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CORRECTING and REPLACING Campbell Reports Fourth-Quarter Fiscal 2024 Results; Provides Full-Year Fiscal 2025 Guidance
CAMDEN, N.J.--(BUSINESS WIRE)-- Campbell Soup Company (NASDAQ:CPB) - Earlier today, Campbell issued its fourth quarter earnings press release. The purpose of
About this update from The Campbell's Company
[{"type":"text","content":"\n \n\n\n CAMDEN, N.J.--(BUSINESS WIRE)--\nCampbell Soup Company (NASDAQ:CPB) - Earlier today, Campbell issued its fourth quarter earnings press release. The purpose of this press release is to correct one error under the heading Full-Year Fiscal 2025 Guidance. The earnings release stated: The benefit of the 53rd week is included in the fiscal 2025 guidance below and is estimated to be worth approximately 2 points of growth to both reported and organic net sales and adjusted EBIT, along with $0.06 of adjusted EPS. The corrected statement is: The benefit of the 53rd week is included in the fiscal 2025 guidance below and is estimated to be worth approximately 2 points of growth to reported net sales and adjusted EBIT, along with $0.06 of adjusted EPS.\n\n\nThe updated release reads:\n\n\nCAMPBELL REPORTS FOURTH-QUARTER FISCAL 2024 RESULTS; PROVIDES FULL-YEAR FISCAL 2025 GUIDANCE\n\n\nFor the fourth quarter:\n\n\n\nNet Sales increased 11% to $2.3 billion and decreased 1% on an organic basis.\n\n\n\nEarnings Before Interest and Taxes (EBIT) decreased to $77 million. Adjusted EBIT increased 36% to $329 million including the impact of the Sovos Brands, Inc. (Sovos Brands) acquisition.\n\n\n\nEarnings Per Share (EPS) decreased to $(0.01). Adjusted EPS increased 26% to $0.63.\n\n\n\nFor the full year:\n\n\n\nNet Sales increased 3% to $9.6 billion and decreased 1% on an organic basis.\n\n\n\nEBIT decreased to $1 billion. Adjusted EBIT increased 6% to $1.5 billion including the impact of the Sovos Brands acquisition.\n\n\n\nEPS decreased to $1.89. Adjusted EPS increased 3% to $3.08.\n\n\n\nReturned $512 million to shareholders including $445 million in dividends.\n\n\n\nFiscal 2025 Investor Day to be held on September 10, 2024 at Nasdaq MarketSite.\n\n\n\nCampbell Soup Company (NASDAQ:CPB) today reported results for its fourth-quarter and full-year fiscal 2024 ended July 28, 2024. Unless otherwise stated, all comparisons are to the same period of fiscal 2023.\n\n\nCEO Comments\n“We finished fiscal 2024 with solid fourth-quarter performance including sequential volume improvement and margin expansion versus prior year and delivered significant progress against our longer-term strategic plan despite an evolving consumer landscape,” said Campbell’s President and CEO, Mark Clouse. “I’d like to thank the entire Campbell's team for finding ways...