Last $46.76 USD
Change Today +0.06 / 0.13%
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campbell soup co (CPB) Key Developments

3G Capital Reportedly Eyes Entities For Acquisition

3G Capital Partners Ltd. intends to acquire food and beverage firms. The Wall Street Journal reported that 3G Capital is discussing the possibility to acquire Pepsico, Inc. (NYSE:PEP) or Campbell Soup Company (NYSE:CPB). 3G Capital might collaborate with Anheuser-Busch InBev SA/NV (ENXTBR:ABI), Wall Street Journal reported, citing people familiar with the matter. 3G Capital may also consider the acquisition of Kellogg Company (NYSE:K) and Kraft Foods Group, Inc. (NasdaqGS:KRFT).

3G Capital Partners Is Reportedly In Talks To Acquire Campbell Soup Company and PepsiCo Inc.

3G Capital Partners Ltd. is in discussion to acquire Campbell Soup Company (NYSE:CPB) and Pepsico, Inc. (NYSE:PEP). 3G may also partner with Anheuser-Busch InBev NV (NYSE: BUD) for the transaction.

Campbell Soup Co. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 2, 2014; Revises Earnings Guidance for the Fiscal Year 2015

Campbell Soup Co. reported unaudited consolidated earnings results for the first quarter ended November 2, 2014. For the period, the company reported net sales of $2,255 million against $2,165 million a year ago. Earnings before interest and taxes were $368 million against $305 million a year ago. Earnings before taxes were $343 million against $275 million a year ago. Earnings from continuing operations were $234 million or $0.74 per diluted share against $180 million or $0.57 per diluted share a year ago. Net earnings attributable to the company were $234 million or $0.74 per diluted share against $172 million or $0.54 per diluted share a year ago. Net debt was $4,527 million against $4,086 million a year ago. Net cash provided by operating activities was $188 million compared with $38 million in the prior year. Purchases of plant assets were $62 million against $52 million a year ago. Adjusted earnings before interest and taxes were $368 million against $337 million a year ago. Adjusted earnings before taxes were $343 million against $307 million a year ago. Adjusted earnings from continuing operations attributable to the company were $234 million or $0.74 per diluted share against $209 million or $0.66 per diluted share a year ago. Adjusted net earnings attributable to company were $234 million or $0.74 per diluted share million against $200 million or $0.63 per diluted share a year ago. Due to the unanticipated volatility in foreign currencies, the company has lowered the bottom of the range of its fiscal year 2015 guidance. Based on currency rates effective at quarter end, currency is estimated to have a negative 1-point impact on both reported sales and earnings, or $0.03 per share. The company now expects growth of 0% to 2% in sales; -1% to +2% in adjusted EBIT; and -1% to +2% in adjusted EPS, or $2.42 to $2.50 per share. This guidance is based on an adjusted 52-week 2014 base. The company's previous guidance was growth of 1% to 2% in sales; 0% to 2% in adjusted EBIT; and 0% to 2% in adjusted EPS, or $2.45 to $2.50 per share. The company continues to expect capital expenditures of about $400 million for the year as increase capacity to support growth in faster-growing businesses. Gross margin percentage for the full year to decline 50 to 100 basis points due largely to the residual cost inflation and cost to maintain customer service levels as recover from the early spike in demand. Tax rate remained relatively flat, declining 40 basis points to 31.8%.

Campbell Soup Seeks Acquisitions

Campbell Soup Company (NYSE:CPB) is looking for acquisition opportunities. Denise Morrison, President and Chief Executive Officer of Campbell said, "We have said previously that some acquisition may be required to further diversify our portfolio and we still believe that to be the case. But that said, we have also said and still are very tight with this, we have a very disciplined approach to how we evaluate acquisitions and the strategic fit of acquisitions into our program here. We do have the financial flexibility to make a meaningful acquisition if we can find one that is a good fit and gives us the returns that we would expect to create value over time. So we still are active in this space but we are being much disciplined about our approach to it."

Campbell Soup Company Approves Amendment to By-Laws

On November 19, 2014, the Board of Directors of Campbell Soup Company approved an amendment to Article II, Section 1 of By-Laws, effective November 19, 2014, to change the size of the Board from 16 to 14 directors.

 

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