Business
Campbell Reports Second-Quarter Fiscal 2024 Results
Expects to complete Sovos Brands, Inc. acquisition in March 2024 Net Sales were $2.5 billion, decreasing 1% on both a reported and organic basis. On a
About this update from The Campbell's Company
[{"type":"text","content":"\nExpects to complete Sovos Brands, Inc. acquisition in March 2024 \n\n\n\nNet Sales were $2.5 billion, decreasing 1% on both a reported and organic basis. On a two-year-compound annual growth rate (CAGR), net sales increased 5% and organic net sales increased 6% due to favorable net price realization and continued brand strength.\n\n\n\nEarnings Before Interest and Taxes (EBIT) were $317 million; Adjusted EBIT was $364 million, an increase of 1%.\n\n\n\nEarnings Per Share (EPS) were $0.68; Adjusted EPS were $0.80, comparable to the prior year.\n\n\n\nReaffirms full-year fiscal 2024 guidance.\n\n\n\nSubject to the satisfaction or waiver of customary closing conditions, Campbell expects to complete the acquisition of Sovos Brands, Inc. (Sovos Brands) the week of March 11, 2024.\n\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today reported results for its second-quarter fiscal 2024 ended January 28, 2024.\n\n\nCEO Comments\n“We once again delivered on our commitments, with a sequential improvement in volume trends and year-over-year operating margin expansion in both our Meals & Beverages and Snacks divisions,” said Campbell's President and CEO, Mark Clouse. “We are excited about the anticipated completion of the acquisition of Sovos Brands which will bring incremental growth to our Meals & Beverages division and continue the transformation of our highly advantaged portfolio.”\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nSix Months Ended\n\n\n\n\n\n\n\n\n($ in millions, except per share)\n\n\n\n\n\n\nJanuary 28,\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nJanuary 29,\n2023\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\nJanuary 28,\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nJanuary 29,\n2023\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$2,456\n\n\n\n\n\n\n \n\n\n\n\n\n\n$2,485\n\n\n\n\n\n\n \n\n\n\n\n\n\n(1)%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$4,974\n\n\n\n\n\n\n \n\n\n\n\n\n\n$5,060\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(1)%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n...