Campbell's Reports First-Quarter Fiscal 2025 Results; Reaffirms Full-Year Fiscal 2025 Guidance and Increases Quarterly Dividend

In This Article:

Board of Directors Elects Mick Beekhuizen President and Chief Executive Officer; Mark Clouse Announces Plans to Retire

  • Net Sales increased 10% to $2.8 billion and decreased 1% on an organic basis.

  • Earnings Before Interest and Taxes (EBIT) were $367 million. Adjusted EBIT increased 6% to $432 million including the impact of the Sovos Brands, Inc. (Sovos Brands) acquisition.

  • Earnings Per Share (EPS) were $0.72. Adjusted EPS decreased 2% to $0.89.

  • Increases quarterly dividend by 5% to $0.39 per share.

  • Reaffirms full-year fiscal 2025 guidance.

CAMDEN, N.J., December 03, 2024--(BUSINESS WIRE)--The Campbell's Company (NASDAQ:CPB) today reported results for its first-quarter fiscal 2025 ended October 27, 2024.

CEO Comments
Mark Clouse, Campbell’s President and CEO, said, "Our first-quarter results were largely aligned with our expectations. While navigating this dynamic consumer environment and uneven pace of category recovery, we remain agile, focusing on balancing investments and earnings to meet our commitments for this year and the long term. Our first quarter reflected our successful efforts to achieve that goal, as do our plans for the second quarter, which include the critical holiday season where we expect both top line and market share sequential improvement. We are maintaining our full-year guidance, with the upcoming second quarter being an important indicator of progress in meeting our expectations." Clouse continued: "In addition, the Board of Directors approved a 5% increase in our quarterly dividend, showcasing our strong earnings, cash flow and confidence in our long-term growth potential."

 

Three Months Ended

($ in millions, except per share)

October 27, 2024

 

October 29, 2023

 

% Change

Net Sales

 

 

 

 

 

As Reported (GAAP)

$2,772

 

$2,518

 

10%

Organic

 

 

 

 

(1)%

Earnings Before Interest and Taxes (EBIT)

 

 

 

 

 

As Reported (GAAP)

$367

 

$358

 

3%

Adjusted

$432

 

$407

 

6%

Diluted Earnings Per Share

 

 

 

 

 

As Reported (GAAP)

$0.72

 

$0.78

 

(8)%

Adjusted

$0.89

 

$0.91

 

(2)%

Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release.

Items Impacting Comparability
The table below presents a summary of items impacting comparability in each period. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release.