Business
Campbell Reports Third-Quarter Fiscal 2024 Results
Completed the acquisition of Sovos Brands, Inc. (Sovos Brands) on March 12, 2024. Net Sales were $2.4 billion, increasing 6%, and were comparable to prior
About this update from The Campbell's Company
[{"type":"text","content":"\n\nCompleted the acquisition of Sovos Brands, Inc. (Sovos Brands) on March 12, 2024.\n\n\n\nNet Sales were $2.4 billion, increasing 6%, and were comparable to prior year on an organic basis. On a two-year-compound annual growth rate (CAGR), net sales increased 5% and organic net sales increased 2%.\n\n\n\nEarnings Before Interest and Taxes (EBIT) were $248 million; Adjusted EBIT was $354 million, an increase of 13% including the impact of the acquisition.\n\n\n\nEarnings Per Share (EPS) were $0.44; Adjusted EPS were $0.75, increasing 10%.\n\n\n\nUpdates full-year fiscal 2024 guidance to include Sovos Brands.\n\n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NYSE:CPB) today reported results for its third-quarter fiscal 2024 ended April 28, 2024. Unless otherwise stated, all comparisons are to the same period of fiscal 2023. Third quarter and year-to-date financial results include a partial quarter of contribution of the Sovos Brands acquisition.\n\n\nCEO Comments\n“We delivered a solid third quarter with sequential volume improvement, stable organic net sales, double-digit adjusted EBIT and adjusted EPS growth,” said Campbell’s President and CEO, Mark Clouse. “We are excited about the integration of the Sovos Brands business, which already is bringing significant incremental growth to our company as we continue to navigate the pace of consumer recovery.”\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nNine Months Ended\n\n\n\n\n\n\n\n\n($ in millions, except per share)\n\n\n\n\n\n\nApril 28, 2024\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\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\nApril 28, 2024\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\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$2,369\n\n\n\n\n\n\n \n\n\n\n\n\n\n$2,229\n\n\n\n\n\n\n \n\n\n\n\n\n\n6%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$7,343\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\n1%\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\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\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)%...