campbell soup co (CPB) Key Developments
Campbell Soup Company to Cut 250 Jobs
Nov 20 13
Campbell Soup Co. announced that it was eliminating 250 salaried positions as it tries to streamline operations and reverse a decline in sales. The company took a restructuring charge of $20 million to account for those positions. Through this and other measures, the company said, it expected annualized savings of $40 million.
Campbell Soup Company Declares Regular Quarterly Dividend, Payable on Jan. 27, 2014
Nov 20 13
Campbell Soup Company announced that the company's Board of Directors declared a regular quarterly dividend on its capital stock of $0.312 per share. The quarterly dividend is payable on Jan. 27, 2014 to shareholders of record at the close of business on Jan. 7, 2014.
Campbell Soup Co. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended October 27, 2013; Revises Earnings Guidance for Fiscal 2014
Nov 19 13
Campbell Soup Co. reported unaudited consolidated earnings results for the first quarter ended October 27, 2013. The company reported net sales of $2,165 million, earnings before interest and taxes of $305 million, earnings before taxes of $275 million, net earnings from continuing operations of $180 million or $0.57 per diluted share, net earnings attributable to company of $172 million or $0.55 per diluted share against net sales of $2,205 million, earnings before interest and taxes of $368 million, earnings before taxes of $335 million, net earnings from continuing operations of $230 million or $0.73 per diluted share and net earnings attributable to company of $245 million or $0.78 per diluted share a year ago. Net debt was $4,527 million against $4,086 million a year ago. Cash flow from operations was $38 million compared with $81 million in the prior year. Adjusted earnings before interest and taxes were $337 million against $421 million a year ago. Adjusted earnings before taxes were $307 million against $388 million a year ago. Adjusted earnings from continuing operations were $209 million or $0.66 per diluted share against $266 million or $0.84 per diluted share a year ago. Adjusted net earnings attributable to company were $200 million or $0.63 per diluted share million against $279 million or $0.88 per diluted share a year ago.
In recognition of the sales and profit performance versus expectation in the first quarter, but with confidence in the company's ability to deliver considerably stronger results in the balance of the year, the company has lowered its fiscal 2014 guidance. The company expects continuing operations to grow sales by 4% to 5%, adjusted EBIT to grow by 4% to 6% and adjusted EPS to grow by 2% to 4%, or $2.53 to $2.58 per share. Fiscal 2014 guidance includes the benefits of a 53 week and acquisitions, the estimated impact of currency translation and the impact of presenting revenue on a net basis in connection with the company's new business model in Mexico.
Campbell Soup Company Announces Management Changes
Oct 31 13
On October 28, 2013, John P. Waldron, Vice President - Controller and principal accounting officer of Campbell Soup Company, resigned from Campbell, effective November 1, 2013. Effective November 2, 2013, Anthony P. DiSilvestro, Senior Vice President - Finance, will be designated the principal accounting officer. Prior to his current position, Mr. DiSilvestro served in various senior financial roles at Campbell, including Vice President - Controller and principal accounting officer, and Vice President - Treasurer.
Campbell Soup Company Appoints Umit Suba i as President of Southeast Asian and Pacific Operations
Oct 14 13
Campbell Soup Company announced the appointment of Umit Suba i to the role of President, Asia Pacific. In this role, Suba i will be responsible for Campbell's Australian, Southeast Asian and Pacific operations, including "Arnott's" biscuits and "Campbell's" soup, stock and beverages. Suba i will be based at Campbell Arnott's regional headquarters in Sydney and will report to Luca Mignini, President - Campbell International. His appointment is effective November 1, 2013. Prior to joining Campbell, he was President, Emerging Markets and a member of the Executive Board of Beiersdorf AG.