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Last Update: 04-Sep-12 09:10 ET
Campbell's Shoots 5% Higher Pre-Market Following Earnings/Guidance Results
Campbell Soup (CPB $35.14) reported fourth quarter earnings of $0.41 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 0.4% year/year to $1.61 bln vs the $1.59 bln consensus.
Volume and mix added 3%; Price and sales allowances added 3%; Increased promotional spending subtracted 3%; Currency subtracted 3%. Gross margin was 38.5 percent compared with 39.8 percent a year ago. The decrease in gross margin percentage was primarily due to cost inflation and increased promotional spending, partly offset by productivity improvements and higher selling prices. Co issues in-line guidance for FY13, sees EPS of $2.51-2.57, excluding non-recurring items, vs. $2.52 Capital IQ Consensus Estimate; sees FY13 revs +10-12% to ~$8.48-8.63 bln vs. $8.49 bln Capital IQ Consensus Estimate; with adj. EBIT +4-6%.
This guidance includes the estimated impact of the Bolthouse Farms business and excludes the impact of transaction costs. In fiscal 2013, Campbell expects Bolthouse Farms to contribute ~$750 million to sales. Including the estimated impact of purchase accounting and the suspension of the co's strategic share repurchase program, Campbell expects Bolthouse Farms to add $0.05 to $0.07 cents to fiscal 2013 adjusted EPS.
Volume and mix added 3%; Price and sales allowances added 3%; Increased promotional spending subtracted 3%; Currency subtracted 3%. Gross margin was 38.5 percent compared with 39.8 percent a year ago. The decrease in gross margin percentage was primarily due to cost inflation and increased promotional spending, partly offset by productivity improvements and higher selling prices. Co issues in-line guidance for FY13, sees EPS of $2.51-2.57, excluding non-recurring items, vs. $2.52 Capital IQ Consensus Estimate; sees FY13 revs +10-12% to ~$8.48-8.63 bln vs. $8.49 bln Capital IQ Consensus Estimate; with adj. EBIT +4-6%.
This guidance includes the estimated impact of the Bolthouse Farms business and excludes the impact of transaction costs. In fiscal 2013, Campbell expects Bolthouse Farms to contribute ~$750 million to sales. Including the estimated impact of purchase accounting and the suspension of the co's strategic share repurchase program, Campbell expects Bolthouse Farms to add $0.05 to $0.07 cents to fiscal 2013 adjusted EPS.
