Campbell's Co. Files Q1 Fiscal 2025 10-Q

TL;DR

Campbell's Q1 2025 10-Q is in. Check financials.

AI Summary

Campbell's Co. filed its 10-Q for the period ending October 27, 2024. The company, headquartered in Camden, NJ, reported its financial performance for the first quarter of fiscal year 2025. The filing covers standard financial disclosures as required by the SEC.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• CAMPBELL'S Co (company) — Filer
• 20241027 (date) — Period of Report
• 20241204 (date) — Filed as of Date
• Camden, NJ (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• cpb-20241027.htm (10-Q) — 1458KB
• cpb-exh31xrestatedcertific.htm (EX-3.1) — 39KB
• cpb-exb101formofpsugrantag.htm (EX-10.1) — 74KB
• cpb-exb102formofpsugrantag.htm (EX-10.2) — 73KB
• cpb-exb103srpplandocumenta.htm (EX-10.3) — 153KB
• cpb-exb1042025nonxemployee.htm (EX-10.4) — 5KB
• cpb-exb311x10292024x10xq.htm (EX-31.1) — 9KB
• cpb-exb312x10292024x10xq.htm (EX-31.2) — 9KB
• cpb-exb321x10292024x10xq.htm (EX-32.1) — 6KB
• cpb-exb322x10292024x10xq.htm (EX-32.2) — 6KB
• cpb-20241027_g1.jpg (GRAPHIC) — 2555KB
• 0000016732-24-000201.txt ( ) — 16116KB
• cpb-20241027.xsd (EX-101.SCH) — 58KB
• cpb-20241027_cal.xml (EX-101.CAL) — 107KB
• cpb-20241027_def.xml (EX-101.DEF) — 468KB
• cpb-20241027_lab.xml (EX-101.LAB) — 851KB
• cpb-20241027_pre.xml (EX-101.PRE) — 673KB
• cpb-20241027_htm.xml (XML) — 1756KB

- 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 38

Controls and Procedures

Item 4. Controls and Procedures 38

- OTHER INFORMATION

PART II - OTHER INFORMATION 38

Legal Proceedings

Item 1. Legal Proceedings 38

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 39

Exhibits

Item 6. Exhibits 39 INDEX TO EXHIBITS 40

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THE CAMPBELL'S COMPANY Consolidated Statements of Earnings (unaudited) (millions, except per share amounts) Three Months Ended October 27, 2024 October 29, 2023 Net sales $ 2,772 $ 2,518 Costs and expenses Cost of products sold 1,905 1,730 Marketing and selling expenses 250 222 Administrative expenses 175 158 Research and development expenses 26 24 Other expenses / (income) 43 24 Restructuring charges 6 2 Total costs and expenses 2,405 2,160 Earnings before interest and taxes 367 358 Interest expense 87 49 Interest income 4 1 Earnings before taxes 284 310 Taxes on earnings 66 76 Net earnings 218 234 Less: Net earnings (loss) attributable to noncontrolling interests — — Net earnings attributable to The Campbell's Company $ 218 $ 234 Per Share — Basic Net earnings attributable to The Campbell's Company $ .73 $ .79 Weighted average shares outstanding — basic 298 298 Per Share — Assuming Dilution Net earnings attributable to The Campbell's Company $ .72 $ .78 Weighted average shares outstanding — assuming dilution 301 299 See accompanying Notes to Consolidated Financial Statements. 3 THE CAMPBELL'S COMPANY Consolidated Statements of Comprehensive Income (unaudited) (millions) Three Months Ended October 27, 2024 October 29, 2023 Pre-tax amount Tax benefit (expense) After-tax amount Pre-tax amount Tax benefit (expense) After-tax amount Net earnings (loss) $ 218 $ 234 Other comprehensive income (loss): Foreign currency translation: Foreign currency translation adjustments $ ( 2 ) $ — ( 2 ) $ ( 9 ) $ — ( 9 ) Cash-flow hedges: Unrealized gains (losses) arising during the period — — — 8 ( 2 ) 6 Reclassification adjustment for losses (gains) included in net earnings 1 — 1 — — — Pension and other postretirement benefits: Prior service credit arising during the period 7 ( 2 ) 5 — — — Reclassification of prior service credit included in net earnings — — — — — — Other comprehensive income (loss)

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 The Campbell's Company, formerly known as 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 28, 2024. 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 August 3, 2025. There will be 53 weeks in 2025. There were 52 weeks in 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. We adopted the guidance in the fourth quarter of 2023, with the exception of the annual rollforward requirement, which we will adopt in our 2025 annual reporting. The adoption did not have a material impact on our consolidated financial statements. See Note 18 for additional information. In November 2023, the FASB issued guidance to improve reportable segment disclosures, primarily through enhanced disclosures about si

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View this 10-Q filing on SEC EDGAR