic Net Sales increased 5%.\n\n\n\nEarnings Before Interest and Taxes (EBIT) increased to $272 million. Adjusted EBIT decreased 10% to $242 million.\n\n\n\nEarnings Per Share (EPS) increased to $0.57. Adjusted EPS decreased 11% to $0.50. \n\n\n\nFor the full year:\n\n\n\nNet Sales increased to $9.4 billion. Organic Net Sales increased 10%.\n\n\n\nEBIT increased to $1.3 billion. Adjusted EBIT increased 5% to $1.4 billion.\n\n\n\nEPS increased to $2.85. Adjusted EPS increased 5% to $3.00.\n\n\n\nReturned $589 million to shareholders, including $447 million in dividends.\n\n\n\nSovos Brands, Inc. (Sovos Brands) acquisition is currently expected to close by the end of December 2023.\n\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today reported results for its fourth-quarter and full-year fiscal 2023 ended July 30, 2023.\n\n\nCEO Comments\n\n\n“We delivered a strong fiscal 2023 with both top and bottom-line growth, exceeding our initial expectations and demonstrating momentum against our strategic plan,” said Mark Clouse, Campbell's President and CEO. “Looking ahead, we see fiscal 2024 as another year of sustained growth and continued progress against our strategic plan. We expect accelerated growth and margin improvement in Snacks, and sequential and steady improvement in Meals & Beverages throughout the year, and with the pending strategic acquisition of Sovos Brands, Campbell will be one of the most dependable, growth-oriented names in food.”\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nTwelve Months Ended\n\n\n\n\n\n\n\n\n($ in millions, except per share)\n\n\n\n\n\n\nJuly 30, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 31, 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 30, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 31, 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\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$2,068\n\n\n\n\n\n\n \n\n\n\n\n\n\n$1,987\n\n\n\n\n\n\n \n\n\n\n\n\n\n4%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$9,357\n\n\n\n\n\n\n \n\n\n\n\n\n\n$8,562\n\n\n\n\n\n\n \n\n\n\n\n\n\n9%\n\n\n\n\n\n\n\n\nOrg...