Campbell Reports: Second-Quarter 2020 Results

Camden / NJ. (csc) Campbell Soup Company reported its second-quarter and first half financial results for fiscal 2020. Mark Clouse, Campbell’s President and CEO, stated, «I am pleased that we delivered another high-quality quarter with organic sales, and adjusted gross margin, Ebit and earnings, growing in-line with or above our expectations. Additionally, I am very pleased with our successful deleveraging in the quarter, resulting in a much-improved leverage ratio. Given the momentum of the business and lower adjusted interest expense from our debt reduction, we are able to make important incremental investments in the business in the second half while increasing adjusted EPS guidance for the year.»

• Campbell raises fiscal 2020 adjusted earnings per share (EPS) guidance range to USD 2.55 to USD 2.60
• Net sales were comparable to prior year; organic net sales increased 1 percent
• EPS from continuing operations of USD 0.56 decreased 3 percent primarily reflecting loss on extinguishment of debt; adjusted EPS of USD 0.72 increased 11 percent
• Significant reduction in debt levels compared to prior year following successful completion of previously announced divestiture plan

For additional information please read Campbell’s PDF file below (248 KB):

20200304-CAMPBELL-Q2-2020.