Campbell Reports Third-Quarter Results

  Campbell Reports Third-Quarter Results

 Sales of $1.970 Billion, Comparable to Prior Year; Organic Sales Increased 1
                                   Percent

           Adjusted EBIT from Continuing Operations Rose 12 Percent

     Adjusted EPS from Continuing Operations Increased 7 Percent to $0.62

Company Lowers Fiscal 2014 Sales Guidance, Refines Outlook for Adjusted EBIT,
                                     EPS

Business Wire

CAMDEN, N.J. -- May 19, 2014

Campbell Soup Company (NYSE:CPB) today reported its results for the third
quarter of fiscal 2014.

Third-Quarter Overview

  *U.S. Simple Meals Sales Rose 7 Percent; Earnings Increased 12 Percent
  *Global Baking and Snacking Sales Declined 1 Percent; Earnings Decreased 7
    Percent
  *International Simple Meals and Beverages Sales Declined 17 Percent;
    Earnings Decreased 4 Percent

The company reported earnings from continuing operations for the quarter ended
April 27, 2014, of $184 million, or $0.58 per share, compared with earnings of
$169 million, or $0.53 per share, in the prior year. In the third quarter of
fiscal 2014, the company recognized a pre-tax pension settlement charge of $18
million ($11 million after tax or $0.03 per share) associated with a U.S.
pension plan. The settlement charge resulted from the level of lump sum
distributions from the plan’s assets in 2014, due primarily to the closure of
the Sacramento facility. Excluding items impacting comparability in both
periods, adjusted earnings from continuing operations increased 7 percent to
$195 million compared with $183 million in the prior year’s quarter, and
adjusted earnings per share from continuing operations increased 7 percent to
$0.62 compared with $0.58 in the year-ago quarter. A detailed reconciliation
of the reported financial information to the adjusted information is included
at the end of this news release.

Denise Morrison, Campbell’s President and Chief Executive Officer, said,
“While we delivered growth in third-quarter earnings, our organic sales growth
of 1 percent reflected mixed performance and fell short of our expectations.

“Although I am encouraged by our 7 percent sales increase in U.S. Simple
Meals, I am disappointed that our plans did not drive stronger sales results
in U.S. Soup. We recognize that we were cycling a year-ago quarter when we
delivered 14 percent growth in U.S. Soup. Despite an increase in the frequency
of our promotional activity in the third quarter, we did not realize the
anticipated lifts in a challenging consumer environment. Sales of U.S. Soup
held steady versus the strong performance in the year-ago quarter. Within U.S.
Soup, ‘Swanson’ broth maintained strong momentum as consumers responded to our
strong marketing and continued to cook more with broth.”

Morrison continued, “I am pleased with our double-digit sales gain in U.S.
Sauces including ‘Prego’, ‘Pace’ and ‘Campbell’s’ Skillet and Slow Cooker
dinner sauces, with consumers using these products to prepare simple meals. I
remain encouraged by the growing platform Bolthouse Farms provides us in the
packaged fresh category with juices, salad dressings and carrots.

“We continue to address our challenges in U.S. Beverages and Australia. In
both cases, our new leadership has plans to deliver better results.”

Morrison concluded, “Given our performance year-to-date, we are lowering our
guidance for full-year sales growth to approximately 3 percent. We are also
refining our expectations for growth in adjusted EBIT and adjusted EPS. While
we are not satisfied with our sales performance, we remain confident that we
are pursuing the right strategy to reshape Campbell and deliver sustainable,
profitable net sales growth as we continue to strengthen our core business and
expand into faster-growing spaces.”

Third-Quarter Sales from Continuing Operations

For the third quarter, sales from continuing operations of $1.970 billion were
comparable to the year-ago quarter. Organic sales increased by 1 percent. A
breakdown of the change in sales follows:

  *Volume and mix added 2 percent
  *Price and sales allowances added 2 percent
  *Increased promotional spending subtracted 3 percent
  *Acquisitions added 2 percent
  *Currency subtracted 2 percent

*Numbers do not add due to rounding

Third-Quarter Financial Details – Continuing Operations

  *Gross margin was 34.3 percent compared with 36.0 percent a year ago.
    Excluding items impacting comparability in both periods, adjusted gross
    margin for the quarter was 35.2 percent, compared with 37.0 percent a year
    ago. The decline in gross margin was primarily due to higher promotional
    spending, increased supply chain costs, cost inflation and the impact of
    acquisitions, partly offset by productivity improvements and higher
    selling prices.
  *Marketing and selling expenses decreased 11 percent to $217 million. The
    decrease was primarily due to lower advertising and consumer promotion
    expenses and the negative impact of currency. In U.S. Soup and Pepperidge
    Farm, a portion of advertising and consumer promotion dollars was
    redeployed to trade promotional activities.
  *Administrative expenses decreased $30 million to $134 million, primarily
    due to lower incentive compensation costs, lower pension and health care
    expenses and cost savings from recent restructuring initiatives, partly
    offset by the impact of acquisitions.
  *EBIT was $292 million compared with $257 million in the prior-year
    quarter. Excluding items impacting comparability in both years, adjusted
    EBIT increased 12 percent to $310 million. The increase was primarily due
    to lower administrative expenses and marketing expenses, partly offset by
    a lower gross margin percentage, which reflected the impact of higher
    promotional spending.
  *The tax rate in the quarter was 30.2 percent compared with 26.1 percent in
    the prior year. Excluding items impacting comparability in both periods,
    the current quarter’s adjusted tax rate was 30.7 percent compared to 26.7
    percent in the prior year. The prior-year rate benefitted from lower taxes
    on foreign earnings and the favorable settlement of certain state tax
    matters.

Nine-Month Results from Continuing Operations

Earnings from continuing operations for the first nine months were $600
million, or $1.90 per share, compared with earnings of $572 million, or $1.80
per share, in the prior year. Excluding items impacting comparability in both
periods, adjusted earnings from continuing operations decreased 1 percent to
$645 million compared with $650 million in the prior year, and adjusted
earnings per share from continuing operations decreased to $2.04 from $2.05 in
the year-ago period.

For the first nine months, sales from continuing operations increased 1
percent to $6.416 billion. Organic sales were comparable to the prior year.
The increase in sales for the first nine months reflected the following
factors:

  *Acquisitions added 4 percent
  *Price and sales allowances added 2 percent
  *Increased promotional spending subtracted 2 percent
  *Currency subtracted 2 percent

*Numbers do not add due to rounding

Nine-Month Financial Details – Continuing Operations

  *Gross margin was 35.3 percent compared with 36.2 percent a year ago.
    Excluding items impacting comparability in both years, adjusted gross
    margin in the first nine months was 35.6 percent, compared with 37.4
    percent a year ago. The decline was primarily attributable to cost
    inflation, higher promotional spending, increased supply chain costs, the
    impact of acquisitions and the November 2013 Plum Organics recall, partly
    offset by productivity improvements and higher selling prices.
  *Marketing and selling expenses decreased 1 percent to $746 million. The
    decrease was primarily due to lower advertising and consumer promotion
    expenses, the impact of currency and lower marketing overhead expenses,
    partly offset by the addition of acquisitions.
  *Administrative expenses decreased $58 million to $424 million, primarily
    due to lower incentive compensation costs, lower pension and health care
    expenses and cost savings from recent restructuring initiatives, partly
    offset by the impact of acquisitions.
  *EBIT was $958 million compared with $902 million in the prior-year period.
    Excluding items impacting comparability in both years, adjusted EBIT of
    $1.022 billion was comparable to the prior year.
  *Net interest expense decreased $6 million to $89 million, reflecting lower
    interest rates.
  *The tax rate in the first nine months was 32.0 percent compared with 30.0
    percent in the prior year. Excluding items impacting comparability in both
    periods, the current year’s adjusted tax rate was 31.3 percent compared to
    30.8 percent in the prior year. The prior-year rate benefitted from the
    favorable settlement of certain state tax matters.
  *Cash flow from operations was $763 million compared with $864 million in
    the prior year. The decline was primarily due to lower cash earnings and
    taxes paid on the divestiture of the European simple meals business,
    partly offset by lower working capital requirements.

Campbell Revises Fiscal 2014 Guidance for Continuing Operations

The company has revised its full-year guidance for fiscal 2014.It now expects
that sales from continuing operations will grow approximately 3 percent in the
current fiscal year, compared with the previous range of 4 to 5
percent.Full-year growth in adjusted EBIT is expected to be at the low end of
the previously forecast range of 4 to 6 percent. Adjusted EPS for the full
year is expected to be at the low end of the previously announced guidance of
2 to 4 percent, or $2.53 to $2.58 per share.

Summary of Fiscal 2014 Third-Quarter and Nine-Month Results by Segment

U.S. Simple Meals

Sales for U.S. Simple Meals were $672 million for the third quarter, an
increase of 7 percent compared with the year-ago period. A breakdown of the
change in sales follows:

  *Volume and mix added 4 percent
  *Price and sales allowances added 2 percent
  *Increased promotional spending subtracted 3 percent
  *The acquisition of Plum Organics added 4 percent

U.S. Soup sales were comparable to a strong year-ago quarter, in which sales
increased 14 percent.

  *Sales of “Campbell’s” condensed soups decreased 3 percent, with sales
    declines in eating varieties partly offset by gains in cooking varieties.
  *Sales of ready-to-serve soups decreased 1 percent, due to declines in
    canned and microwavable soup varieties.
  *Broth sales increased 14 percent, driven by double-digit volume gains in
    aseptic broth.

Sales of U.S. Sauces increased 25 percent versus the prior-year quarter, with
the acquisition of Plum Organics contributing 14 points of growth. Excluding
the acquisition, sales increased 11 percent primarily driven by gains in
“Prego” pasta sauce, new “Campbell’s” dinner sauces and “Pace” Mexican sauces.

U.S. Simple Meals operating earnings for the third quarter increased 12
percent to  $175 million. The increase was primarily due to lower marketing
expenses and administrative expenses, partly offset by a lower gross margin
percentage.

For the first nine months, sales for U.S. Simple Meals increased 3 percent to
$2.426 billion. A breakdown of the change in sales follows:

  *Volume and mix added 1 percent
  *Price and sales allowances added 2 percent
  *Increased promotional spending subtracted 2 percent
  *The acquisition of Plum Organics added 2 percent

U.S. Soup sales decreased 1 percent due to a decline of 4 percent in
ready-to-serve soups and a decrease of 2 percent in condensed soups, partly
offset by a gain of 11 percent in broth.

U.S. Simple Meals operating earnings were $600 million in the first nine
months compared with $621 million in the year-ago period, a decrease of 3
percent. A lower gross margin percentage and expenses related to the November
2013 Plum Organics recall were partly offset by lower marketing and
administrative expenses.

Global Baking and Snacking

Sales for Global Baking and Snacking were $564 million for the third quarter,
a decrease of 1 percent from a year ago. The acquisition of Kelsen Group
contributed $17 million to sales. The decrease in sales reflected the
following factors:

  *The acquisition of Kelsen Group added 3 percent
  *Volume and mix added 3 percent
  *Price and sales allowances added 2 percent
  *Increased promotional spending subtracted 5 percent
  *Currency subtracted 4 percent

Further details of sales results included the following:

  *Sales of Pepperidge Farm products decreased, driven by increased
    promotional spending partly offset by volume gains.

       *In cookies and crackers, sales decreased due to declines in
         “Pepperidge Farm” cookies. Cracker sales were comparable to the prior
         year as gains in “Goldfish” snack crackers were offset by declines in
         adult cracker varieties.
       *Sales of frozen products decreased, driven by volume declines.
       *Sales of fresh bakery products increased, driven by volume gains in
         bread and rolls.

  *Sales at Arnott’s decreased due to the negative impact of currency.
    Excluding the impact of currency, sales at Arnott’s rose as strong gains
    in Indonesia were partly offset by declines in Australia.

Operating earnings for the quarter were $68 million, a decrease of 7 percent
over the prior year. The decrease was primarily driven by higher promotional
spending and cost inflation, partly offset by productivity improvements,
higher selling prices and lower advertising expenses. The decrease reflected
Kelsen Group’s off-season operating results, lower earnings in Arnott’s and
the unfavorable impact of currency, partly offset by growth in Pepperidge
Farm.

For the first nine months, sales increased 6 percent to $1.812 billion. The
acquisition of Kelsen Group contributed $161 million to sales growth. A
breakdown of the change in sales follows:

  *The acquisition of Kelsen Group added 9 percent
  *Volume and mix added 1 percent
  *Price and sales allowances added 3 percent
  *Increased promotional spending subtracted 3 percent
  *Currency subtracted 4 percent

Operating earnings in the first nine months were $234 million compared with
$232 million in the year-ago period, an increase of 1 percent. The increase
was primarily driven by the acquisition of Kelsen Group and lower marketing
and administrative expenses, partially offset by a lower gross margin
percentage and the unfavorable impact of currency. The increase reflected
growth in Pepperidge Farm and Kelsen Group’s operating results, partly offset
by lower earnings in Arnott’s and the unfavorable impact of currency.

International Simple Meals and Beverages

Sales for International Simple Meals and Beverages were $186 million for the
third quarter, a decrease of 17 percent from a year ago. The sales decrease
reflected the following factors:

  *Volume and mix subtracted 6 percent
  *Increased promotional spending subtracted 1 percent
  *Currency subtracted 7 percent
  *Net accounting in Mexico subtracted 3 percent

Sales declined in Latin America, the Asia Pacific region and Canada.

  *In Latin America, sales declined primarily due to lower volumes and lower
    selling prices related to the implementation of the company’s new business
    model in Mexico.
  *In the Asia Pacific region, sales decreased primarily due to declines in
    Australia, the negative impact of currency and lower sales in Japan,
    partly offset by sales gains in Malaysia.
  *In Canada, sales decreased due to the negative impact of currency and
    sales declines in beverages, partly offset by sales gains in snacks and
    soup.

Operating earnings were $27 million, a decrease of 4 percent. The decrease in
operating earnings was primarily due to lower volumes, partly offset by lower
administrative and selling expenses.

For the first nine months, sales were $592 million, a decrease of 13 percent.
Sales were impacted by the following factors:

  *Volume and mix subtracted 2 percent
  *Price and sales allowances subtracted 2 percent
  *Currency subtracted 7 percent
  *Net accounting in Mexico subtracted 2 percent

Sales declined in Canada, Latin America and the Asia Pacific region.

Operating earnings in the first nine months were $85 million compared with $94
million in the year-ago period, a decrease of 10 percent. The decrease was
primarily driven by lower selling prices, lower volumes and the unfavorable
impact of currency, partly offset by lower administrative expenses and
productivity improvements.

U.S. Beverages

Sales for U.S. Beverages were $190 million for the third quarter, a decrease
of 4 percent compared to the year-ago period. The decrease was driven by
unfavorable volume and mix.

The decrease in sales was driven by declines in “V8 V-Fusion” and “V8 Splash”
beverages, partly offset by gains in “V8” vegetable juice.

Operating earnings for the quarter were $29 million compared with $33 million
in the prior year, a decrease of 12 percent. The decrease was primarily driven
by cost inflation, increased supply chain costs and higher marketing expenses,
partially offset by lower administrative expenses and productivity
improvements.

For the first nine months, sales decreased 5 percent to $539 million. The
decrease was driven by unfavorable volume and mix.

Operating earnings in the first nine months decreased 16 percent to $84
million, primarily driven by increased supply chain costs, cost inflation and
volume declines, partly offset by productivity improvements and lower
administrative expenses.

Bolthouse and Foodservice

Sales for Bolthouse and Foodservice increased 4 percent for the quarter to
$358 million. The sales increase reflected the following factors:

  *Volume and mix added 5 percent
  *Price and sales allowances added 1 percent
  *Increased promotional spending subtracted 2 percent

Bolthouse Farms sales increased 6 percent, driven by double-digit gains in
premium refrigerated beverages and salad dressings. Excluding currency, North
America Foodservice sales increased compared to the year-ago quarter.

Operating earnings for the quarter were $23 million compared with $27 million
in the prior year, a decrease of 15 percent. The decrease was primarily due to
cost inflation and increased promotional spending at Bolthouse Farms, partly
offset by higher volumes and lower administrative expenses.

For the first nine months, sales increased 3 percent to $1.047 billion. The
sales increase reflected the following factors:

  *Volume and mix added 2 percent
  *Price and sales allowances added 1 percent
  *Increased promotional spending subtracted 1 percent
  *An additional week of sales at Bolthouse Farms added 1 percent

Excluding the additional week from Bolthouse Farms, segment sales rose with
gains in Bolthouse Farms offset by declines in Foodservice. Bolthouse Farms
organic sales were up due to double-digit growth in premium refrigerated
beverages and salad dressings.

Operating earnings for the first nine months were $88 million compared with
$91 million in the year-ago period, a decrease of 3 percent. The decline was
primarily due to cost inflation, partly offset by lower administrative
expenses and higher sales.

Unallocated Corporate Expenses

Unallocated corporate expenses for the quarter were $29 million compared with
$59 million a year ago. The current quarter included a pension settlement
charge of $18 million associated with a U.S. pension plan. The prior-year
quarter included $20 million of restructuring-related costs. The balance of
the decrease for the current quarter was primarily due to gains on open
commodity hedges and lower incentive compensation costs. Unallocated corporate
expenses for the first nine months were $98 million compared with $205 million
in the prior year. The current year included a pension settlement charge of
$18 million associated with a U.S. pension plan and a $9 million loss on
foreign exchange forward contracts related to the sale of the European simple
meals business. The prior year included $81 million of restructuring-related
costs and $10 million of transaction costs related to the Bolthouse Farms
acquisition. The balance of the decrease for the first nine months was
primarily due to lower incentive compensation costs and gains on open
commodity hedges and foreign exchange transactions.

Results from Discontinued Operations

The company completed the divestiture of its European simple meals business to
CVC Capital Partners on Oct. 28, 2013. Results for the European simple meals
business are reported as discontinued operations. For the first nine months,
net earnings from discontinued operations were $81 million, or $0.26 per
share.

Non-GAAP Financial Information

A detailed reconciliation of the reported financial information to the
adjusted financial information is included at the end of this news release.

Conference Call

Campbell will host a conference call to discuss these results on May 19, 2014,
at 8:30 a.m. Eastern Daylight Time. Participants may access the call at +1
(703) 639-2008. The conference ID is 1635565. Participants should call at
least ten minutes prior to the starting time. The call will also be broadcast
live over the Internet at investor.campbellsoupcompany.com and can be accessed
by clicking on the “Webcast-Live” button. A recording of the call will be
available approximately two hours after it is completed through midnight on
June 2, 2014, at +1 (703) 925-2533. The access code is 1635565. A recording of
the call can also be accessed online by visiting
investor.campbellsoupcompany.com and clicking on the “News & Events” button,
followed by the “Webcasts & Presentations” button. To download the new
Campbell investor relations app, which offers access to SEC documents, news
releases, audiocasts and more, please visit the Apple App store to download on
your iPhone or iPad, or Google Play for your Android mobile device.

Reporting Segments

Campbell Soup Company earnings results are reported for the following
segments:

U.S. Simple Meals includes the following products: “Campbell’s” condensed and
ready-to-serve soups, “Swanson” broth and stocks, “Prego” pasta sauces, “Pace”
Mexican sauces, “Campbell’s” gravies, pasta, beans and dinner sauces,
“Swanson” canned poultry and “Plum Organics”  food and snacks.

Global Baking and Snacking aggregates the following: Pepperidge Farm cookies,
crackers, bakery and frozen products in U.S. retail; Arnott’s biscuits in
Australia and Asia Pacific; and Kelsen cookies globally.

International Simple Meals and Beverages aggregates the retail business in
Canada and the simple meals and beverages business in Asia Pacific, Latin
America and China.

U.S. Beverages includes the following products: “V8” juices and beverages  and
“Campbell’s” tomato juice.

Bolthouse and Foodservice comprises Bolthouse Farms carrot products, including
fresh carrots, juice concentrate and fiber; Bolthouse Farms super-premium
refrigerated beverages and refrigerated salad dressings; and the North America
Foodservice business. The North America Foodservice business encompasses the
distribution of products such as soup, specialty entrees, beverage products,
other prepared foods and Pepperidge Farm products through various food service
channels in the United States and Canada.

About Campbell Soup Company

Campbell Soup Company is a manufacturer and marketer of high-quality foods and
simple meals, including soup and sauces, snacks and healthy beverages. Founded
in 1869, the company has a portfolio of market-leading brands, including
“Campbell’s,” “Pepperidge Farm,” “Arnott’s,” “V8,” “Bolthouse Farms,” “Plum
Organics” and “Kjeldsens.” Through its corporate social responsibility
program, the company strives to make a positive impact in the workplace, in
the marketplace and in the communities in which it operates. Campbell is a
member of the Standard & Poor's 500 and the Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com or follow company news
on Twitter via @CampbellSoupCo.

Forward Looking Statements

This release contains “forward-looking statements” that reflect the company’s
current expectations about future performance, particularly the company’s
predictions about fiscal 2014 sales, EBIT and EPS. These forward-looking
statements rely on a number of assumptions and estimates that could be
inaccurate and which are subject to risks and uncertainties. The factors that
could cause the company’s actual results to vary materially from those
anticipated or expressed in any forward-looking statement include (1) the
impact of strong competitive responses to the company’s efforts to leverage
its brand power in the market with product innovation, promotional programs
and advertising; (2) the impact of changes in consumer demand for the
company’s products; (3) the risks associated with trade and consumer
acceptance of product improvements, shelving initiatives, new products, and
pricing and promotional strategies; (4) the company’s ability to realize
projected cost savings and benefits; (5) the company’s ability to manage
changes to its business processes; (6) the practices and increased
significance of certain of the company’s key customers; (7) the impact of
fluctuations in the supply of and costs of energy, raw and packaging
materials; (8) the impact of inventory management practices by the company’s
customers; (9) the impact of  portfolio changes, including the Bolthouse
Farms, Plum Organics and Kelsen Group acquisitions and the European simple
meals divestiture; (10) the uncertainties of litigation; (11) the impact of
changes in currency exchange rates, tax rates, interest rates, debt and equity
markets, inflation rates, economic conditions and other external factors; (12)
the impact of unforeseen business disruptions in one or more of the company’s
markets due to political instability, civil disobedience, armed hostilities,
natural disasters or other calamities; and (13) other factors described in the
company’s most recent Form 10-K and subsequent Securities and Exchange
Commission filings. The company disclaims any obligation or intent to update
the forward-looking statements in order to reflect events or circumstances
after the date of this release.

                                             
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
                                               
                                               THREE MONTHS ENDED
                                               April 27, 2014  April 28, 2013
Net sales                                      $   1,970       $     1,962
Costs and expenses
Cost of products sold                          1,294            1,256
Marketing and selling expenses                 217              245
Administrative expenses                        134              164
Research and development expenses              30               35
Other expenses                                 2                4
Restructuring charges                          1               1
Total costs and expenses                       1,678           1,705
Earnings before interest and taxes             292              257
Interest, net                                  30              31
Earnings before taxes                          262              226
Taxes on earnings                              79              59
Earnings from continuing operations            183              167
Earnings from discontinued operations          —               12
Net earnings                                   183              179
Net loss attributable to noncontrolling        1               2
interests
Net earnings attributable to Campbell Soup     $   184         $     181
Company
Per share - basic
Earnings from continuing operations            $   .59          $     .54
attributable to Campbell Soup Company
Earnings from discontinued operations          —               .04
Net earnings attributable to Campbell Soup     $   .59         $     .58
Company
Dividends                                      $   .312        $     —
Weighted average shares outstanding - basic    314             314
Per share - assuming dilution
Earnings from continuing operations            $   .58          $     .53
attributable to Campbell Soup Company
Earnings from discontinued operations          —               .04
Net earnings attributable to Campbell Soup     $   .58         $     .57
Company
Weighted average shares outstanding -          316             317
assuming dilution
                                                                


In the third quarter of fiscal 2014, the company recognized a pre-tax pension
settlement charge in Cost of products sold of $18 ($11 after tax or $.03 per
share in earnings from continuing operations) associated with a U.S. pension
plan. The settlement resulted from the level of lump sum distributions from
the plan's assets in 2014, primarily due to the closure of the facility in
Sacramento, California.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply
chain cost structure and increase asset utilization across its U.S. thermal
plant network; expand access to manufacturing and distribution capabilities in
Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and
reduce overhead in North America. In the third quarter of fiscal 2013, the
company recorded pre-tax restructuring charges of $1 and restructuring-related
costs of $20 in Cost of products sold (aggregate impact of $14 after tax or
$.04 per share on earnings from continuing operations).


                                             
CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
                                               
                                               NINE MONTHS ENDED
                                               April 27, 2014  April 28, 2013
Net sales                                      $   6,416       $     6,329
Costs and expenses
Cost of products sold                          4,149            4,040
Marketing and selling expenses                 746              756
Administrative expenses                        424              482
Research and development expenses              88               94
Other expenses                                 16               24
Restructuring charges                          35              31
Total costs and expenses                       5,458           5,427
Earnings before interest and taxes             958              902
Interest, net                                  89              95
Earnings before taxes                          869              807
Taxes on earnings                              278             242
Earnings from continuing operations            591              565
Earnings from discontinued operations          81              44
Net earnings                                   672              609
Net loss attributable to noncontrolling        9               7
interests
Net earnings attributable to Campbell Soup     $   681         $     616
Company
Per share - basic
Earnings from continuing operations            $   1.91         $     1.82
attributable to Campbell Soup Company
Earnings from discontinued operations          .26             .14
Net earnings attributable to Campbell Soup     $   2.17        $     1.96
Company
Dividends                                      $   .936        $     .87
Weighted average shares outstanding - basic    314             314
Per share - assuming dilution
Earnings from continuing operations            $   1.90         $     1.80
attributable to Campbell Soup Company
Earnings from discontinued operations          .26             .14
Net earnings attributable to Campbell Soup     $   2.16        $     1.94
Company
Weighted average shares outstanding -          316             317
assuming dilution
                                                                


In the third quarter of fiscal 2014, the company recognized a pre-tax pension
settlement charge in Cost of products sold of $18 ($11 after tax or $.03 per
share in earnings from continuing operations) associated with a U.S. pension
plan. The settlement resulted from the level of lump sum distributions from
the plan's assets in 2014, primarily due to the closure of the facility in
Sacramento, California.

In fiscal 2014, the company and its joint venture partner Swire Pacific
Limited agreed to restructure manufacturing and streamline operations for its
soup and broth business in China. The company recorded pre-tax restructuring
charges of $14 ($6 after tax or $.02 per share in earnings from continuing
operations attributable to Campbell Soup Company) related to this initiative.

In fiscal 2014, the company recorded pre-tax restructuring charges of $20 ($13
after tax or $.04 per share in earnings from continuing operations) associated
with initiatives to streamline its salaried workforce in North America and its
workforce in the Asia Pacific region.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply
chain cost structure and increase asset utilization across its U.S. thermal
plant network; expand access to manufacturing and distribution capabilities in
Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and
reduce overhead in North America. In fiscal 2014, the company recorded pre-tax
restructuring charges of $1 and restructuring-related costs of $2 in Cost of
products sold (aggregate impact of $2 after tax or $.01 per share on earnings
from continuing operations) related to the initiatives. In fiscal 2013, the
company recorded pre-tax restructuring charges of $31 and
restructuring-related costs of $81 in Cost of products sold (aggregate impact
of $71 after tax or $.22 per share on earnings from continuing operations).

On October 28, 2013, the company announced that it completed the sale of its
simple meals business in Europe. The results of the business are reported as
discontinued operations. In the first quarter of fiscal 2014, the company
recorded an unrealized loss of $9 ($6 after tax or $.02 per share) on foreign
exchange forward contracts used to hedge the proceeds from the sale of the
European simple meals business. The loss was included in Other expenses in
earnings from continuing operations. In addition, the company recorded tax
expense of $7 ($.02 per share) in earnings from continuing operations
associated with the sale of the business.

In fiscal 2013, the company recorded pre-tax transaction costs of $10 ($7
after tax or $.02 per share) associated with the acquisition of Bolthouse
Farms, which closed on August 6, 2012. The costs were included in Other
expenses in earnings from continuing operations.


                                                                   
CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
                                                                       
                                 THREE MONTHS ENDED
                                 April 27, 2014   April 28, 2013     Percent
                                                                       Change
Sales
Contributions:
U.S. Simple Meals                $     672          $     627          7%
Global Baking and Snacking       564                568                (1)%
International Simple Meals and   186                225                (17)%
Beverages
U.S. Beverages                   190                198                (4)%
Bolthouse and Foodservice        358                344                4%
Total sales                      $     1,970        $     1,962        —%
Earnings
Contributions:
U.S. Simple Meals                $     175          $     156          12%
Global Baking and Snacking       68                 73                 (7)%
International Simple Meals and   27                 28                 (4)%
Beverages
U.S. Beverages                   29                 33                 (12)%
Bolthouse and Foodservice        23                 27                 (15)%
Total operating earnings         322                317                2%
Unallocated corporate expenses   29                 59
Restructuring charges            1                  1
Earnings before interest and     292                257                14%
taxes
Interest, net                    30                 31
Taxes on earnings                79                 59
Earnings from continuing         183                167
operations
Earnings from discontinued       —                  12
operations
Net earnings                     183                179                2%
Net loss attributable to         1                  2
noncontrolling interests
Net earnings attributable to     $     184          $     181          2%
Campbell Soup Company
Per share - assuming dilution
Earnings from continuing
operations attributable to       $     .58          $     .53
Campbell Soup Company
Earnings from discontinued       —                  .04
operations
Net earnings attributable to     $     .58          $     .57          2%
Campbell Soup Company
                                                                       


In the third quarter of fiscal 2014, the company recognized a pre-tax pension
settlement charge in Unallocated corporate expenses of $18 ($11 after tax or
$.03 per share in earnings from continuing operations) associated with a U.S.
pension plan. The settlement resulted from the level of lump sum distributions
from the plan's assets in 2014, primarily due to the closure of the facility
in Sacramento, California.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply
chain cost structure and increase asset utilization across its U.S. thermal
plant network; expand access to manufacturing and distribution capabilities in
Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and
reduce overhead in North America. In the third quarter of fiscal 2013, the
company recorded pre-tax restructuring charges of $1 and restructuring-related
costs of $20 in Unallocated corporate expenses (aggregate impact of $14 after
tax or $.04 per share on earnings from continuing operations).


                                                                   
CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
                                                                       
                                 NINE MONTHS ENDED
                                 April 27, 2014   April 28, 2013     Percent
                                                                       Change
Sales
Contributions:
U.S. Simple Meals                $     2,426        $     2,356        3%
Global Baking and Snacking       1,812              1,703              6%
International Simple Meals and   592                682                (13)%
Beverages
U.S. Beverages                   539                569                (5)%
Bolthouse and Foodservice        1,047              1,019              3%
Total sales                      $     6,416        $     6,329        1%
Earnings
Contributions:
U.S. Simple Meals                $     600          $     621          (3)%
Global Baking and Snacking       234                232                1%
International Simple Meals and   85                 94                 (10)%
Beverages
U.S. Beverages                   84                 100                (16)%
Bolthouse and Foodservice        88                 91                 (3)%
Total operating earnings         1,091              1,138              (4)%
Unallocated corporate expenses   98                 205
Restructuring charges            35                 31
Earnings before interest and     958                902                6%
taxes
Interest, net                    89                 95
Taxes on earnings                278                242
Earnings from continuing         591                565
operations
Earnings from discontinued       81                 44
operations
Net earnings                     672                609                10%
Net loss attributable to         9                  7
noncontrolling interests
Net earnings attributable to     $     681          $     616          11%
Campbell Soup Company
Per share - assuming dilution
Earnings from continuing
operations attributable to       $     1.90         $     1.80
Campbell Soup Company
Earnings from discontinued       .26                .14
operations
Net earnings attributable to     $     2.16         $     1.94         11%
Campbell Soup Company
                                                                       


In the third quarter of fiscal 2014, the company recognized a pre-tax pension
settlement charge in Unallocated corporate expenses of $18 ($11 after tax or
$.03 per share in earnings from continuing operations) associated with a U.S.
pension plan. The settlement resulted from the level of lump sum distributions
from the plan's assets in 2014, primarily due to the closure of the facility
in Sacramento, California.

In fiscal 2014, the company and its joint venture partner Swire Pacific
Limited agreed to restructure manufacturing and streamline operations for its
soup and broth business in China. The company recorded pre-tax restructuring
charges of $14 ($6 after tax or $.02 per share in earnings from continuing
operations attributable to Campbell Soup Company) related to this initiative.

In fiscal 2014, the company recorded pre-tax restructuring charges of $20 ($13
after tax or $.04 per share in earnings from continuing operations) associated
with initiatives to streamline its salaried workforce in North America and its
workforce in the Asia Pacific region.

In fiscal 2013, the company implemented initiatives to improve its U.S. supply
chain cost structure and increase asset utilization across its U.S. thermal
plant network; expand access to manufacturing and distribution capabilities in
Mexico; improve its Pepperidge Farm bakery supply chain cost structure; and
reduce overhead in North America. In fiscal 2014, the company recorded pre-tax
restructuring charges of $1 and restructuring-related costs of $2 in
Unallocated corporate expenses (aggregate impact of $2 after tax or $.01 per
share on earnings from continuing operations) related to the initiatives. In
fiscal 2013, the company recorded pre-tax restructuring charges of $31 and
restructuring-related costs of $81 in Unallocated corporate expenses
(aggregate impact of $71 after tax or $.22 per share on earnings from
continuing operations).

On October 28, 2013, the company announced that it completed the sale of its
simple meals business in Europe. The results of the business are reported as
discontinued operations. In the first quarter of fiscal 2014, the company
recorded an unrealized loss of $9 ($6 after tax or $.02 per share) on foreign
exchange forward contracts used to hedge the proceeds from the sale of the
European simple meals business. The loss was included in Unallocated corporate
expenses in earnings from continuing operations. In addition, the company
recorded tax expense of $7 ($.02 per share) in earnings from continuing
operations associated with the sale of the business.

In fiscal 2013, the company recorded pre-tax transaction costs of $10 ($7
after tax or $.02 per share) associated with the acquisition of Bolthouse
Farms, which closed on August 6, 2012. The costs were included in Unallocated
corporate expenses in earnings from continuing operations.


                                             
CAMPBELL SOUP COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(millions)
                                                
                               April 27, 2014   April 28, 2013
Current assets                 $   1,947        $     2,177
Plant assets, net              2,263            2,356
Intangible assets, net         3,616            3,786
Other assets                   138             134
Total assets                   $   7,964       $     8,453
Current liabilities            $   2,817        $     2,604
Long-term debt                 2,247            2,944
Other liabilities              1,309            1,592
Total equity                   1,591           1,313
Total liabilities and equity   $   7,964       $     8,453
Total debt                     $   3,909       $     4,253
Cash and cash equivalents      $   222         $     453
                                                      


Reconciliation of GAAP to Non-GAAP Financial Measures
Third Quarter Ended April 27, 2014

Campbell Soup Company uses certain non-GAAP financial measures as defined by
the Securities and Exchange Commission in certain communications. These
non-GAAP financial measures are measures of performance not defined by
accounting principles generally accepted in the United States and should be
considered in addition to, not in lieu of, GAAP reported measures.

Organic Net Sales

Organic net sales exclude the impact of acquisitions, currency and presenting
revenue on a net basis in connection with a new business model in Mexico in
fiscal 2014. The company believes that organic net sales improves the
comparability of year-to-year results. A reconciliation of net sales as
reported to organic net sales follows.


Three Months Ended
               April 27, 2014                                             April     % Change
                                                                            28, 2013
                Net                               Impact of                        Net      
                Sales,                                                                 Sales,
                           Impact                                           Net
                as         of         Impact of      Net          Organic   Sales,     as         Organic
                                                                            as
(millions)      reported  Currency  Acquisitions  Accounting  Net       Reported   Reported  Net
                                                                  Sales                           Sales
U.S. Simple     $  672     $   —      $   (24   )    $     —      $ 648     $  627     7    %     3   %
Meals
Global Baking      564         20         (17   )          —        567        568     (1   )%    —   %
and Snacking
International
Simple Meals       186         16         —                7        209        225     (17  )%    (7  )%
and Beverages
U.S.               190         —          —                —        190        198     (4   )%    (4  )%
Beverages
Bolthouse and     358       1        —             —      359       344     4    %    4   %
Foodservice
Total Net       $  1,970  $   37    $   (41   )   $     7     $ 1,973   $  1,962   —    %    1   %
Sales
                                                                                                      


Year-to-date
               April 27, 2014                                             April     % Change       
                                                                            28, 2013
                Net                               Impact of                        Net      
                Sales,                                                                 Sales,
                           Impact                                           Net
                as         of         Impact of      Net          Organic   Sales,     as         Organic
                                                                            as
(millions)      reported  Currency  Acquisitions  Accounting  Net       Reported   Reported  Net
                                                                  Sales                           Sales
U.S. Simple     $  2,426   $   —      $   (56   )    $     —      $ 2,370   $  2,356   3    %     1   %
Meals
Global Baking      1,812       61         (161  )          —        1,712      1,703   6    %     1   %
and Snacking
International
Simple Meals       592         45         —                17       654        682     (13  )%    (4  )%
and Beverages
U.S.               539         —          —                —        539        569     (5   )%    (5  )%
Beverages
Bolthouse and     1,047     2        (14   )        —      1,035     1,019   3    %    2   %
Foodservice
Total Net       $  6,416  $   108   $   (231  )   $     17    $ 6,310   $  6,329   1    %    —   %
Sales
                                                                                                      


Items Impacting Gross Margin and Earnings

The company believes that financial information excluding certain transactions
that are not considered to be part of the ongoing business improves the
comparability of year-to-year results. Consequently, the company believes that
investors may be able to better understand its gross margin and earnings
results excluding these transactions.
      
The following items impacted gross margin and/or earnings:
          
          In the second quarter of fiscal 2014, the company and its joint
          venture partner Swire Pacific Limited agreed to restructure
          manufacturing and streamline operations for its soup and broth
    (1)   business in China. In fiscal 2014, the company recorded pre-tax
          restructuring charges of $14 million ($6 million after tax or $.02
          per share in earnings from continuing operations attributable to
          Campbell Soup Company) related to this initiative.
          
          In the first quarter of fiscal 2014, the company recorded pre-tax
          restructuring charges of $20 million ($13 million after tax or $.04
          per share in earnings from continuing operations) associated with
          initiatives to streamline its salaried workforce in North America
          and its workforce in the Asia Pacific region.
          
          In fiscal 2013, the company implemented initiatives to improve its
          U.S. supply chain cost structure and increase asset utilization
          across its U.S. thermal plant network; expand access to
          manufacturing and distribution capabilities in Mexico; improve its
          Pepperidge Farm bakery supply chain cost structure; and reduce
          overhead in North America. In fiscal 2014, the company recorded
          pre-tax restructuring charges of $1 million and
          restructuring-related costs of $2 million in Cost of products sold
          (aggregate impact of $2 million after tax or $.01 per share on
          earnings from continuing operations). In the third quarter of fiscal
          2013, the company recorded pre-tax restructuring charges of $1
          million and restructuring-related costs of $20 million in Cost of
          products sold (aggregate impact of $14 million after tax or $.04 per
          share on earnings from continuing operations). The year-to-date 2013
          impact was pre-tax restructuring charges of $31 million and
          restructuring-related costs of $81 million in Cost of products sold
          (aggregate impact of $71 million after tax or $.22 per share on
          earnings from continuing operations). For the year ended July 28,
          2013, the company recorded pre-tax restructuring charges of $51
          million and restructuring-related costs of $91 million in Cost of
          products sold (aggregate impact of $90 million after tax or $.28 per
          share on earnings from continuing operations).
          
          In the third quarter of fiscal 2014, the company recognized a
          pre-tax pension settlement charge in Cost of products sold of $18
          million ($11 million after tax or $.03 per share in earnings from
    (2)   continuing operations) associated with a U.S. pension plan. The
          settlement resulted from the level of lump sum distributions from
          the plan's assets in 2014, primarily due to the closure of the
          facility in Sacramento, California.
          
          On October 28, 2013, the company announced it completed the sale of
          its simple meals business in Europe. The results of the business are
          reported as discontinued operations. In the first quarter of fiscal
          2014, the company recorded an unrealized loss of $9 million ($6
          million after tax or $.02 per share) on foreign exchange forward
          contracts used to hedge the proceeds from the sale of the European
          simple meals business. The loss was included in earnings from
          continuing operations. In addition, the company recorded tax expense
    (3)   of $7 million ($.02 per share) in earnings from continuing
          operations associated with the sale. In the fourth quarter of fiscal
          2013, the company recorded an impairment charge on the intangible
          assets of this business of $396 million ($263 million after tax or
          $.83 per share) in earnings from discontinued operations. In
          addition, the company recorded $18 million in tax charges ($.06 per
          share) in earnings from discontinued operations representing taxes
          on the difference between the book value and tax basis of the
          business.
          
          In the first quarter of fiscal 2013, the company incurred
          transaction costs of $10 million ($7 million after tax or $.02 per
    (4)   share) associated with the acquisition of Bolthouse Farms, which
          closed on August 6, 2012. These costs were included in earnings from
          continuing operations.
          
The following tables reconcile financial information, presented in accordance
with GAAP, to financial information excluding certain transactions:

                                                                    
                                     Three Months Ended
(millions, except per share          April 27, 2014  April 28, 2013   Percent
amounts)                                                               Change
Gross margin, as reported            $   676          $   706
Add: Restructuring-related costs         —                20
(1)
Add: Pension settlement charge (2)      18             —      
Adjusted Gross margin                $   694         $   726         (4  )%
Adjusted Gross margin percentage         35.2   %         37.0   %
Earnings before interest and         $   292          $   257
taxes, as reported
Add: Restructuring charges and           —                21
related costs (1)
Add: Pension settlement charge (2)      18             —      
Adjusted Earnings before interest    $   310         $   278         12  %
and taxes
Interest, net, as reported           $   30          $   31     
Adjusted Earnings before taxes       $   280         $   247    
Taxes on earnings, as reported       $   79           $   59
Add: Tax benefit from
restructuring charges and related        —                7
costs (1)
Add: Tax benefit from pension           7              —      
settlement charge (2)
Adjusted Taxes on earnings           $   86          $   66     
Adjusted effective income tax rate       30.7   %         26.7   %
Earnings from continuing             $   183          $   167
operations, as reported
Deduct: Net loss from                   (1     )        (2     )
noncontrolling interests
Earnings from continuing
operations attributable to           $   184          $   169
Campbell Soup Company, as reported
Add: Net adjustment from
restructuring charges and related        —                14
costs (1)
Add: Net adjustment from pension        11             —      
settlement charge (2)
Adjusted Earnings from continuing
operations attributable to           $   195         $   183         7   %
Campbell Soup Company
Earnings from discontinued           $   —           $   12     
operations, as reported
Adjusted Net earnings attributable   $   195         $   195         —   %
to Campbell Soup Company
Diluted earnings per share -
continuing operations attributable   $   .58          $   .53
to Campbell Soup Company, as
reported
Add: Net adjustment from
restructuring charges and related        —                .04
costs (1)
Add: Net adjustment from pension        .03            —      
settlement charge (2)
Adjusted Diluted earnings per
share - continuing operations        $   .62         $   .58         7   %
attributable to Campbell Soup
Company*
Diluted earnings per share -
discontinued operations, as          $   —           $   .04    
reported
Diluted net earnings per share
attributable to Campbell Soup        $   .58          $   .57
Company, as reported
Add: Net adjustment from
restructuring charges and related        —                .04
costs (1)
Add: Net adjustment from pension        .03            —      
settlement charge (2)
Adjusted Diluted net earnings per
share attributable to Campbell       $   .62         $   .62         —   %
Soup Company*
*The sum of the individual per share amounts may not add due to rounding.


                                                                    
                                     Year-to-Date
(millions, except per share          April 27, 2014  April 28, 2013   Percent
amounts)                                                               Change
Gross margin, as reported            $   2,267        $   2,289
Add: Restructuring-related costs         2                81
(1)
Add: Pension settlement charge (2)      18             —       
Adjusted Gross margin                $   2,287       $   2,370       (4  )%
Adjusted Gross margin percentage         35.6    %        37.4    %
Earnings before interest and         $   958          $   902
taxes, as reported
Add: Restructuring charges and           37               112
related costs (1)
Add: Pension settlement charge (2)       18               —
Add: Loss on foreign exchange            9                —
forward contracts (3)
Add: Acquisition transaction costs      —              10      
(4)
Adjusted Earnings before interest    $   1,022       $   1,024       —   %
and taxes
Interest, net, as reported           $   89          $   95      
Adjusted Earnings before taxes       $   933         $   929     
Taxes on earnings, as reported       $   278          $   242
Add: Tax benefit from
restructuring charges and related        11               41
costs (1)
Add: Tax benefit from pension            7                —
settlement charge (2)
Add: Tax benefit from loss on
foreign exchange forward contracts       3                —
(3)
Deduct: Tax expense associated           (7      )        —
with sale of business (3)
Add: Tax benefit from acquisition       —              3       
transaction costs (4)
Adjusted Taxes on earnings           $   292         $   286     
Adjusted effective income tax rate       31.3    %        30.8    %
Earnings from continuing             $   591          $   565
operations, as reported
Deduct: Net loss from                   (9      )       (7      )
noncontrolling interests
Earnings from continuing
operations attributable to           $   600          $   572
Campbell Soup Company, as reported
Add: Net adjustment from
restructuring charges and related        26               71
costs (1)
Deduct: Restructuring charges
attributable to noncontrolling           (5      )        —
interest (1)
Add: Net adjustment from pension         11               —
settlement charge (2)
Add: Net adjustment from loss on
foreign exchange forward contracts       6                —
(3)
Add: Tax expense associated with         7                —
sale of business (3)
Add: Net adjustment from                —              7       
acquisition transaction costs (4)
Adjusted Earnings from continuing
operations attributable to           $   645         $   650         (1  )%
Campbell Soup Company
Earnings from discontinued           $   81          $   44      
operations, as reported
Adjusted Net earnings attributable   $   726         $   694         5   %
to Campbell Soup Company
Diluted earnings per share -
continuing operations attributable   $   1.90         $   1.80
to Campbell Soup Company, as
reported
Add: Net adjustment from
restructuring charges and related        .07              .22
costs attributable to Campbell
Soup Company (1)
Add: Net adjustment from pension         .03              —
settlement charge (2)
Add: Net adjustment from loss on
foreign exchange forward contracts       .02              —
(3)
Add: Tax expense associated with         .02              —
sale of business (3)
Add: Net adjustment from                —              .02     
acquisition transaction costs (4)
Adjusted Diluted earnings per
share - continuing operations        $   2.04        $   2.05        —   %
attributable to Campbell Soup
Company*
Diluted earnings per share -
discontinued operations, as          $   .26         $   .14     
reported
Diluted net earnings per share
attributable to Campbell Soup        $   2.16         $   1.94
Company, as reported
Add: Net adjustment from
restructuring charges and related        .07              .22
costs attributable to Campbell
Soup Company (1)
Add: Net adjustment from pension         .03              —
settlement charge (2)
Add: Net adjustment from loss on
foreign exchange forward contracts       .02              —
(3)
Add: Tax expense associated with         .02              —
sale of business (3)
Add: Net adjustment from                —              .02     
acquisition transaction costs (4)
Adjusted Diluted net earnings per
share attributable to Campbell       $   2.30        $   2.19        5   %
Soup Company*
*The sum of the individual per share amounts may not add due to rounding.


                                                               
                                                                 Year Ended
(millions, except per share amounts)                             July 28, 2013
Gross margin, as reported                                        $   2,912
Add: Restructuring-related costs (1)                                91     
Adjusted Gross margin                                            $   3,003  
Adjusted Gross margin percentage                                     37.3   %
Earnings before interest and taxes, as reported                  $   1,080
Add: Restructuring charges and related costs (1)                     142
Add: Acquisition transaction costs (4)                              10     
Adjusted Earnings before interest and taxes                      $   1,232  
Interest, net, as reported                                       $   125    
Adjusted Earnings before taxes                                   $   1,107  
Taxes on earnings, as reported                                   $   275
Add: Tax benefit from restructuring charges and related costs        52
(1)
Add: Tax benefit from acquisition transaction costs (4)             3      
Adjusted Taxes on earnings                                       $   330    
Adjusted effective income tax rate                                   29.8   %
Earnings from continuing operations, as reported                 $   680
Deduct: Net loss from noncontrolling interests                      (9     )
Earnings from continuing operations attributable to Campbell     $   689
Soup Company
Add: Net adjustment from restructuring charges and related           90
costs (1)
Add: Net adjustment from acquisition transaction costs (4)          7      
Adjusted Earnings from continuing operations attributable to     $   786    
Campbell Soup Company
Earnings (loss) from discontinued operations, as reported        $   (231   )
Add: Net impairment on European business (3)                         263
Add: Tax expense on book and tax differences (3)                    18     
Adjusted Earnings from discontinued operations                   $   50     
Adjusted Net earnings attributable to Campbell Soup Company      $   836    
Diluted earnings per share - continuing operations               $   2.17
attributable to Campbell Soup Company, as reported
Add: Net adjustment from restructuring charges and related           .28
costs (1)
Add: Net adjustment from acquisition transaction costs (4)          .02    
Adjusted Diluted earnings per share - continuing operations      $   2.48   
attributable to Campbell Soup Company*
Diluted earnings (loss) per share - discontinued operations,     $   (.73   )
as reported
Add: Impairment on European business (3)                             .83
Add: Tax expense on book and tax differences (3)                    .06    
Adjusted Diluted earnings per share - discontinued operations    $   .16    
Diluted net earnings per share attributable to Campbell Soup     $   1.44
Company, as reported
Add: Net adjustment from restructuring charges and related           .28
costs (1)
Add: Net adjustment from acquisition transaction costs (4)           .02
Add: Net impairment on European business (3)                         .83
Add: Tax expense on book and tax differences (3)                    .06    
Adjusted Diluted net earnings per share attributable to          $   2.64   
Campbell Soup Company*
*The sum of the individual per share amounts may not add due to rounding.


Contact:

Campbell Soup Company
Carla Burigatto (Media)
856-342-3737
carla_burigatto@campbellsoup.com
or
Jennifer Driscoll (Analysts/Investors)
856-342-6081
jennifer_driscoll@campbellsoup.com
 
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