The current quarter’s reported net earnings included adjustments related to commodity hedging and a non-cash impairment charge related to certain European trademarks. Excluding all items impacting comparability in both periods, adjusted net earnings rose 11% to $107m compared with $96m in the prior year’s quarter, and adjusted net earnings per share grew by 15% to $0.30 in the current quarter compared with $0.26 in the year-ago quarter.
Reflecting a stronger US dollar, adjusted net earnings per share for the quarter were negatively impacted by $0.02 due to currency translation.
Douglas R Conant, Campbell’s president and CEO, said: “We completed the year with a solid fourth quarter and delivered a strong year of earnings growth. We were able to overcome currency headwinds and other macroeconomic challenges to achieve adjusted earnings per share growth within our long-term target of between 5-7%. We successfully introduced innovative new products, including ‘Select Harvest’ soups and ‘Swanson’ stock, and delivered strong sales growth across our entire US soup portfolio and sauces businesses.
“We delivered an outstanding year in our Asia Pacific business, produced a very solid year in Pepperidge Farm and continued to advance our plans in the emerging markets of Russia and China. We also improved our gross margins through a combination of pricing actions and productivity improvements and generated more than $1bn in cash flow from operations.”
Source: Campbell Soup Company
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