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Last $45.89 USD
Change Today +0.85 / 1.89%
Volume 1.5M
As of 8:04 PM 03/27/15 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 May 4, 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 May 4, 2015, to shareholders of record at the close of business April 13, 2015.

Campbell Soup Company Mulls Acquisitions

Campbell Soup Company (NYSE:CPB) is seeking acquisitions. GlycoMimetics, Inc. has fixed-income offering and said in Sec Form S-3, “Unless we describe a different use of proceeds from an offering in the related prospectus supplement, we intend to use the net proceeds from the sales of the debt securities offered by this prospectus to repay short-term debt, to reduce or retire from time to time other indebtedness and for other general corporate purposes, including working capital, acquisitions and other business opportunities.”

Campbell Soup Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended February 1, 2015; Provides Earnings Guidance for the Fiscal Year of 2015

Campbell Soup Company announced unaudited consolidated earnings results for the second quarter and six months ended February 1, 2015. For the quarter, the company reported total sales of $2,234 million against $2,281 million a year ago. Earnings before taxes were $287 million against $332 million a year ago. Earnings before interest and taxes were $312 million against $361 million a year ago. Earnings from continuing operations were $207 million or $0.66 per diluted share against $228 million or $0.74 per diluted share a year ago. Net earnings attributable to the company were $207 million or $0.66 per diluted share against $325 million or $1.03 per diluted share a year ago. Adjusted earnings before interest and taxes were $312 million against $374 million a year ago. Adjusted earnings before taxes were $287 million against $345 million a year ago. Adjusted earnings from continuing operations attributable to the company were $207 or $0.66 per diluted share against $240 or $0.76 per diluted share a year ago. Sales decreased due to the negative impact of currency translation. For the six months, the company reported net sales of $4,489 million against $4,446 million a year ago. Earnings before interest and taxes were $680 million against $666 million a year ago. Earnings before taxes were $630 million against $607 million a year ago. Earnings from continuing operations were $441 million or $1.40 per diluted share against $408 million or $1.32 per diluted share a year ago. Net earnings attributable to the company were $441 million or $1.40 per diluted share against $497 million or $1.57 per diluted share a year ago. Cash flow from operations was $584 million compared with $363 million in the prior year, primarily due to taxes paid in 2014 on the divestiture of the European simple meals business, and lower working capital requirements and pension contributions in 2015. Purchase of plant assets was $143 million against $127 million a year ago. Adjusted earnings before interest and taxes were $680 million against $711 million a year ago. Adjusted earnings before taxes were $630 million against $652 million a year ago. Adjusted earnings from continuing operations attributable to the company were $441 or $1.40 per diluted share against $449 or $1.42 per diluted share a year ago. Adjusted net earnings attributable to the company were $441 million or $1.40 per diluted share against $458 million or $1.45 per diluted share a year ago. Sales increased 1% due to volume gains, partly offset by increased promotional spending and the negative impact of currency translation. For fiscal 2015, the company expects continuing operations as previously announced, including an estimated 2-point negative impact from currency translation, the company expects a year-over-year change of -1% to +1% in sales; -7% to -5% in adjusted EBIT; and -5% to -3% in adjusted EPS, or $2.32 to $2.38 per share. The company expects capital expenditures of about $400 million for the year. The company expects tax rate for fiscal 2015 in the range of 30% to 31% versus previous guidance of 31% to 32%.

Campbell Soup Co. Plans to Cut Unspecified Number of Jobs

Campbell Soup Co. plans to cut at least $200 million in expenses over the next three years, with a little less than a third of the savings expected to come from an unspecified number of job cuts. The savings will amount to 2% to 3% of the company's annual revenue and provide money for expansion in product areas that are growing faster than its legacy soups, sauces, and beverages that are sold in the center aisles of supermarkets.

Campbell Soup Company Launches New Line of Organic Soups

Campbell Soup Company announced the launch of Campbell's Organic, a line of six soups made with organic ingredients. Conveniently packaged in cartons to help seal in freshness and quality, Campbell's Organic soups are available in six varieties such as: Chicken Noodle; Sun-Ripened Tomato and Basil (Gluten-Free, Vegetarian); Chicken Tortilla (Gluten-Free); Lentil (Gluten-Free, Vegetarian); Garden Vegetable with Herbs (Gluten-Free, Vegetarian); and Creamy Butternut Squash (Gluten-Free, Vegetarian). Similarly to other Campbell soup offerings, the new Campbell's Organic line offers delicious flavors, which leverage culinary expertise and recipes from Campbell's decades of soup-making experience. The Campbell's Organic line also features certified organic ingredients that are produced in accordance with USDA organic regulations, and offers gluten-free options.

 

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