Campbell Soup(US:CPB)2020-09-03 11:47Financial Performance - Q4 Fiscal Year 2020 organic net sales increased by 12%, driven by volume growth in both Meals & Beverages and Snacks[74] - Q4 adjusted EBIT increased 22% to $307 million, driven by higher sales volumes and improved adjusted gross margin performance[75] - Q4 adjusted EPS increased 50% to $063 per share, reflecting an increase in adjusted EBIT, lower net interest expense, and a lower adjusted effective tax rate[75] - Fiscal Year 2020 net sales increased 7%, with organic sales also increasing 7%[76] - Fiscal Year 2020 adjusted EBIT increased 14% to $145 billion, reflecting higher sales volume and improved gross margin performance[76] - Fiscal Year 2020 adjusted EPS increased 28% to $295 per share, reflecting the increase in adjusted EBIT and lower adjusted net interest expense[77] Segment Performance - Meals & Beverages organic net sales increased 19% in Q4, driven by gains in U S soups, beverages, Prego, Pasta and Canada[29] - Snacks organic net sales increased 7% in Q4, driven by gains in 8 of 9 power brands and fresh bakery products[50] - Meals & Beverages operating earnings increased 24% to $184 million in Q4[95] - Snacks operating earnings were comparable to the prior year at $136 million in Q4[98] Fiscal Year 2021 Guidance - The company expects year-over-year growth in net sales of 5% to 7% for Q1 Fiscal Year 2021[112] - The company expects growth in adjusted EBIT of 6% to 9% for Q1 Fiscal Year 2021[112] - The company expects adjusted EPS growth of 13% to 18%, or $088 to $092 per share, for Q1 Fiscal Year 2021[112]