Campbell: Reports First-Quarter Fiscal 2024 Results

Camden / NJ. (csc) Campbell Soup Company reported results for its first-quarter fiscal 2024 ended October 29, 2023. Summary:

  • Net Sales were USD 2.5 billion, decreasing 2 percent or 1 percent on an organic basis. On a two-year-compound annual growth rate (CAGR), net sales increased approximately 6 percent and organic net sales increased approximately 7 percent due to favorable net price realization and brand strength.
  • Earnings Before Interest and Taxes (Ebit) were USD 358 million; Adjusted Ebit was USD 407 million, down 9 percent.
  • Earnings Per Share (EPS) were USD 0.78; Adjusted EPS was USD 0.91, down 11 percent.
  • Reaffirms full-year fiscal 2024 guidance and continues to expect the acquisition of Sovos Brands Inc. (Sovos Brands) to close in calendar year 2024.

«Our first-quarter results were in line with our expectations, as we continue to effectively navigate the current consumer landscape, while lapping 15 percent growth rates from a year ago,» said President and CEO Mark Clouse. «We are off to an encouraging start in our important holiday season, and we expect to build momentum for the balance of the fiscal year behind disciplined execution, stepped up innovation, and the overall relevance of our brands in this current environment. As a result, we are confident in reaffirming our full-year guidance. Lastly, we remain excited about adding the Sovos Brands portfolio and expect to close the transaction in calendar year 2024.»

For additional details please read the company’s PDF file below (161 KB).