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Campbell Soup Company (NYSE: CPB) today announced its financial results for the fourth quarter and full fiscal year 2024, ended July 30, 2024.
Fourth-Quarter Fiscal 2024 Highlights
- Net sales increased 11% to $2.3 billion, driven by the Sovos Brands acquisition
- Organic net sales decreased 1% to $2.0 billion, with net price realization down 2% and favorable volume/mix of 1%
- Gross profit margin was 29.4%, compared to 31.7% in the prior year quarter
- Adjusted gross profit margin increased 80 basis points to 31.4%, driven by supply chain productivity improvements
- Marketing and selling expenses decreased 6% to $188 million
- Administrative expenses increased 9% to $182 million
- Other expenses were $181 million, compared to other income of $9 million in the prior year quarter
- As reported EPS was a loss of $0.01 per share, compared to earnings of $0.57 per share in the prior year quarter
- Adjusted EPS increased 26% to $0.63 per share
Full-Year Fiscal 2024 Highlights
- Net sales increased 3% to $9.6 billion, driven by the Sovos Brands acquisition
- Organic net sales decreased 1% to $9.2 billion
- As reported EBIT decreased 24% to $1.0 billion, primarily due to impairment charges and acquisition costs
- Adjusted EBIT increased 6% to $1.5 billion
- Net interest expense increased 32% to $243 million
- As reported EPS decreased to $1.89 per share, compared to $2.85 per share in the prior year
- Adjusted EPS increased 3% to $3.08 per share
- Cash flow from operations was $1.2 billion, compared to $1.1 billion in the prior year
- Capital expenditures were $517 million, compared to $370 million in the prior year
Mark Clouse, President and CEO, stated, “Our fourth-quarter results capped off a solid fiscal year for Campbell, with strong performance in the Meals & Beverages segment and continued growth in Snacks. The Sovos Brands acquisition has been a great addition to our portfolio, and we remain confident in our ability to drive profitable growth and create value for our shareholders.”