Core Viewpoint - The Campbell Soup Company is planning to change its name to The Campbell's Company to better reflect its diversified portfolio while maintaining brand recognition built over 155 years [1][2]. Group 1: Name Change - The company intends to adopt the name The Campbell's Company as part of its evolution and transformed portfolio [1]. - CEO Mark Clouse emphasized that the name change retains the company's iconic recognition and reputation [1]. Group 2: Growth Strategy - The name change requires shareholder approval and was announced alongside updates on the company's growth strategy [2]. - The company aims to drive growth through 16 leadership brands across its snacks, meals, and beverages segments [2].

For each sack made across the NFL, Chunky® will make a donation that will help provide meals to families in need. CAMDEN, N.J., Sept. 5, 2024 /PRNewswire/ -- Today, Campbell's® Chunky® announced the third annual Chunky Sacks Hunger™ initiative – a program that partners with NFL teams and Feeding America® to support people and families facing hunger across the country. During the 2024-25 regular season, Chunky will donate 1,000 meals* to Feeding America for every sack made across the NFL, connecting what hap ...

Campbell Soup NASDAQ: CPB is one of the most well-known food product firms in the United States but it definitely isn't stock on the tip of everyone's tongue in a market dominated by technology and AI. Campbell Soup Today CPB Campbell Soup $49.72 +0.47 (+0.95%) 52-Week Range $37.94 ▼ $50.99 Dividend Yield 2.98% P/E Ratio 20.13 Price Target $47.23 Add to Watchlist However, the company has quietly been having a good 2024, providing a total return above 17%. That's nearly in line with the S&P 500 and outperfor ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...

Campbell Soup Company (CPB) delivered fourth-quarter fiscal 2024 results, as both the top and bottom lines increased year over year, and earnings beat the Zacks Consensus Estimate. CPB experienced sequential volume improvements and achieved year-over-year margin growth during the quarter. The company made significant progress toward its long-term strategic objectives despite a changing consumer environment. Key highlights of the quarter included a notable recovery in the Meals & Beverages segment, especiall ...

Financial Data and Key Metrics Changes - Organic net sales in Q4 declined 1% year-over-year, with adjusted EBIT and adjusted EPS both increasing by double digits [7][24][30] - Full year adjusted EPS was $3.08, reflecting a 3% increase, with adjusted EBIT up 6% [25][30] - Adjusted gross profit margin expanded 80 basis points to 31.4% in Q4, driven by supply chain productivity and favorable mix [27][30] Business Line Data and Key Metrics Changes - Meals & Beverages division saw a 1% increase in organic net sales, driven by a 2% volume growth, while Snacks experienced a 3% decline in organic net sales [10][32] - Pro forma net sales growth for Meals & Beverages, including Sovos, was 4%, with significant contributions from U.S. soup and pasta sauces [31] - Snacks operating margin improved to 14.5% for Q4, with full year margin at 14.8% [33] Market Data and Key Metrics Changes - In-market consumption for total food moved into positive territory for both dollars and units, with 70% of edible categories growing household penetration [9][10] - The Snacks category recovery is progressing, albeit at a slower pace than desired, with competitive pressure from new entrants [16][20] Company Strategy and Development Direction - The company remains confident in its long-term growth trajectory, emphasizing the strength of its portfolio and the integration of Sovos Brands [7][23] - Focus on improving the mix of business by reducing reliance on partner and contract brands, with a strategic decision to divest the Pop Secret brand [19][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of consumer behavior, viewing it as a matter of when rather than if [9][49] - The company anticipates continued volume improvement in fiscal '25, with guidance reflecting a balance between steady progress and prudence [35][36] Other Important Information - The acquisition of Sovos Brands contributed positively to the company's performance, with a neutral impact on adjusted EPS in Q4 [8][24] - The company achieved $60 million in enterprise cost savings, reaching a cumulative total of $950 million towards its $1 billion cost savings goal [28] Q&A Session Summary Question: Insights on Meals & Beverages performance - Management highlighted the positive momentum in Meals & Beverages, driven by consumer trends favoring in-home cooking and affordability [43][44] Question: Concerns about Snacks competition - Management acknowledged competitive pressure from new entrants but expressed confidence in their brand portfolio and innovation strategies to address these challenges [52][56] Question: Guidance on organic sales - Management confirmed that guidance reflects expectations of normalization in broth share and a gradual recovery in the consumer environment [57][63]

Core Insights - Campbell Soup (CPB) reported revenue of $2.29 billion for the quarter ended July 2024, marking a year-over-year increase of 10.9% and an EPS of $0.63 compared to $0.50 a year ago [1] Revenue Performance - Net Sales in Meals & Beverages reached $1.20 billion, exceeding the average estimate of $1.18 billion by four analysts, representing a year-over-year change of +28.2% [3] - Net Sales in Snacks totaled $1.09 billion, falling short of the $1.12 billion average estimate based on four analysts, indicating a year-over-year decline of -3.5% [4] Earnings Analysis - Operating Earnings for Meals & Beverages were reported at $211 million, surpassing the average estimate of $194.97 million by four analysts [5] - Operating Earnings for Snacks were $159 million, below the average estimate of $171.24 million based on four analysts [6] - Operating Earnings for Corporate were reported at -$272 million, significantly worse than the average estimate of -$48.30 million based on two analysts [7] Stock Performance - Shares of Campbell have returned +7.1% over the past month, outperforming the Zacks S&P 500 composite's +2.6% change [7]

Campbell Soup (CPB) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.61%. A quarter ago, it was expected that this maker of canned soup, Pepperidge Farm cookies and V8 juice would post earnings of $0.70 per share when it actually produced earnings of $0.75, delivering a surprise of ...

Performance Overview [Q4 & Full-Year 2024 Financial Highlights](index=1&type=section&id=Q4%20%26%20Full-Year%202024%20Financial%20Highlights) Q4 fiscal 2024 net sales grew **11% to $2.3 billion** (organic sales down 1%), with full-year net sales up **3% to $9.6 billion** and adjusted EPS at **$3.08** Q4 Fiscal 2024 Performance Summary | Metric | Reported Value | Change | Adjusted Value | Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales (USD) | $2.3 billion | +11% | Organic Sales | -1% | | EBIT (USD) | $77 million | - | $329 million | +36% | | EPS (USD) | $(0.01) | - | $0.63 | +26% | Full-Year Fiscal 2024 Performance Summary | Metric | Reported Value | Change | Adjusted Value | Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales (USD) | $9.6 billion | +3% | Organic Sales | -1% | | EBIT (USD) | $1.0 billion | - | $1.5 billion | +6% | | EPS (USD) | $1.89 | - | $3.08 | +3% | - The company returned a total of **$512 million** to shareholders in fiscal 2024, comprising **$445 million** in dividends and the remainder in share repurchases[2](index=2&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Mark Clouse highlighted solid Q4 performance with sequential volume improvement and margin expansion, noting successful Sovos Brands integration and progress on Snacks margin goals - The company finished fiscal 2024 with solid Q4 performance, including sequential volume improvement and margin expansion versus the prior year[3](index=3&type=chunk) - The integration of Sovos Brands is progressing ahead of expectations, significantly shifting the growth trajectory for the Meals & Beverages division[3](index=3&type=chunk) - The company has advanced its Snacks margin journey while improving sales, marketing, and innovation capabilities, leading to confidence in continued progress in fiscal 2025[3](index=3&type=chunk) Detailed Financial Results [Fourth-Quarter Fiscal 2024 Results](index=2&type=section&id=Fourth-Quarter%20Fiscal%202024%20Results) Q4 net sales increased **11% to $2.3 billion** due to the Sovos Brands acquisition, while organic sales fell **1%**; adjusted EBIT grew **36% to $329 million**, and adjusted EPS rose **26% to $0.63** - Q4 organic net sales decreased **1%** as a **2%** decline in net price realization was partially offset by a **1%** improvement in volume/mix[6](index=6&type=chunk) - Adjusted gross profit margin increased by **80 basis points to 31.4%**, driven by supply chain productivity improvements that outweighed unfavorable net pricing and cost inflation[8](index=8&type=chunk) - Reported EBIT was significantly impacted by **$129 million** in non-cash impairment charges related to the Pop Secret and Allied brands (including Tom's, Jays, Stella D'oro, etc.)[9](index=9&type=chunk)[10](index=10&type=chunk) - The Sovos Brands acquisition was approximately neutral to fourth-quarter adjusted EPS[11](index=11&type=chunk) [Full-Year Fiscal 2024 Results](index=4&type=section&id=Full-Year%20Fiscal%202024%20Results) For fiscal 2024, net sales rose **3% to $9.6 billion** (organic sales dipped 1%), adjusted EBIT increased **6% to $1.5 billion**, and adjusted EPS grew **3% to $3.08**, with the Sovos acquisition having a neutral impact Full-Year 2024 Financial Performance | Metric | FY2024 Value | Change vs. FY2023 | | :--- | :--- | :--- | | Net Sales (USD) | $9.6 billion | +3% | | Organic Net Sales (USD) | $9.2 billion | -1% | | Reported EBIT (USD) | $1.0 billion | -24% | | Adjusted EBIT (USD) | $1.5 billion | +6% | | Reported EPS (USD) | $1.89 | -34% | | Adjusted EPS (USD) | $3.08 | +3% | - The decrease in reported EBIT was primarily driven by impairment charges and costs associated with the Sovos Brands acquisition[12](index=12&type=chunk) - The Sovos Brands acquisition was approximately neutral to full-year adjusted EPS[13](index=13&type=chunk) [Cash Flow and Shareholder Returns](index=4&type=section&id=Cash%20Flow%20and%20Shareholder%20Returns) Fiscal 2024 cash flow from operations increased to **$1.2 billion**, with capital expenditures at **$517 million**, and **$512 million** returned to shareholders through dividends and stock repurchases FY2024 Cash Flow and Capital Allocation | Item | FY2024 Value | FY2023 Value | | :--- | :--- | :--- | | Cash Flow from Operations (USD) | $1.2 billion | $1.1 billion | | Capital Expenditures (USD) | $517 million | $370 million | | Cash Dividends Paid (USD) | $445 million | - | | Stock Repurchases (USD) | $67 million | - | [Cost Savings Program](index=4&type=section&id=Cost%20Savings%20Program) Campbell has achieved **$950 million** in total savings under its multi-year cost savings program, with **$60 million** realized in fiscal 2024, plus **$10 million** in Sovos Brands integration synergies - The company has delivered **$950 million** in savings towards its **$1 billion** multi-year cost savings program target[15](index=15&type=chunk) - In fiscal 2024, **$60 million** in savings were realized from the ongoing program, and an additional **$10 million** in cost synergies were achieved from the Sovos Brands integration[15](index=15&type=chunk) Full-Year Fiscal 2025 Guidance [Guidance Overview and Assumptions](index=5&type=section&id=Guidance%20Overview%20and%20Assumptions) Fiscal 2025 guidance reflects a balanced outlook, incorporating a 53rd week (adding **2%** to sales/EBIT, **$0.06** to EPS) and the Pop Secret divestiture (reducing sales by **1%**, EPS by **$0.04**) - Fiscal 2025 will include a 53rd week, estimated to contribute **2 points** of growth to net sales and adjusted EBIT, and **$0.06** to adjusted EPS[16](index=16&type=chunk) - The divestiture of the Pop Secret business is expected to reduce reported net sales growth by approximately **1%** and have a dilutive impact of **$0.04** to adjusted EPS[16](index=16&type=chunk) - The company anticipates low-single-digit inflation, to be mitigated by productivity improvements (approx. **3%**) and cost savings (approx. **$70 million**, including Sovos synergies)[17](index=17&type=chunk) - Adjusted net interest expense is projected to be between **$350 million and $355 million**, higher than fiscal 2024 due to a full year of debt from the Sovos acquisition[18](index=18&type=chunk) [Key Financial Projections](index=6&type=section&id=Key%20Financial%20Projections) For fiscal 2025, Campbell's projects net sales growth of **9% to 11%**, organic net sales flat to up **2%**, adjusted EBIT growth of **9% to 11%**, and adjusted EPS of **$3.12 to $3.22** Fiscal 2025 Guidance | Metric | FY2024 Result | FY2025 Guidance Range | | :--- | :--- | :--- | | Net Sales (USD) | $9,636 million | +9% to +11% | | Organic Net Sales (USD) | $9,525 million | 0% to +2% | | Adjusted EBIT (USD) | $1,454 million | +9% to +11% | | Adjusted EPS (USD) | $3.08 | +1% to +4% ($3.12 to $3.22) | Segment Performance [Meals & Beverages](index=7&type=section&id=Meals%20%26%20Beverages) In Q4, the Meals & Beverages segment saw a **28%** increase in net sales, primarily driven by the Sovos Brands acquisition, with organic net sales growing **1%** and operating earnings surging **60%** Q4 Meals & Beverages Performance | Metric | Q4 FY2024 | Change vs. Q4 FY2023 | | :--- | :--- | :--- | | Net Sales (USD) | $1,200 million | +28% | | Organic Net Sales | - | +1% | | Operating Earnings (USD) | $211 million | +60% | - The strong sales growth was driven by the Sovos Brands acquisition. Organically, sales increased **1%** due to gains in U.S. Soup (up **2%**), foodservice, and Prego pasta sauces[26](index=26&type=chunk) [Snacks](index=7&type=section&id=Snacks) The Snacks segment reported a **3%** decrease in both reported and organic net sales in Q4, driven by unfavorable net price realization, while operating earnings increased a modest **1%** Q4 Snacks Performance | Metric | Q4 FY2024 | Change vs. Q4 FY2023 | | :--- | :--- | :--- | | Net Sales (USD) | $1,093 million | -3% | | Organic Net Sales | - | -3% | | Operating Earnings (USD) | $159 million | +1% | - The sales decline was attributed to a greater than **2%** unfavorable net price realization, partly from planned pricing investments and lapping favorable trade phasing from the prior year[29](index=29&type=chunk) Financial Statements and Reconciliations [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q4 and full fiscal year 2024, including Statements of Earnings, Balance Sheets, and Statements of Cash Flows, detailing the company's financial position and performance - The Consolidated Statements of Earnings for the three and twelve months ended July 28, 2024, are presented[38](index=38&type=chunk)[40](index=40&type=chunk) - The Consolidated Balance Sheets as of July 28, 2024, and July 30, 2023, are provided, showing an increase in total assets to **$15.2 billion** from **$12.1 billion**, largely due to the Sovos acquisition[46](index=46&type=chunk) - The Consolidated Statements of Cash Flows for the twelve months ended July 28, 2024, detail operating, investing, and financing activities[48](index=48&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=17&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed reconciliations of reported GAAP to non-GAAP measures like organic net sales, adjusted EBIT, and adjusted EPS, offering better comparability by excluding items such as acquisition costs and impairment charges - Organic net sales are reconciled by excluding the impacts of currency, acquisitions (Sovos Brands), and divestitures (Emerald nuts, Pop Secret)[50](index=50&type=chunk)[51](index=51&type=chunk) - Major items excluded from GAAP earnings to arrive at adjusted earnings include costs for savings initiatives, acquisition costs, mark-to-market adjustments, impairment charges, and pension actuarial adjustments[53](index=53&type=chunk) FY2024 GAAP to Adjusted EPS Reconciliation | Item | Per Share Impact (USD) | | :--- | :--- | | **Reported Diluted EPS** | **$1.89** | | Cost savings initiatives | +$0.28 | | Acquisition costs | +$0.36 | | Commodity mark-to-market losses | +$0.05 | | Accelerated amortization | +$0.07 | | Pension actuarial losses | +$0.08 | | Impairment charges | +$0.33 | | Other items | +$0.02 | | **Adjusted Diluted EPS** | **$3.08** |

Core Insights - Campbell Soup Company (CPB) is strategically focusing on enhancing its Snacks division, which has shown resilience amid various challenges [1][3] - The divestiture of the Pop Secret popcorn business is aimed at prioritizing the Snacks segment, which accounted for 46.3% of the company's sales in Q3 of fiscal 2024 [3][5] - The Snacks category has experienced an average consumption growth of 8%, outperforming overall food and historical snack growth averages [3] Financial Performance - The Pop Secret divestiture is expected to reduce Campbell Soup's earnings per share (EPS) by nearly 4 cents in fiscal 2025, with net sales of approximately $120 million recorded in fiscal 2024 [2] - Campbell Soup reported a 6% rise in sales during Q3 of fiscal 2024, largely due to the addition of Sovos Brands, which contributed 7 percentage points to net sales growth [7] - The company anticipates steady year-over-year volume growth and double-digit increases in adjusted EBIT and adjusted EPS in Q4 [8] Strategic Moves - The divestiture of non-core assets like Pop Secret reflects Campbell Soup's commitment to optimizing its portfolio for long-term growth [13] - The acquisition of Sovos Brands in March 2024 has been beneficial, with strong performance from its product lines, particularly Rao's [6][7] - Power brands now represent two-thirds of the Snacks business, providing a solid foundation for sustained growth [5] Market Position - Campbell Soup's shares have increased by 14.8% over the past three months, outperforming the industry growth of 3.9% and the broader Zacks Consumer Staples sector [9] - The company is navigating a dynamic macroeconomic environment, with expectations of organic net sales growth being nearly flat to down 1% in fiscal 2024 [11] Cost Management - The company has been facing cost inflation, particularly in inputs like tomatoes, olive oil, and cocoa, but productivity initiatives and cost-saving programs are expected to mitigate these impacts [12]