State of Incorporation | Commission File Number | I.R.S. Employer Identification No. |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
99.1 | ||||||||
104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL. |
99.1 | ||||||||
104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL. |
CAMPBELL SOUP COMPANY | |||||||||||
(Registrant) | |||||||||||
Date: June 9, 2021 | By: | /s/ Mick Beekhuizen | |||||||||
Mick Beekhuizen | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
Continuing Operations | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
($ in millions, except per share) | May 2, 2021 | Apr. 26, 2020 | % Change | May 2, 2021 | Apr. 26, 2020 | % Change | |||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
As Reported (GAAP) | $1,984 | $2,238 | (11)% | $6,603 | $6,583 | —% | |||||||||||||||||||||||||||||
Organic | (12)% | 1% | |||||||||||||||||||||||||||||||||
Earnings Before Interest and Taxes (EBIT) | |||||||||||||||||||||||||||||||||||
As Reported (GAAP) | $272 | $273 | —% | $1,134 | $940 | 21% | |||||||||||||||||||||||||||||
Adjusted | $283 | $386 | (27)% | $1,139 | $1,142 | —% | |||||||||||||||||||||||||||||
Diluted Earnings Per Share | |||||||||||||||||||||||||||||||||||
As Reported (GAAP) | $0.54 | $0.55 | (2)% | $2.36 | $1.66 | 42% | |||||||||||||||||||||||||||||
Adjusted | $0.57 | $0.83 | (31)% | $2.43 | $2.34 | 4% | |||||||||||||||||||||||||||||
Diluted Earnings Per Share | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
May 2, 2021 | Apr. 26, 2020 | May 2, 2021 | Apr. 26, 2020 | ||||||||||||||||||||
As Reported (GAAP) | $0.54 | $0.55 | $2.36 | $1.66 | |||||||||||||||||||
Restructuring charges, implementation costs and other related costs associated with cost savings initiatives | $0.04 | $0.04 | $0.10 | $0.13 | |||||||||||||||||||
Net pension settlement (gains) / losses | $(0.01) | $0.13 | $(0.10) | $0.11 | |||||||||||||||||||
Deferred tax charge | $— | $— | $0.06 | $— | |||||||||||||||||||
Investment losses | $— | $0.12 | $— | $0.12 | |||||||||||||||||||
Charges associated with divestiture | $— | $— | $— | $0.13 | |||||||||||||||||||
Loss on extinguishment of debt | $— | $— | $— | $0.19 | |||||||||||||||||||
Adjusted* | $0.57 | $0.83 | $2.43 | $2.34 | |||||||||||||||||||
Continuing Operations | FY 2020 Results | Previous FY 2021 Guidance | Updated FY 2021 Guidance | |||||||||||||||||||||||
($ in millions, except per share) | ||||||||||||||||||||||||||
Net Sales | $8,691 | -3.5% to -2.5% | -3.5% to -3.0% | |||||||||||||||||||||||
Organic Net Sales | $8,492 | * | -1.5% to -0.5% | -1.2% to -0.7% | ||||||||||||||||||||||
Adjusted EBIT | $1,449 | * | -1% to +1% | -5% to -4% | ||||||||||||||||||||||
Adjusted EPS | $2.95 | * | +3% to +5% | -2% to -1% | ||||||||||||||||||||||
$3.03 to $3.11 | $2.90 to $2.93 |
Three Months Ended May 2, 2021 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Meals & Beverages* | Snacks | Total* | |||||||||||||||
Net Sales, as Reported | $1,039 | $945 | $1,984 | ||||||||||||||
Volume and Mix | (15)% | (9)% | (12)% | ||||||||||||||
Price and Sales Allowances | (1)% | 1% | —% | ||||||||||||||
Promotional Spending | —% | —% | —% | ||||||||||||||
Organic Net Sales | (15)% | (8)% | (12)% | ||||||||||||||
Currency | 1% | —% | —% | ||||||||||||||
% Change vs. Prior Year | (14)% | (8)% | (11)% | ||||||||||||||
Segment Operating Earnings | $179 | $109 | |||||||||||||||
% Change vs. Prior Year | (35)% | (29)% |
Nine Months Ended May 2, 2021 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Meals & Beverages* | Snacks* | Total* | |||||||||||||||
Net Sales, as Reported | $3,681 | $2,922 | $6,603 | ||||||||||||||
Volume and Mix | —% | (2)% | (1)% | ||||||||||||||
Price and Sales Allowances | (1)% | —% | —% | ||||||||||||||
Promotional Spending | 1% | 1% | 1% | ||||||||||||||
Organic Net Sales | 1% | —% | 1% | ||||||||||||||
Currency | —% | —% | —% | ||||||||||||||
Divestiture | —% | (1)% | —% | ||||||||||||||
% Change vs. Prior Year | 1% | (1)% | —% | ||||||||||||||
Segment Operating Earnings | $770 | $392 | |||||||||||||||
% Change vs. Prior Year | (4)% | (6)% |
INVESTOR CONTACT: | MEDIA CONTACT: | |||||||
Rebecca Gardy | Amanda Pisano | |||||||
(856) 342-6081 | (856) 342-8590 | |||||||
rebecca_gardy@campbells.com | Amanda_Pisano@campbells.com |
Three Months Ended | ||||||||||||||
May 2, 2021 | April 26, 2020 | |||||||||||||
Net sales | $ | 1,984 | $ | 2,238 | ||||||||||
Costs and expenses | ||||||||||||||
Cost of products sold | 1,356 | 1,466 | ||||||||||||
Marketing and selling expenses | 202 | 239 | ||||||||||||
Administrative expenses | 153 | 154 | ||||||||||||
Research and development expenses | 22 | 25 | ||||||||||||
Other expenses / (income) | (23) | 81 | ||||||||||||
Restructuring charges | 2 | — | ||||||||||||
Total costs and expenses | 1,712 | 1,965 | ||||||||||||
Earnings before interest and taxes | 272 | 273 | ||||||||||||
Interest, net | 53 | 55 | ||||||||||||
Earnings before taxes | 219 | 218 | ||||||||||||
Taxes on earnings | 53 | 52 | ||||||||||||
Earnings from continuing operations | 166 | 166 | ||||||||||||
Earnings (loss) from discontinued operations | (6) | 2 | ||||||||||||
Net earnings | 160 | 168 | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | ||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 160 | $ | 168 | ||||||||||
Per share - basic | ||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .55 | $ | .55 | ||||||||||
Earnings (loss) from discontinued operations | (.02) | .01 | ||||||||||||
Net earnings attributable to Campbell Soup Company | $ | .53 | $ | .56 | ||||||||||
Weighted average shares outstanding - basic | 303 | 302 | ||||||||||||
Per share - assuming dilution | ||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .54 | $ | .55 | ||||||||||
Earnings (loss) from discontinued operations | (.02) | .01 | ||||||||||||
Net earnings attributable to Campbell Soup Company* | $ | .52 | $ | .55 | ||||||||||
Weighted average shares outstanding - assuming dilution | 305 | 304 |
Nine Months Ended | ||||||||||||||
May 2, 2021 | April 26, 2020 | |||||||||||||
Net sales | $ | 6,603 | $ | 6,583 | ||||||||||
Costs and expenses | ||||||||||||||
Cost of products sold | 4,379 | 4,331 | ||||||||||||
Marketing and selling expenses | 642 | 682 | ||||||||||||
Administrative expenses | 452 | 436 | ||||||||||||
Research and development expenses | 61 | 69 | ||||||||||||
Other expenses / (income) | (86) | 115 | ||||||||||||
Restructuring charges | 21 | 10 | ||||||||||||
Total costs and expenses | 5,469 | 5,643 | ||||||||||||
Earnings before interest and taxes | 1,134 | 940 | ||||||||||||
Interest, net | 162 | 281 | ||||||||||||
Earnings before taxes | 972 | 659 | ||||||||||||
Taxes on earnings | 252 | 153 | ||||||||||||
Earnings from continuing operations | 720 | 506 | ||||||||||||
Earnings (loss) from discontinued operations | (6) | 1,036 | ||||||||||||
Net earnings | 714 | 1,542 | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | ||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 714 | $ | 1,542 | ||||||||||
Per share - basic | ||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 2.38 | $ | 1.68 | ||||||||||
Earnings (loss) from discontinued operations | (.02) | 3.43 | ||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 2.36 | $ | 5.11 | ||||||||||
Weighted average shares outstanding - basic | 303 | 302 | ||||||||||||
Per share - assuming dilution | ||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 2.36 | $ | 1.66 | ||||||||||
Earnings (loss) from discontinued operations | (.02) | 3.41 | ||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 2.34 | $ | 5.07 | ||||||||||
Weighted average shares outstanding - assuming dilution | 305 | 304 |
Three Months Ended | |||||||||||||||||
May 2, 2021 | April 26, 2020 | Percent Change | |||||||||||||||
Sales | |||||||||||||||||
Contributions: | |||||||||||||||||
Meals & Beverages | $ | 1,039 | $ | 1,210 | (14)% | ||||||||||||
Snacks | 945 | 1,028 | (8)% | ||||||||||||||
Total sales | $ | 1,984 | $ | 2,238 | (11)% | ||||||||||||
Earnings | |||||||||||||||||
Contributions: | |||||||||||||||||
Meals & Beverages | $ | 179 | $ | 275 | (35)% | ||||||||||||
Snacks | 109 | 154 | (29)% | ||||||||||||||
Total operating earnings | 288 | 429 | (33)% | ||||||||||||||
Corporate | (14) | (156) | |||||||||||||||
Restructuring charges | (2) | — | |||||||||||||||
Earnings before interest and taxes | 272 | 273 | —% | ||||||||||||||
Interest, net | 53 | 55 | |||||||||||||||
Taxes on earnings | 53 | 52 | |||||||||||||||
Earnings from continuing operations | 166 | 166 | —% | ||||||||||||||
Earnings (loss) from discontinued operations | (6) | 2 | n/m | ||||||||||||||
Net earnings | 160 | 168 | (5)% | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | |||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 160 | $ | 168 | (5)% | ||||||||||||
Per share - assuming dilution | |||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | .54 | $ | .55 | (2)% | ||||||||||||
Earnings (loss) from discontinued operations | (.02) | .01 | n/m | ||||||||||||||
Net earnings attributable to Campbell Soup Company* | $ | .52 | $ | .55 | (5)% |
Nine Months Ended | |||||||||||||||||
May 2, 2021 | April 26, 2020 | Percent Change | |||||||||||||||
Sales | |||||||||||||||||
Contributions: | |||||||||||||||||
Meals & Beverages | $ | 3,681 | $ | 3,628 | 1% | ||||||||||||
Snacks | 2,922 | 2,955 | (1)% | ||||||||||||||
Total sales | $ | 6,603 | $ | 6,583 | —% | ||||||||||||
Earnings | |||||||||||||||||
Contributions: | |||||||||||||||||
Meals & Beverages | $ | 770 | $ | 799 | (4)% | ||||||||||||
Snacks | 392 | 415 | (6)% | ||||||||||||||
Total operating earnings | 1,162 | 1,214 | (4)% | ||||||||||||||
Corporate | (7) | (264) | |||||||||||||||
Restructuring charges | (21) | (10) | |||||||||||||||
Earnings before interest and taxes | 1,134 | 940 | 21% | ||||||||||||||
Interest, net | 162 | 281 | |||||||||||||||
Taxes on earnings | 252 | 153 | |||||||||||||||
Earnings from continuing operations | 720 | 506 | 42% | ||||||||||||||
Earnings (loss) from discontinued operations | (6) | 1,036 | n/m | ||||||||||||||
Net earnings | 714 | 1,542 | (54)% | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | |||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 714 | $ | 1,542 | (54)% | ||||||||||||
Per share - assuming dilution | |||||||||||||||||
Earnings from continuing operations attributable to Campbell Soup Company | $ | 2.36 | $ | 1.66 | 42% | ||||||||||||
Earnings (loss) from discontinued operations | (.02) | 3.41 | n/m | ||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 2.34 | $ | 5.07 | (54)% |
May 2, 2021 | April 26, 2020 | ||||||||||
Current assets | $ | 1,741 | $ | 2,746 | |||||||
Assets of business held for sale | 122 | — | |||||||||
Plant assets, net | 2,313 | 2,340 | |||||||||
Intangible assets, net | 7,232 | 7,343 | |||||||||
Other assets | 322 | 289 | |||||||||
Total assets | $ | 11,730 | $ | 12,718 | |||||||
Current liabilities | $ | 1,950 | $ | 3,269 | |||||||
Liabilities of business held for sale | 25 | — | |||||||||
Long-term debt | 4,997 | 5,191 | |||||||||
Other liabilities | 1,763 | 1,677 | |||||||||
Total equity | 2,995 | 2,581 | |||||||||
Total liabilities and equity | $ | 11,730 | $ | 12,718 | |||||||
Total debt | $ | 5,201 | $ | 6,695 | |||||||
Total cash and cash equivalents | $ | 209 | $ | 1,242 |
Nine Months Ended | |||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 714 | $ | 1,542 | |||||||
Adjustments to reconcile net earnings to operating cash flow | |||||||||||
Restructuring charges | 21 | 10 | |||||||||
Stock-based compensation | 51 | 47 | |||||||||
Pension and postretirement benefit income | (87) | (11) | |||||||||
Depreciation and amortization | 233 | 241 | |||||||||
Deferred income taxes | 99 | 35 | |||||||||
Net gain on sales of businesses | — | (975) | |||||||||
Loss on extinguishment of debt | — | 75 | |||||||||
Investment losses | — | 49 | |||||||||
Other | 66 | 74 | |||||||||
Changes in working capital, net of divestitures | |||||||||||
Accounts receivable | (4) | (121) | |||||||||
Inventories | (2) | 118 | |||||||||
Prepaid assets | (23) | (4) | |||||||||
Accounts payable and accrued liabilities | (149) | 92 | |||||||||
Other | (38) | (47) | |||||||||
Net cash provided by operating activities | 881 | 1,125 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of plant assets | (190) | (220) | |||||||||
Purchases of route businesses | (1) | (10) | |||||||||
Sales of route businesses | 7 | 8 | |||||||||
Sales of businesses, net of cash divested | — | 2,537 | |||||||||
Other | 7 | 3 | |||||||||
Net cash provided by (used in) investing activities | (177) | 2,318 | |||||||||
Cash flows from financing activities: | |||||||||||
Short-term borrowings, including commercial paper and revolving line of credit | — | 5,610 | |||||||||
Short-term repayments, including commercial paper | (295) | (6,405) | |||||||||
Long-term borrowings | — | 1,000 | |||||||||
Long-term repayments | (721) | (499) | |||||||||
Dividends paid | (327) | (320) | |||||||||
Treasury stock issuances | 2 | 23 | |||||||||
Payments related to tax withholding for stock-based compensation | (15) | (10) | |||||||||
Payments related to extinguishment of debt | — | (1,768) | |||||||||
Payments of debt issuance costs | — | (9) | |||||||||
Net cash used in financing activities | (1,356) | (2,378) | |||||||||
Effect of exchange rate changes on cash | 2 | (2) | |||||||||
Net change in cash and cash equivalents | (650) | 1,063 | |||||||||
Cash and cash equivalents — beginning of period (including discontinued operations) | 859 | 179 | |||||||||
Cash balance of discontinued operations — end of period | — | — | |||||||||
Cash and cash equivalents — end of period | $ | 209 | $ | 1,242 |
Three Months Ended | ||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | % Change | ||||||||||||||||||||||||
(millions) | Net Sales, as Reported | Impact of Currency | Organic Net Sales | Net Sales, as Reported | Net Sales, as Reported | Organic Net Sales | ||||||||||||||||||||
Meals & Beverages | $ | 1,039 | $ | (9) | $ | 1,030 | $ | 1,210 | (14)% | (15)% | ||||||||||||||||
Snacks | 945 | (1) | 944 | 1,028 | (8)% | (8)% | ||||||||||||||||||||
Total Net Sales | $ | 1,984 | $ | (10) | $ | 1,974 | $ | 2,238 | (11)% | (12)% |
Nine Months Ended | ||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | % Change | ||||||||||||||||||||||||||||||
(millions) | Net Sales, as Reported | Impact of Currency | Organic Net Sales | Net Sales, as Reported | Impact of Divestiture | Organic Net Sales | Net Sales, as Reported | Organic Net Sales | ||||||||||||||||||||||||
Meals & Beverages | $ | 3,681 | $ | (11) | $ | 3,670 | $ | 3,628 | $ | — | $ | 3,628 | 1% | 1% | ||||||||||||||||||
Snacks | 2,922 | — | 2,922 | 2,955 | (25) | 2,930 | (1)% | —% | ||||||||||||||||||||||||
Total Net Sales | $ | 6,603 | $ | (11) | $ | 6,592 | $ | 6,583 | $ | (25) | $ | 6,558 | —% | 1% |
Year Ended | ||||||||||||||
August 2, 2020 | ||||||||||||||
(millions) | Net Sales, as Reported | Estimated Impact of 53rd Week | Impact of Divestiture | Organic Net Sales | ||||||||||
Total Net Sales | $ | 8,691 | $ | (151) | $ | (25) | $ | 8,515 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||||||||||||||||||||
(millions, except per share amounts) | As reported | Adjustments(a) | Adjusted | As reported | Adjustments(a) | Adjusted | Adjusted Percent Change | ||||||||||||||||||||||||||||||||||
Gross margin | $ | 628 | $ | 2 | $ | 630 | $ | 772 | $ | 4 | $ | 776 | (19)% | ||||||||||||||||||||||||||||
Gross margin percentage | 31.7 | % | 31.8 | % | 34.5 | % | 34.7 | % | (2.9) pts | ||||||||||||||||||||||||||||||||
Administrative expenses | $ | 153 | $ | (11) | $ | 142 | $ | 154 | $ | (10) | $ | 144 | (1)% | ||||||||||||||||||||||||||||
Other expenses / (income) | $ | (23) | $ | 4 | $ | (19) | $ | 81 | $ | (99) | $ | (18) | |||||||||||||||||||||||||||||
Restructuring charges | $ | 2 | $ | (2) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Earnings before interest and taxes | $ | 272 | $ | 11 | $ | 283 | $ | 273 | $ | 113 | $ | 386 | (27)% | ||||||||||||||||||||||||||||
Interest, net | 53 | — | 53 | 55 | — | 55 | (4)% | ||||||||||||||||||||||||||||||||||
Earnings before taxes | $ | 219 | $ | 11 | $ | 230 | $ | 218 | $ | 113 | $ | 331 | |||||||||||||||||||||||||||||
Taxes | 53 | 3 | 56 | 52 | 26 | 78 | |||||||||||||||||||||||||||||||||||
Effective income tax rate | 24.2 | % | 24.3 | % | 23.9 | % | 23.6 | % | 0.7 pts | ||||||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 166 | $ | 8 | $ | 174 | $ | 166 | $ | 87 | $ | 253 | (31)% | ||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations | (6) | — | (6) | 2 | — | 2 | n/m | ||||||||||||||||||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 160 | $ | 8 | $ | 168 | $ | 168 | $ | 87 | $ | 255 | (34)% | ||||||||||||||||||||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | .54 | $ | .03 | $ | .57 | $ | .55 | $ | .29 | $ | .83 | (31)% | ||||||||||||||||||||||||||||
Diluted earnings (loss) per share - discontinued operations | (.02) | — | (.02) | .01 | — | .01 | n/m | ||||||||||||||||||||||||||||||||||
Diluted net earnings per share attributable to Campbell Soup Company* | $ | .52 | $ | .03 | $ | .55 | $ | .55 | $ | .29 | $ | .84 | (35)% | ||||||||||||||||||||||||||||
(a)See following tables for additional information. |
Three Months Ended | |||||||||||||||||
May 2, 2021 | |||||||||||||||||
(millions, except per share amounts) | Restructuring charges, implementation costs and other related costs (1) | Pension settlement (2) | Adjustments | ||||||||||||||
Gross margin | $ | 2 | $ | — | $ | 2 | |||||||||||
Administrative expenses | (11) | — | (11) | ||||||||||||||
Other expenses / (income) | — | 4 | 4 | ||||||||||||||
Restructuring charges | (2) | — | (2) | ||||||||||||||
Earnings before interest and taxes | $ | 15 | $ | (4) | $ | 11 | |||||||||||
Interest, net | — | — | — | ||||||||||||||
Earnings before taxes | $ | 15 | $ | (4) | $ | 11 | |||||||||||
Taxes | 4 | (1) | 3 | ||||||||||||||
Earnings from continuing operations | $ | 11 | $ | (3) | $ | 8 | |||||||||||
Earnings from discontinued operations | — | — | — | ||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 11 | $ | (3) | $ | 8 | |||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company | $ | .04 | $ | (.01) | $ | .03 | |||||||||||
Diluted earnings per share - discontinued operations | — | — | — | ||||||||||||||
Diluted net earnings per share attributable to Campbell Soup Company | $ | .04 | $ | (.01) | $ | .03 |
Three Months Ended | |||||||||||||||||||||||
April 26, 2020 | |||||||||||||||||||||||
(millions, except per share amounts) | Restructuring charges, implementation costs and other related costs (1) | Pension settlement (2) | Investment losses (4) | Adjustments | |||||||||||||||||||
Gross margin | $ | 4 | $ | — | $ | — | $ | 4 | |||||||||||||||
Administrative expenses | (10) | — | — | (10) | |||||||||||||||||||
Other expenses / (income) | — | (54) | (45) | (99) | |||||||||||||||||||
Earnings before interest and taxes | $ | 14 | $ | 54 | $ | 45 | $ | 113 | |||||||||||||||
Interest, net | — | — | — | — | |||||||||||||||||||
Earnings before taxes | $ | 14 | $ | 54 | $ | 45 | $ | 113 | |||||||||||||||
Taxes | 3 | 13 | 10 | 26 | |||||||||||||||||||
Earnings from continuing operations | $ | 11 | $ | 41 | $ | 35 | $ | 87 | |||||||||||||||
Earnings from discontinued operations | — | — | — | — | |||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 11 | $ | 41 | $ | 35 | $ | 87 | |||||||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company | $ | .04 | $ | .13 | $ | .12 | $ | .29 | |||||||||||||||
Diluted earnings per share - discontinued operations | — | — | — | — | |||||||||||||||||||
Diluted net earnings per share attributable to Campbell Soup Company | $ | .04 | $ | .13 | $ | .12 | $ | .29 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
May 2, 2021 | April 26, 2020 | ||||||||||||||||||||||||||||||||||||||||
(millions, except per share amounts) | As reported | Adjustments(a) | Adjusted | As reported | Adjustments(a) | Adjusted | Adjusted Percent Change | ||||||||||||||||||||||||||||||||||
Gross margin | $ | 2,224 | $ | 1 | $ | 2,225 | $ | 2,252 | $ | 6 | $ | 2,258 | (1)% | ||||||||||||||||||||||||||||
Gross margin percentage | 33.7 | % | 33.7 | % | 34.2 | % | 34.3 | % | (0.6) pts | ||||||||||||||||||||||||||||||||
Marketing and selling expenses | 642 | — | 642 | 682 | (2) | 680 | (6)% | ||||||||||||||||||||||||||||||||||
Administrative expenses | 452 | (21) | 431 | 436 | (31) | 405 | 6% | ||||||||||||||||||||||||||||||||||
Research and development expenses | 61 | — | 61 | 69 | (1) | 68 | |||||||||||||||||||||||||||||||||||
Other expenses / (income) | (86) | 38 | (48) | 115 | (152) | (37) | |||||||||||||||||||||||||||||||||||
Restructuring charges | 21 | (21) | — | 10 | (10) | — | |||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | $ | 1,134 | $ | 5 | $ | 1,139 | $ | 940 | $ | 202 | $ | 1,142 | —% | ||||||||||||||||||||||||||||
Interest, net | 162 | — | 162 | 281 | (75) | 206 | (21)% | ||||||||||||||||||||||||||||||||||
Earnings before taxes | $ | 972 | $ | 5 | $ | 977 | $ | 659 | $ | 277 | $ | 936 | |||||||||||||||||||||||||||||
Taxes | 252 | (17) | 235 | 153 | 73 | 226 | |||||||||||||||||||||||||||||||||||
Effective income tax rate | 25.9 | % | 24.1 | % | 23.2 | % | 24.1 | % | 0.0 pts | ||||||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 720 | $ | 22 | $ | 742 | $ | 506 | $ | 204 | $ | 710 | 5% | ||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations | (6) | — | (6) | 1,036 | (1,000) | 36 | n/m | ||||||||||||||||||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 714 | $ | 22 | $ | 736 | $ | 1,542 | $ | (796) | $ | 746 | (1)% | ||||||||||||||||||||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | 2.36 | $ | .07 | $ | 2.43 | $ | 1.66 | $ | .67 | $ | 2.34 | 4% | ||||||||||||||||||||||||||||
Diluted earnings (loss) per share - discontinued operations | (.02) | — | (.02) | 3.41 | (3.29) | .12 | n/m | ||||||||||||||||||||||||||||||||||
Diluted net earnings per share attributable to Campbell Soup Company* | $ | 2.34 | $ | .07 | $ | 2.41 | $ | 5.07 | $ | (2.62) | $ | 2.45 | (2)% | ||||||||||||||||||||||||||||
(a)See following tables for additional information. |
Nine Months Ended | |||||||||||||||||||||||
May 2, 2021 | |||||||||||||||||||||||
(millions, except per share amounts) | Restructuring charges, implementation costs and other related costs (1) | Pension settlement (2) | Deferred tax charge (3) | Adjustments | |||||||||||||||||||
Gross margin | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||
Administrative expenses | (21) | — | — | (21) | |||||||||||||||||||
Other expenses / (income) | — | 38 | — | 38 | |||||||||||||||||||
Restructuring charges | (21) | — | — | (21) | |||||||||||||||||||
Earnings before interest and taxes | $ | 43 | $ | (38) | $ | — | $ | 5 | |||||||||||||||
Interest, net | — | — | — | — | |||||||||||||||||||
Earnings before taxes | $ | 43 | $ | (38) | $ | — | $ | 5 | |||||||||||||||
Taxes | 11 | (9) | (19) | (17) | |||||||||||||||||||
Earnings from continuing operations | $ | 32 | $ | (29) | $ | 19 | $ | 22 | |||||||||||||||
Earnings from discontinued operations | — | — | — | — | |||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 32 | $ | (29) | $ | 19 | $ | 22 | |||||||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | .10 | $ | (.10) | $ | .06 | $ | .07 | |||||||||||||||
Diluted earnings per share - discontinued operations | — | — | — | — | |||||||||||||||||||
Diluted net earnings per share attributable to Campbell Soup Company* | $ | .10 | $ | (.10) | $ | .06 | $ | .07 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
April 26, 2020 | |||||||||||||||||||||||||||||||||||
(millions, except per share amounts) | Restructuring charges, implementation costs and other related costs (1) | Pension settlement (2) | Investment losses (4) | Divestitures (5) | Loss on debt extinguishment (6) | Adjustments | |||||||||||||||||||||||||||||
Gross margin | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | 6 | |||||||||||||||||||||||
Marketing and selling expenses | (2) | — | — | — | — | (2) | |||||||||||||||||||||||||||||
Administrative expenses | (31) | — | — | — | — | (31) | |||||||||||||||||||||||||||||
Research and development expenses | (1) | — | — | — | — | (1) | |||||||||||||||||||||||||||||
Other expenses / (income) | — | (43) | (45) | (64) | — | (152) | |||||||||||||||||||||||||||||
Restructuring charges | (10) | — | — | — | — | (10) | |||||||||||||||||||||||||||||
Earnings before interest and taxes | $ | 50 | $ | 43 | $ | 45 | $ | 64 | $ | — | $ | 202 | |||||||||||||||||||||||
Interest, net | — | — | — | — | (75) | (75) | |||||||||||||||||||||||||||||
Earnings before taxes | $ | 50 | $ | 43 | $ | 45 | $ | 64 | $ | 75 | $ | 277 | |||||||||||||||||||||||
Taxes | 12 | 10 | 10 | 23 | 18 | 73 | |||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 38 | $ | 33 | $ | 35 | $ | 41 | $ | 57 | $ | 204 | |||||||||||||||||||||||
Earnings from discontinued operations | — | — | — | (1,000) | — | (1,000) | |||||||||||||||||||||||||||||
Net earnings attributable to Campbell Soup Company | $ | 38 | $ | 33 | $ | 35 | $ | (959) | $ | 57 | $ | (796) | |||||||||||||||||||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | .13 | $ | .11 | $ | .12 | $ | .13 | $ | .19 | $ | .67 | |||||||||||||||||||||||
Diluted earnings per share - discontinued operations | — | — | — | (3.29) | — | (3.29) | |||||||||||||||||||||||||||||
Diluted net earnings per share attributable to Campbell Soup Company* | $ | .13 | $ | .11 | $ | .12 | $ | (3.15) | $ | .19 | $ | (2.62) |
(millions, except per share amounts) | Year Ended August 2, 2020 | |||||||
Gross margin, as reported | $ | 2,999 | ||||||
Add: Restructuring charges, implementation costs and other related costs (1) | 9 | |||||||
Adjusted Gross margin | $ | 3,008 | ||||||
Adjusted Gross margin percentage | 34.6 | % | ||||||
Earnings before interest and taxes, as reported | $ | 1,107 | ||||||
Add: Restructuring charges, implementation costs and other related costs (1) | 69 | |||||||
Add: Pension settlement (2) | 43 | |||||||
Add: Investment losses (4) | 45 | |||||||
Add: Divestitures (5) | 64 | |||||||
Add: Pension and postretirement benefit mark-to-market adjustments (7) | 121 | |||||||
Adjusted Earnings before interest and taxes | $ | 1,449 | ||||||
Interest, net, as reported | $ | 341 | ||||||
Deduct: Loss on debt extinguishment (6) | (75) | |||||||
Adjusted Interest, net | $ | 266 | ||||||
Adjusted Earnings before taxes | $ | 1,183 | ||||||
Taxes on earnings, as reported | $ | 174 | ||||||
Add: Tax benefit from restructuring charges, implementation costs and other related costs (1) | 17 | |||||||
Add: Tax benefit from pension settlement (2) | 10 | |||||||
Add: Tax benefit from investment losses (4) | 10 | |||||||
Add: Tax benefit from divestitures (5) | 27 | |||||||
Add: Tax benefit from loss on debt extinguishment (6) | 18 | |||||||
Add: Tax benefit from pension and postretirement benefit mark-to-market adjustments (7) | 29 | |||||||
Adjusted Taxes on earnings | $ | 285 | ||||||
Adjusted effective income tax rate | 24.1 | % | ||||||
Earnings from continuing operations, as reported | $ | 592 | ||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | 52 | |||||||
Add: Net adjustment from pension settlement (2) | 33 | |||||||
Add: Net adjustment from investment losses (4) | 35 | |||||||
Add: Net adjustment from divestitures (5) | 37 | |||||||
Add: Net adjustment from loss on debt extinguishment (6) | 57 | |||||||
Add: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (7) | 92 | |||||||
Adjusted Earnings from continuing operations | $ | 898 | ||||||
Earnings from discontinued operations, as reported | $ | 1,036 | ||||||
Deduct: Net adjustment from divestitures (5) | (1,000) | |||||||
Adjusted Earnings from discontinued operations | $ | 36 | ||||||
Adjusted Net earnings attributable to Campbell Soup Company | $ | 934 | ||||||
Diluted earnings per share - continuing operations attributable to Campbell Soup Company, as reported | $ | 1.95 | ||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | .17 | |||||||
Add: Net adjustment from pension settlement (2) | .11 | |||||||
Add: Net adjustment from investment losses (4) | .12 | |||||||
Add: Net adjustment from divestitures (5) | .12 | |||||||
Add: Net adjustment from loss on debt extinguishment (6) | .19 | |||||||
Add: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (7) | .30 | |||||||
Adjusted Diluted earnings per share - continuing operations attributable to Campbell Soup Company* | $ | 2.95 | ||||||
Diluted earnings per share - discontinued operations, as reported | $ | 3.41 | ||||||
Deduct: Net adjustment from divestitures (5) | (3.29) | |||||||
Adjusted Diluted earnings per share - discontinued operations | $ | .12 | ||||||
(millions, except per share amounts) | Year Ended August 2, 2020 | |||||||
Diluted net earnings per share attributable to Campbell Soup Company, as reported | $ | 5.36 | ||||||
Add: Net adjustment from restructuring charges, implementation costs and other related costs (1) | .17 | |||||||
Add: Net adjustment from pension settlement (2) | .11 | |||||||
Add: Net adjustment from investment losses (4) | .12 | |||||||
Deduct: Net adjustment from divestitures (5) | (3.17) | |||||||
Add: Net adjustment from loss on debt extinguishment (6) | .19 | |||||||
Add: Net adjustment from total pension and postretirement benefit mark-to-market adjustments (7) | .30 | |||||||
Adjusted Diluted net earnings per share attributable to Campbell Soup Company* | $ | 3.07 | ||||||
*The sum of individual per share amounts may not add due to rounding. |
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