New Jersey | Commission File Number | 21-0419870 | ||
State of Incorporation | 1-3822 | I.R.S. Employer Identification No. |
Item 2.02 Results of Operations and Financial Condition | ||||||||
Item 9.01 Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
EXHIBIT 99.1 |
(d) | Exhibits |
99.1 | Release dated May 23, 2011 announcing financial results for the quarter ended May 1, 2011. |
Date: May 23, 2011 | CAMPBELL SOUP COMPANY (Registrant) |
|||
By: | /s/ B. Craig Owens | |||
B. Craig Owens | ||||
Senior Vice President Chief Financial Officer and Chief Administrative Officer |
CONTACTS:
|
Anthony Sanzio (Media) | |
(856) 968-4390 | ||
Jennifer Driscoll (Analysts) | ||
(856) 342-6081 |
| Sales Increased 1 Percent to $1.813 Billion | |
| Baking and Snacking Sales Increased 10 Percent | |
| U.S. Soup, Sauces and Beverages Sales Decreased 8 Percent | |
| Strong Performance in North America Foodservice |
| Volume and mix subtracted 2 percent | ||
| Price and sales allowances added 1 percent | ||
| Currency added 2 percent |
| Gross margin was 40.4 percent compared with 41.2 percent a year ago. The decrease in gross margin percentage was primarily due to cost inflation and higher plant costs, partially offset by productivity improvements. |
2
| Marketing and selling expenses decreased to $243 million compared with $252 million in the prior year, primarily due to lower advertising and consumer promotion expenses, and lower selling expenses, partially offset by the impact of currency. | ||
| Administrative expenses decreased $8 million to $148 million, primarily due to lower incentive compensation costs. | ||
| EBIT was $307 million compared with $292 million in the prior-year quarter. Excluding items impacting comparability, adjusted EBIT in the prior-year quarter was $304 million. Adjusted EBIT increased 1 percent primarily due to lower selling and marketing expenses, lower administrative expenses and the favorable impact of currency, partially offset by the decline in gross margin percentage and lower sales volumes. | ||
| Net earnings per share were $0.57 in the current quarter compared with adjusted net earnings per share of $0.54 in the prior-year quarter, an increase of 6 percent. EPS benefited from lower weighted average diluted shares outstanding. |
| Increased promotional spending subtracted 2 percent | ||
| Currency added 1 percent |
| Gross margin was 40.3 percent compared with 41.2 percent a year ago. The decrease in gross margin percentage was primarily due to |
3
cost inflation and higher plant costs, and increased promotional spending, partially offset by productivity improvements and favorable mix. | |||
| Marketing and selling expenses decreased $26 million to $811 million, primarily due to lower selling expenses which benefited from cost-saving initiatives. | ||
| Administrative expenses increased $4 million to $442 million, primarily due to higher pension and benefit costs, information systems related costs, costs associated with the new headquarters facility and currency, partially offset by lower compensation expenses. | ||
| EBIT was $1.110 billion compared with $1.161 billion in the prior year. Excluding items impacting comparability, adjusted EBIT in the prior year was $1.173 billion. Adjusted EBIT decreased 5 percent primarily due to the decline in gross margin percentage and lower sales, partially offset by lower marketing and selling expenses and favorable currency. | ||
| Cash flow from operations was $858 million compared with $859 million in the year-ago period. The current-year cash flow reflected higher working capital requirements offset by the benefit of lower pension contributions. | ||
| Year to date, Campbell repurchased 20 million shares for $696 million under its strategic share repurchase program announced in June 2008 and the companys practice of buying back shares sufficient to offset those issued under incentive compensation plans. |
4
| Sales of Campbells condensed soups decreased 2 percent, as declines in eating varieties were partly offset by gains in cooking varieties. Sales of cooking varieties rose in the quarter driven by strong performance around the Easter holiday. | ||
| Sales of ready-to-serve soups decreased 15 percent, reflecting declines in both canned and microwavable soups. | ||
| Broth sales declined 2 percent. |
| Volume and mix subtracted 3 percent | ||
| Increased promotional spending subtracted 2 percent |
5
| Volume and mix added 4 percent | ||
| Price and sales allowances added 2 percent | ||
| Increased promotional spending subtracted 1 percent | ||
| Currency added 5 percent |
| Sales at Pepperidge Farm increased, reflecting higher selling prices and volume gains. |
| In cookies and crackers, sales increases were driven by solid gains in Goldfish snack crackers and the launch of Milano Melts cookies. | ||
| Sales growth in bakery products was driven by gains in whole grain and Swirl breads. | ||
| Sales of frozen products increased double digits, fueled by the launch of Artisan Stone Baked rolls. |
| Sales at Arnotts increased due to currency and sales gains in savory crackers led by Shapes, Cruskits and Vita-Weat, along with growth in Tim Tam chocolate cookies and in Tiny Teddy sweet varieties. |
6
| Volume and mix added 3 percent | ||
| Price and sales allowances added 2 percent | ||
| Increased promotional spending subtracted 1 percent | ||
| Currency added 3 percent |
| Volume and mix added 1 percent | ||
| Price and sales allowances added 2 percent | ||
| Increased promotional spending subtracted 2 percent | ||
| Currency added 6 percent |
| In Europe, sales increased primarily due to the favorable impact of currency and increased sales in Belgium, partly offset by lower sales in the Nordic region. | ||
| In the Asia Pacific region, sales increased due to currency and solid gains in Australian soup. | ||
| In Canada, sales increased primarily due to currency, partly offset by lower soup and beverage sales. |
7
| Volume and mix added 1 percent | ||
| Increased promotional spending subtracted 2 percent | ||
| Currency added 1 percent |
| Volume and mix added 3 percent | ||
| Price and sales allowances subtracted 1 percent | ||
| Decreased promotional spending added 2 percent | ||
| Currency added 1 percent |
| Volume and mix subtracted 1 percent | ||
| Currency added 1 percent |
8
9
10
THREE MONTHS ENDED | ||||||||
May 1, | May 2, | |||||||
2011 | 2010 | |||||||
Net sales |
$ | 1,813 | $ | 1,802 | ||||
Costs and expenses |
||||||||
Cost of products sold |
1,081 | 1,059 | ||||||
Marketing and selling expenses |
243 | 252 | ||||||
Administrative expenses |
148 | 156 | ||||||
Research and development expenses |
33 | 31 | ||||||
Other expenses / (income) |
1 | | ||||||
Restructuring charges |
| 12 | ||||||
Total costs and expenses |
1,506 | 1,510 | ||||||
Earnings before interest and taxes |
307 | 292 | ||||||
Interest, net |
24 | 27 | ||||||
Earnings before taxes |
283 | 265 | ||||||
Taxes on earnings |
97 | 97 | ||||||
Net earnings |
186 | $ | 168 | |||||
Net loss attributable to noncontrolling interests |
1 | | ||||||
Net earnings attributable to Campbell Soup Company |
$ | 187 | $ | 168 | ||||
Per share basic |
||||||||
Net earnings attributable to Campbell Soup Company |
$ | .58 | $ | .49 | ||||
Dividends |
$ | .29 | $ | .275 | ||||
Weighted average shares outstanding basic |
321 | 339 | ||||||
Per share assuming dilution |
||||||||
Net earnings attributable to Campbell Soup Company |
$ | .57 | $ | .49 | ||||
Weighted average shares outstanding assuming dilution |
323 | 342 | ||||||
NINE MONTHS ENDED | ||||||||
May 1, | May 2, | |||||||
2011 | 2010 | |||||||
Net sales |
$ | 6,112 | $ | 6,158 | ||||
Costs and expenses |
||||||||
Cost of products sold |
3,648 | 3,621 | ||||||
Marketing and selling expenses |
811 | 837 | ||||||
Administrative expenses |
442 | 438 | ||||||
Research and development expenses |
95 | 88 | ||||||
Other expenses / (income) |
6 | 1 | ||||||
Restructuring charges |
| 12 | ||||||
Total costs and expenses |
5,002 | 4,997 | ||||||
Earnings before interest and taxes |
1,110 | 1,161 | ||||||
Interest, net |
85 | 80 | ||||||
Earnings before taxes |
1,025 | 1,081 | ||||||
Taxes on earnings |
321 | 350 | ||||||
Net earnings |
704 | 731 | ||||||
Net loss attributable to noncontrolling interests |
1 | | ||||||
Net earnings attributable to Campbell Soup Company |
$ | 705 | $ | 731 | ||||
Per share basic |
||||||||
Net earnings attributable to Campbell Soup Company |
$ | 2.13 | $ | 2.11 | ||||
Dividends |
$ | .855 | $ | .80 | ||||
Weighted average shares outstanding basic |
328 | 341 | ||||||
Per share assuming dilution |
||||||||
Net earnings attributable to Campbell Soup Company |
$ | 2.11 | $ | 2.09 | ||||
Weighted average shares outstanding assuming
dilution |
331 | 344 | ||||||
THREE MONTHS ENDED | ||||||||||||
May 1, | May 2, | Percent | ||||||||||
2011 | 2010 | Change | ||||||||||
Sales |
||||||||||||
Contributions: |
||||||||||||
U.S. Soup, Sauces and Beverages |
$ | 778 | $ | 848 | (8 | %) | ||||||
Baking and Snacking |
527 | 477 | 10 | % | ||||||||
International Soup, Sauces and Beverages |
354 | 331 | 7 | % | ||||||||
North America Foodservice |
154 | 146 | 5 | % | ||||||||
Total sales |
$ | 1,813 | $ | 1,802 | 1 | % | ||||||
Earnings |
||||||||||||
Contributions: |
||||||||||||
U.S. Soup, Sauces and Beverages |
$ | 193 | $ | 214 | (10 | %) | ||||||
Baking and Snacking |
82 | 76 | 8 | % | ||||||||
International Soup, Sauces and Beverages |
41 | 37 | 11 | % | ||||||||
North America Foodservice |
22 | (3 | ) | 833 | % | |||||||
Total operating earnings |
338 | 324 | 4 | % | ||||||||
Unallocated corporate expenses |
(31 | ) | (32 | ) | ||||||||
Earnings before interest and taxes |
307 | 292 | 5 | % | ||||||||
Interest, net |
(24 | ) | (27 | ) | ||||||||
Taxes on earnings |
(97 | ) | (97 | ) | ||||||||
Net earnings |
186 | $ | 168 | 11 | % | |||||||
Net loss attributable to noncontrolling interests |
1 | | ||||||||||
Net earnings attributable to Campbell Soup Company |
$ | 187 | $ | 168 | 11 | % | ||||||
Per share assuming dilution |
||||||||||||
Net earnings attributable to Campbell Soup
Company |
$ | .57 | $ | .49 | 16 | % | ||||||
NINE MONTHS ENDED | ||||||||||||
May 1, | May 2, | Percent | ||||||||||
2011 | 2010 | Change | ||||||||||
Sales |
||||||||||||
Contributions: |
||||||||||||
U.S. Soup, Sauces and Beverages |
$ | 2,903 | $ | 3,056 | (5 | %) | ||||||
Baking and Snacking |
1,597 | 1,496 | 7 | % | ||||||||
International Soup, Sauces and Beverages |
1,147 | 1,142 | | % | ||||||||
North America Foodservice |
465 | 464 | | % | ||||||||
Total sales |
$ | 6,112 | $ | 6,158 | (1 | %) | ||||||
Earnings |
||||||||||||
Contributions: |
||||||||||||
U.S. Soup, Sauces and Beverages |
$ | 708 | $ | 804 | (12 | %) | ||||||
Baking and Snacking |
263 | 249 | 6 | % | ||||||||
International Soup, Sauces and Beverages |
161 | 155 | 4 | % | ||||||||
North America Foodservice |
66 | 40 | 65 | % | ||||||||
Total operating earnings |
1,198 | 1,248 | (4 | %) | ||||||||
Unallocated corporate expenses |
(88 | ) | (87 | ) | ||||||||
Earnings before interest and taxes |
1,110 | 1,161 | (4 | %) | ||||||||
Interest, net |
(85 | ) | (80 | ) | ||||||||
Taxes on earnings |
(321 | ) | (350 | ) | ||||||||
Net earnings |
704 | 731 | (4 | %) | ||||||||
Net loss attributable to noncontrolling interests |
1 | | ||||||||||
Net earnings attributable to Campbell Soup Company |
$ | 705 | $ | 731 | (4 | %) | ||||||
Per share assuming dilution |
||||||||||||
Net earnings attributable to Campbell Soup
Company |
$ | 2.11 | $ | 2.09 | 1 | % | ||||||
May 1, | May 2, | |||||||
2011 | 2010 | |||||||
Current assets |
$ | 1,842 | $ | 1,431 | ||||
Plant assets, net |
2,060 | 1,995 | ||||||
Intangible assets, net |
2,684 | 2,457 | ||||||
Other assets |
114 | 103 | ||||||
Total assets |
$ | 6,700 | $ | 5,986 | ||||
Current liabilities |
$ | 1,837 | $ | 2,114 | ||||
Long-term debt |
2,431 | 1,542 | ||||||
Other liabilities |
1,361 | 1,234 | ||||||
Total equity |
1,071 | 1,096 | ||||||
Total liabilities and equity |
$ | 6,700 | $ | 5,986 | ||||
Total debt |
$ | 3,105 | $ | 2,487 | ||||
Cash and cash equivalents |
$ | 449 | $ | 80 | ||||
(1) | In fiscal 2008, the company announced initiatives to improve operational efficiency and long-term profitability, including selling certain salty snack food brands and assets in Australia, closing certain production facilities in Australia and Canada, and streamlining the companys management structure. In the third quarter of fiscal 2010, the company recorded pre-tax restructuring charges of $12 million ($8 million after tax or $0.02 per share) for pension benefit costs related to these initiatives. |
(2) | In the third quarter of fiscal 2010, the company recorded deferred tax expense of $10 million ($0.03 per share) due to the enactment of U.S. health care legislation in March 2010. The law changed the tax treatment of subsidies to companies that provide prescription drug benefits to retirees. Accordingly, the company recorded the non-cash charge to reduce the value of the deferred tax asset associated with the subsidy. |
Third Quarter | ||||||||||||
(millions, except per share amounts) | May 1, 2011 | May 2, 2010 | % Change | |||||||||
Earnings before interest and taxes, as reported |
$ | 307 | $ | 292 | ||||||||
Add: Restructuring charges (1) |
| 12 | ||||||||||
Adjusted Earnings before interest and taxes |
$ | 307 | $ | 304 | 1 | % | ||||||
Interest, net, as reported |
$ | 24 | $ | 27 | ||||||||
Adjusted Earnings before taxes |
$ | 283 | $ | 277 | ||||||||
Taxes on earnings, as reported |
$ | 97 | $ | 97 | ||||||||
Add: Tax benefit from restructuring charges (1) |
| 4 | ||||||||||
Deduct: Tax expense from health care legislation (2) |
| (10 | ) | |||||||||
Adjusted Taxes on earnings |
$ | 97 | $ | 91 | ||||||||
Adjusted effective income tax rate |
34.3 | % | 32.9 | % | ||||||||
Net earnings attributable to Campbell Soup Company, as reported |
$ | 187 | $ | 168 | ||||||||
Add: Net adjustment from restructuring charges (1) |
| 8 | ||||||||||
Add: Tax expense from health care legislation (2) |
| 10 | ||||||||||
Adjusted Net earnings attributable to Campbell Soup Company |
$ | 187 | $ | 186 | 1 | % | ||||||
Diluted net earnings per share attributable to Campbell Soup
Company, as reported |
$ | 0.57 | $ | 0.49 | ||||||||
Add: Net adjustment from restructuring charges (1) |
| 0.02 | ||||||||||
Add: Tax expense from health care legislation (2) |
| 0.03 | ||||||||||
Adjusted Diluted net earnings per share attributable to
Campbell Soup Company |
$ | 0.57 | $ | 0.54 | 6 | % | ||||||
Year-to-Date | ||||||||||||
(millions, except per share amounts) | May 1, 2011 | May 2, 2010 | % Change | |||||||||
Earnings before interest and taxes, as reported |
$ | 1,110 | $ | 1,161 | ||||||||
Add: Restructuring charges (1) |
| 12 | ||||||||||
Adjusted Earnings before interest and taxes |
$ | 1,110 | $ | 1,173 | (5 | )% | ||||||
Interest, net, as reported |
$ | 85 | $ | 80 | ||||||||
Adjusted Earnings before taxes |
$ | 1,025 | $ | 1,093 | ||||||||
Taxes on earnings, as reported |
$ | 321 | $ | 350 | ||||||||
Add: Tax benefit from restructuring charges (1) |
| 4 | ||||||||||
Deduct: Tax expense from health care legislation (2) |
| (10 | ) | |||||||||
Adjusted Taxes on earnings |
$ | 321 | $ | 344 | ||||||||
Adjusted effective income tax rate |
31.3 | % | 31.5 | % | ||||||||
Net earnings attributable to Campbell Soup Company, as reported |
$ | 705 | $ | 731 | ||||||||
Add: Net adjustment from restructuring charges (1) |
| 8 | ||||||||||
Add: Tax expense from health care legislation (2) |
| 10 | ||||||||||
Adjusted Net earnings attributable to Campbell Soup Company |
$ | 705 | $ | 749 | (6 | )% | ||||||
Diluted net earnings per share attributable to Campbell Soup Company, as
reported |
$ | 2.11 | $ | 2.09 | ||||||||
Add: Net adjustment from restructuring charges (1) |
| 0.02 | ||||||||||
Add: Tax expense from health care legislation (2) |
| 0.03 | ||||||||||
Adjusted Diluted net earnings per share attributable to Campbell Soup Company |
$ | 2.11 | $ | 2.14 | (1 | )% | ||||||
Year Ended | ||||
(millions, except per share amounts) | Aug. 1, 2010 | |||
Earnings before interest and taxes, as reported |
$ | 1,348 | ||
Add: Restructuring charges (1) |
12 | |||
Adjusted Earnings before interest and taxes |
$ | 1,360 | ||
Interest, net, as reported |
$ | 106 | ||
Adjusted Earnings before taxes |
$ | 1,254 | ||
Taxes on earnings, as reported |
$ | 398 | ||
Add: Tax benefit from restructuring charges (1) |
4 | |||
Deduct: Tax expense from health care legislation (2) |
(10 | ) | ||
Adjusted Taxes on earnings |
$ | 392 | ||
Adjusted effective income tax rate |
31.3 | % | ||
Net earnings attributable to Campbell Soup Company, as reported |
$ | 844 | ||
Add: Net adjustment from restructuring charges (1) |
8 | |||
Add: Tax expense from health care legislation (2) |
10 | |||
Adjusted Net earnings attributable to Campbell Soup Company |
$ | 862 | ||
Diluted net earnings per share attributable to Campbell Soup Company, as reported |
$ | 2.42 | ||
Add: Net adjustment from restructuring charges (1) |
0.02 | |||
Add: Tax expense from health care legislation (2) |
0.03 | |||
Adjusted Diluted net earnings per share attributable to Campbell Soup Company |
$ | 2.47 | ||
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