Campbell Soup Co. Files 10-Q for Period Ending January 28, 2024

TL;DR

<b>Campbell Soup Co. has filed its Q2 2024 10-Q report, detailing financial performance for the quarter ending January 28, 2024.</b>

AI Summary

CAMPBELL SOUP CO (CPB) filed a Quarterly Report (10-Q) with the SEC on March 6, 2024. Campbell Soup Co. filed its quarterly report (10-Q) on March 6, 2024. The report covers the fiscal second quarter ending January 28, 2024. The company's fiscal year ends on July 30. Campbell Soup Co. is incorporated in New Jersey. The filing includes data related to various financial statement line items and disclosures.

Why It Matters

For investors and stakeholders tracking CAMPBELL SOUP CO, this filing contains several important signals. This filing provides investors with the latest financial performance data for Campbell Soup Co., crucial for assessing the company's health and investment potential. Understanding the details within this 10-Q allows stakeholders to evaluate the company's operational efficiency, profitability, and financial stability in the current market environment.

Risk Assessment

Risk Level: low — CAMPBELL SOUP CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or events beyond routine business operations.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Campbell Soup Co.'s performance trends and outlook.

Key Numbers

• 2024-01-28 — Fiscal Second Quarter End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-06 — Filing Date (FILED AS OF DATE)
• 0730 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• CAMPBELL SOUP CO (company) — COMPANY CONFORMED NAME
• 0000016732 (company) — CENTRAL INDEX KEY
• 2024-01-28 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-06 (date) — FILED AS OF DATE
• NJ (location) — STATE OF INCORPORATION
• 8563424800 (phone) — BUSINESS PHONE

FAQ

Industry Context

Campbell Soup Co. operates in the Food & Kindred Products industry, a sector characterized by consumer staples and brand loyalty.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-01-28: Fiscal Second Quarter End — End of the reporting period for the 10-Q filing.
• 2024-03-06: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Filing Documents

• cpb-20240128.htm (10-Q) — 1660KB
• cpb-exb311x1282024x10xq.htm (EX-31.1) — 9KB
• cpb-exb312x01282024x10xq.htm (EX-31.2) — 9KB
• cpb-exb321x01282024x10xq.htm (EX-32.1) — 6KB
• cpb-exb322x1282024x10xq.htm (EX-32.2) — 6KB
• cpb-20240128_g1.jpg (GRAPHIC) — 140KB
• 0000016732-24-000039.txt (&nbsp;) — 10087KB
• cpb-20240128.xsd (EX-101.SCH) — 47KB
• cpb-20240128_cal.xml (EX-101.CAL) — 79KB
• cpb-20240128_def.xml (EX-101.DEF) — 372KB
• cpb-20240128_lab.xml (EX-101.LAB) — 764KB
• cpb-20240128_pre.xml (EX-101.PRE) — 554KB
• cpb-20240128_htm.xml (XML) — 1820KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Earnings 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Equity 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

- OTHER INFORMATION

PART II - OTHER INFORMATION 37

Legal Proceedings

Item 1. Legal Proceedings 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 38 INDEX TO EXHIBITS 38

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CAMPBELL SOUP COMPANY Consolidated Statements of Earnings (unaudited) (millions, except per share amounts) Three Months Ended Six Months Ended January 28, 2024 January 29, 2023 January 28, 2024 January 29, 2023 Net sales $ 2,456 $ 2,485 $ 4,974 $ 5,060 Costs and expenses Cost of products sold 1,680 1,726 3,410 3,467 Marketing and selling expenses 217 217 439 418 Administrative expenses 189 162 347 320 Research and development expenses 25 21 49 42 Other expenses / (income) 26 — 50 18 Restructuring charges 2 9 4 9 Total costs and expenses 2,139 2,135 4,299 4,274 Earnings before interest and taxes 317 350 675 786 Interest expense 46 45 95 92 Interest income — — 1 1 Earnings before taxes 271 305 581 695 Taxes on earnings 68 73 144 166 Net earnings 203 232 437 529 Less: Net earnings (loss) attributable to noncontrolling interests — — — — Net earnings attributable to Campbell Soup Company $ 203 $ 232 $ 437 $ 529 Per Share — Basic Net earnings attributable to Campbell Soup Company $ .68 $ .78 $ 1.47 $ 1.77 Weighted average shares outstanding — basic 298 299 298 299 Per Share — Assuming Dilution Net earnings attributable to Campbell Soup Company $ .68 $ .77 $ 1.46 $ 1.76 Weighted average shares outstanding — assuming dilution 299 301 299 301 See accompanying Notes to Consolidated Financial Statements. 3 CAMPBELL SOUP COMPANY Consolidated Statements of Comprehensive Income (unaudited) (millions) Three Months Ended January 28, 2024 January 29, 2023 Pre-tax amount Tax benefit (expense) After-tax amount Pre-tax amount Tax benefit (expense) After-tax amount Net earnings (loss) $ 203 $ 232 Other comprehensive income (loss): Foreign currency translation: Foreign currency translation adjustments $ 6 $ — 6 $ 3 $ — 3 Cash-flow hedges: Unrealized gains (losses) arising during the period ( 28 ) 6 ( 22 ) ( 2 ) 1 ( 1 ) Reclassification adjustment for losses (gains) included in net earnings ( 1 ) — ( 1 ) ( 2

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) 1. Basis of Presentation and Significant Accounting Policies In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended July 30, 2023. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is July 28, 2024. 2. Recent Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (FASB) issued guidance that enhances the transparency of supplier finance programs by requiring disclosure of the key terms of these programs and a related rollforward of these obligations to understand the effect on working capital, liquidity and cash flows. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods in those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We adopted the guidance in the fourth quarter of 2023, with the exception of the rollforward information. The adoption did not have a material impact on our consolidated financial statements. See Note 16 for additional information. In November 2023, the FASB issued guidance to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an e

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View this 10-Q filing on SEC EDGAR