Business
Campbell Reports Third-Quarter Fiscal 2023 Results
Reported and Organic Net Sales increased 5% led by favorable net price realization. Reported Earnings Before Interest and Taxes (EBIT) decreased 14% to $254
About this update from The Campbell's Company
[{"type":"text","content":"\n\nReported and Organic Net Sales increased 5% led by favorable net price realization.\n\n\n\nReported Earnings Before Interest and Taxes (EBIT) decreased 14% to $254 million. Adjusted EBIT decreased 2% to $313 million primarily due to non-operating items.\n\n\n\nReported Earnings Per Share (EPS) decreased 15% to $0.53. Adjusted EPS decreased 3% to $0.68.\n\n\n\nReaffirms full-year fiscal 2023 guidance.\n\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today reported results for its third-quarter fiscal 2023 ended April 30, 2023.\n\n\nCEO Comments\n\n\n“Our third-quarter results were in line with our expectations and were driven by in-market momentum, continued best-in-class supply chain execution and favorable inflation-driven net price realization, all despite the anticipated challenging comparison from the prior year's retailer inventory rebuild,” said Campbell's President and CEO, Mark Clouse. “Our year-to-date results and execution give us continued confidence in our ability to deliver our full-year guidance, with adjusted EPS currently tracking to the upper end of our guidance range.\"\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nNine Months Ended\n\n\n\n\n\n\n\n\n($ in millions, except per share)\n\n\n\n\n\n\nApril 30, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nMay 1, 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\nApril 30, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nMay 1, 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$2,229\n\n\n\n\n\n\n \n\n\n\n\n\n\n$2,130\n\n\n\n\n\n\n \n\n\n\n\n\n\n5%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$7,289\n\n\n\n\n\n\n \n\n\n\n\n\n\n$6,575\n\n\n\n\n\n\n \n\n\n\n\n\n\n11%\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\n5%\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\n11%\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\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\...