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Last $47.66 USD
Change Today -0.18 / -0.38%
Volume 1.1M
CPB On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

campbell soup co (CPB) Key Developments

Campbell Soup Company Declares Regular Quarterly Dividend Payable on August 3, 2015

The Board of Directors of Campbell Soup Company declared a regular quarterly dividend on Campbell's capital stock of $0.312 per share. The quarterly dividend is payable on August 3, 2015, to shareholders of record at the close of business July 13, 2015.

Campbell Soup Company Appoints Adam G. Ciongoli as Senior Vice President, General Counsel, Effective July 13, 2015

Campbell Soup Company appointed Adam G. Ciongoli Senior Vice President - General Counsel, reporting to Campbell’s President and Chief Executive Officer Denise Morrison. He will be responsible for Campbell’s legal, corporate secretary and government relations activities and will be a member of the Campbell Leadership Team. Ciongoli’s appointment is effective July 13, 2015. Ciongoli joins Campbell with more than 20 years of legal experience. Most recently, he was Executive Vice President and General Counsel of Lincoln Financial Group, where he directed the law, compliance, corporate secretary and government relations departments. Adam was also Senior Vice President and General Counsel for Time Warner, Europe. He was responsible for negotiating regulatory clearance of European mergers and acquisitions.

Campbell Soup Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended May 3, 2015; Revised Earnings Guidance for the Year 2015

Campbell Soup Company reported unaudited consolidated earnings results for the third quarter and nine months ended May 3, 2015. For the quarter, the company reported net sales of $1,900 million against $1,970 million a year ago. Earnings before interest and taxes were $287 million against $292 million a year ago. Earnings before taxes were $259 million against $262 million a year ago. Earnings from continuing operations were $182 million against $183 million a year ago. Net earnings attributable to the company were $182 million against $184 million a year ago. Basic earnings from continuing operations attributable to the company were $0.59 against $0.59 a year ago. Basic earnings from continuing operations attributable to the company were $0.58 against $0.58 a year ago. Adjusted earnings before interest and taxes were $305 million against $310 million a year ago. Adjusted diluted earnings per share were $0.62 against $0.62 a year ago. Sales decreased 4% to $1.9 billion, primarily due to the negative impact of currency translation. Adjusted EBIT decreased 2% to $305 million, reflecting the unfavorable impact of currency translation and higher marketing expenses on a constant currency basis, partly offset by a higher gross margin percentage. Adjusted earnings from continuing operations attributable to the company were $193 million against $195 million a year ago. Net sales declined by 4%, primarily due to the negative impact of currency translation. For the nine months, the company reported net sales of $6,389 million against $6,416 million a year ago. Earnings before interest and taxes were $967 million against $958 million a year ago. Earnings before taxes were $889 million against $869 million a year ago. Earnings from continuing operations were $623 million against $591 million a year ago. Net earnings attributable to the company were $623 million against $681 million a year ago. Basic earnings from continuing operations attributable to the company were $1.99 against $1.91 a year ago. Basic net earnings attributable to the company were $1.99 against $2.17 a year ago. Basic earnings from continuing operations attributable to the company were $1.98 against $1.90 a year ago. Basic net earnings attributable to the company were $1.98 against $2.16 a year ago. Adjusted earnings before interest and taxes were $985 million against $1,022 million a year ago. Adjusted diluted earnings per share were $2.02 against $2.04 a year ago. Adjusted EBIT decreased 4% to $985 million, reflecting a lower gross margin percentage and the unfavorable impact of currency translation, partly offset by the benefit of volume gains and lower marketing and administrative expenses. Cash flow from operations was $971 million compared to $763 million a year ago, primarily due to lower working capital requirements, taxes paid in 2014 on the divestiture of the European simple meals business and lower pension contributions in 2015. Net cash provided by operating activities was $971 million against $763 million a year ago. Purchases of plant assets were $242 million against $198 million a year ago. Adjusted net earnings attributable to the company were $634 million against $654 million a year ago. Adjusted diluted earnings per share - continuing operations attributable to the company were $2.02 against $2.04 a year ago. Adjusted diluted net earnings per share attributable to the company were $2.02 against $2.07 a year ago. Cash from operations increased by $208 million due to lower working capital requirements, wrapping the taxes paid in 2014 on the divestiture of the European simple meals business and lower pension contributions. For the year 2015, the company now expects a year-over-year change in sales closer to the lower end of the previously announced range of -1% to +1%; a change in adjusted EBIT closer to the favorable end of the previously announced range of -7% to -5%; and a change in adjusted EPS closer to the favorable end of the previously announced range of -5% to -3% or $2.32 to $2.38 per share. This guidance includes an estimated 2-point negative impact from currency translation and is based on an adjusted 52-week 2014 base. The company continues to forecast that cash from operations for the full year will reach $1.1 billion. The company continues to expect capital expenditures of about $400 million for the year as it increases capacity to support growth in faster-growing businesses. For the full year, the company continues to forecast that gross margin percentage will decline by approximately 1 point, that rate will be in the range of 30% to 31% and the interest expense will be slightly below the prior year.

Campbell Is Reportedly Viewed As A Potential Acquisition Target For Berkshire Hathaway

An afternoon spike in shares of Campbell Soup Company (NYSE:CPB) followed a mention of the company being viewed as a potential acquisition target for Berkshire Hathaway Inc. (NYSE:BRK.A) in The Deal, according to contacts.

Campbell Announces New Solar Array at Pepperidge Farm Bakery in Bloomfield

Campbell Soup Company announced that a 1-megawatt (MW) solar array at its Pepperidge Farm bakery in Bloomfield has officially come online. Commercial operation for the solar array, which is generating the equivalent of 15% of the bakery's annual energy demand, began on Dec. 26, 2014. The ground-mounted, fixed-tilt array comprises 2,720 high-efficiency SunPower solar panels and sits on five acres of land leased from Pepperidge Farm. In its first year, the array is projected to produce more than 1.7MM kilowatt-hours of electricity. The solar array in Bloomfield is the second large to be installed at facilities owned by Campbell, Pepperidge Farm's parent company, and it is one of the very few solar arrays operating at manufacturing sites in the industry. The Bloomfield array marks the latest step in the company's sustainability initiatives to support the use of renewable energy. By 2020, Campbell aims to reduce energy use by 35% per ton of product produced and source at least 40% of the energy used by the company from renewable or alternative energy sources.

 

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