1 September 2024
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Global Industry

Campbell: Reports Q4 and Full-Year Fiscal 2024 Results

Camden / NJ. (csc) Campbell Soup Company reported the financial results for its fourth-quarter and full-year fiscal 2024 ended July 28, 2024. Summary:

For the fourth quarter 2023/2024

  • Net Sales increased 11 percent to USD 2.3 billion and decreased 1 percent on an organic basis.
  • Earnings Before Interest and Taxes (Ebit) decreased to USD 77 million. Adjusted Ebit increased 36 percent to USD 329 million including the impact of the Sovos Brands, Inc. (Sovos Brands) acquisition.
  • Earnings Per Share (EPS) decreased to USD (0.01). Adjusted EPS increased 26 percent to USD 0.63.

For the full year 2023/2024

  • Net Sales increased 3 percent to USD 9.6 billion and decreased 1 percent on an organic basis.
  • Ebit decreased to USD 1 billion. Adjusted Ebit increased 6 percent to USD 1.5 billion including the impact of the Sovos Brands acquisition.
  • EPS decreased to USD 1.89. Adjusted EPS increased 3 percent to USD 3.08.
  • Returned USD 512 million to shareholders including USD 445 million in dividends.
  • Fiscal 2025 Investor Day to be held on September 10, 2024 at Nasdaq MarketSite.

«We finished fiscal 2024 with solid fourth-quarter performance including sequential volume improvement and margin expansion versus prior year and delivered significant progress against our longer-term strategic plan despite an evolving consumer landscape,» said Mark Clouse, Campbell’s President and CEO. «I’d like to thank the entire Campbell’s team for finding ways to deliver solid results in this dynamic environment. The strength of the Meals + Beverages recovery, including Soup, was a standout in the quarter as was the competitive advantage of our supply chain. The integration of Sovos Brands is progressing ahead of our expectations, marking a transformative shift in our Meals + Beverages growth trajectory. We’ve also advanced our Snacks margin journey, while delivering significant innovation and improved sales and marketing capabilities. All of this provides continued confidence in our ability to deliver sequential progress in fiscal 2025 as we continue to navigate the steady and ongoing recovery in the industry. More importantly, as we look ahead, we are strengthening our conviction in our longer-term outlook driven by our advantaged market-leading brands, capabilities and execution. We look forward to providing the roadmap and expectations for Campbell’s next chapter of growth at our upcoming investor day.»

For additional details please read the company’s PDF file below (189 KB).

20240830-CAMPBELL-FY2024.


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