Campbell: Reports Q4 and Full-Year Fiscal 2023 Results

Camden / NJ. (csc) Campbell Soup Company reported the financial results for its fourth-quarter and full-year fiscal 2023 ended July 30, 2023. Summary:

Fourth quarter 2023

  • Net Sales increased to USD 2.1 billion. Organic Net Sales increased 5 percent.
  • Earnings Before Interest and Taxes (Ebit) increased to USD 272 million. Adjusted Ebit decreased 10 percent to USD 242 million.
  • Earnings Per Share (EPS) increased to USD 0.57. Adjusted EPS decreased 11 percent to USD 0.50.

Full year 2023

  • Net Sales increased to USD 9.4 billion. Organic Net Sales increased 10 percent.
  • Ebit increased to USD 1.3 billion. Adjusted Ebit increased 5 percent to USD 1.4 billion.
  • EPS increased to USD 2.85. Adjusted EPS increased 5 percent to USD 3.00.
  • Returned USD 589 million to shareholders, including USD 447 million in dividends.
  • Sovos Brands Inc. acquisition is currently expected to close by the end of December 2023.

«We delivered a strong fiscal 2023 with both top and bottom-line growth, exceeding our initial expectations and demonstrating momentum against our strategic plan,» said Mark Clouse, Campbell’s President and CEO. «Looking ahead, we see fiscal 2024 as another year of sustained growth and continued progress against our strategic plan. We expect accelerated growth and margin improvement in Snacks, and sequential and steady improvement in Meals + Beverages throughout the year, and with the pending strategic acquisition of Sovos Brands, Campbell will be one of the most dependable, growth-oriented names in food.»

For additional details please read the company’s PDF file below (259 KB).