Campbell Soup Q4 Profit From Cont. Opns Down - Quick Facts

(RTTNews) - Campbell Soup Company (CPB) reported that its fourth-quarter net earnings from continuing operations attributable to the company were $117 million, or $0.37 per share, down from $126 million, or $0.39 per share, in the prior year.

In the fourth quarter of fiscal 2013, the company recorded restructuring charges and restructuring-related costs in cost of products sold associated with initiatives to improve its U.S. supply chain cost structure and to increase asset utilization across its U.S. thermal plant network; to expand access to manufacturing and distribution capabilities in Mexico; to improve its Pepperidge Farm bakery supply chain cost structure; and to reduce overhead costs in North America. The aggregate impact of the restructuring initiatives was $19 million after tax, or $0.06 per share, on earnings from continuing operations.

In the fourth quarter of fiscal 2012, the company recorded transaction costs associated with the acquisition of Bolthouse Farms. The impact in the year-ago quarter from the acquisition transaction costs was $3 million after tax or $0.01 per share.

Excluding items impacting comparability in both periods, adjusted net earnings from continuing operations increased 5 percent to $136 million compared with $129 million in the prior year's quarter, and adjusted net earnings per share from continuing operations increased 8 percent to $0.43 compared with $0.40 in the year-ago quarter.

Net loss attributable to the company was $158 million, or $0.50 per share, compared to net earnings of $127 million, or $0.40 per share, in the prior year.

Excluding items impacting comparability in both periods, adjusted net earnings increased 9 percent to $142 million compared with $130 million in the prior year's quarter, and adjusted net earnings per share increased 10 percent to $0.45 compared with $0.41 in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $1.723 billion from $1.519 billion last year. Adjusted sales increased 13 percent to $1.821 billion from $1.613 billion. Eleven analysts had consensus revenue estimate of $1.84 billion for the quarter.

On August 12, 2013, the company announced the potential sale of its European simple meals business. This business, which was previously included in the International Simple Meals and Beverages segment, was reported as a discontinued operation. Fourth-quarter results from discontinued operations reflect a non-cash impairment to reduce the carrying value of intangible assets, as well as a tax charge that is related to the potential sale.

In fiscal 2014, the company expects continuing operations to grow sales by 5 to 6 percent, adjusted EBIT to grow by 5 to 7 percent and adjusted earnings per share to grow by 3 to 5 percent. Fiscal 2014 comprises 53 weeks, one additional week compared to fiscal 2013, the benefit of which is expected to be offset by the anticipated impact of currency translation. Analysts expect the company to report earnings of $2.74 per share and revenues of $8.95 billion for fiscal 2014.