Campbell Soup Co. Files Q3 2024 10-Q

TL;DR

Campbell Soup's Q3 2024 results are in. Check the 10-Q for the latest numbers.

AI Summary

Campbell Soup Company filed its 10-Q for the period ending April 28, 2024. The company reported its financial results for the third quarter of fiscal year 2024. Key financial figures and operational details for this period are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Campbell Soup Company, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate or significant new risks.

Key Players & Entities

• CAMPBELL SOUP CO (company) — Filer
• 0000016732-24-000082 (filing_id) — Accession Number
• 20240428 (date) — Period of Report
• 20240605 (date) — Filed as of Date

FAQ

Key Financial Figures

• $3 million — pre-combination service. This excludes $3 million of cash paid that was recognized as exp

Filing Documents

• cpb-20240428.htm (10-Q) — 1835KB
• cpb-exb102.htm (EX-10.2) — 106KB
• cpb-exb311x04282024x10xq.htm (EX-31.1) — 9KB
• cpb-exb312x04282024x10xq.htm (EX-31.2) — 9KB
• cpb-exb321x04282024x10xq.htm (EX-32.1) — 6KB
• cpb-exb322x04282024x10xq.htm (EX-32.2) — 6KB
• cpb-20240428_g1.jpg (GRAPHIC) — 140KB
• 0000016732-24-000082.txt ( ) — 11584KB
• cpb-20240428.xsd (EX-101.SCH) — 57KB
• cpb-20240428_cal.xml (EX-101.CAL) — 86KB
• cpb-20240428_def.xml (EX-101.DEF) — 469KB
• cpb-20240428_lab.xml (EX-101.LAB) — 815KB
• cpb-20240428_pre.xml (EX-101.PRE) — 656KB
• cpb-20240428_htm.xml (XML) — 2085KB

- 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 28

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 41

- OTHER INFORMATION

PART II - OTHER INFORMATION 41

Legal Proceedings

Item 1. Legal Proceedings 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42 INDEX TO EXHIBITS 42

- 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 Nine Months Ended April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Net sales $ 2,369 $ 2,229 $ 7,343 $ 7,289 Costs and expenses Cost of products sold 1,637 1,561 5,047 5,028 Marketing and selling expenses 206 194 645 612 Administrative expenses 208 167 555 487 Research and development expenses 27 24 76 66 Other expenses / (income) 30 23 80 41 Restructuring charges 13 6 17 15 Total costs and expenses 2,121 1,975 6,420 6,249 Earnings before interest and taxes 248 254 923 1,040 Interest expense 70 47 165 139 Interest income 4 1 5 2 Earnings before taxes 182 208 763 903 Taxes on earnings 49 48 193 214 Net earnings 133 160 570 689 Less: Net earnings (loss) attributable to noncontrolling interests — — — — Net earnings attributable to Campbell Soup Company $ 133 $ 160 $ 570 $ 689 Per Share — Basic Net earnings attributable to Campbell Soup Company $ .45 $ .54 $ 1.91 $ 2.30 Weighted average shares outstanding — basic 298 299 298 299 Per Share — Assuming Dilution Net earnings attributable to Campbell Soup Company $ .44 $ .53 $ 1.91 $ 2.29 Weighted average shares outstanding — assuming dilution 300 301 299 301 See accompanying Notes to Consolidated Financial Statements. 3 CAMPBELL SOUP COMPANY Consolidated Statements of Comprehensive Income (unaudited) (millions) Three Months Ended April 28, 2024 April 30, 2023 Pre-tax amount Tax benefit (expense) After-tax amount Pre-tax amount Tax benefit (expense) After-tax amount Net earnings (loss) $ 133 $ 160 Other comprehensive income (loss): Foreign currency translation: Foreign currency translation adjustments $ ( 3 ) $ — ( 3 ) $ ( 2 ) $ — ( 2 ) Cash-flow hedges: Unrealized gains (losses) arising during the period 13 ( 2 ) 11 2 ( 1 ) 1 Reclassification adjustment for losses (gains) included in net earnings — — — ( 2 ) 1

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 17 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