Campbell Soup Company (NYSE:CPB) lost some ground Thursday morning, on fourth-quarter financial figures.
The food giant out of Camden, New Jersey reported fourth-quarter net sales increased 18%, while organic Net Sales increased 12% reflecting continued increased demand for our products
Fourth-quarter Earnings Per Share (EPS) from Continuing Operations were $0.28, an compared to a loss of $0.02 in the prior-year quarter; Adjusted EPS of $0.63 increased 50%
Full-year Net Sales and Organic Net Sales increased 7% and EPS from Continuing Operations of $1.95 increased 24%; Adjusted EPS of $2.95 increased 28%
CEO Mark Clouse said "Our strong fourth-quarter and full-year fiscal 2020 performance was enabled by the extraordinary work of our teams who remained agile and resilient in a challenging operating environment.
"We continued to invest in our businesses during the quarter as we experienced unprecedented demand for our products and welcomed millions of new households to the Campbell portfolio. This quarter concluded a year that furthered our strategic plan and solidified a significantly strengthened foundation that we will build upon going forward as we begin fiscal 2021."
In the fourth quarter of fiscal 2020, Campbell achieved $45 million in savings under its multi-year cost savings program, inclusive of Snyder’s-Lance synergies, bringing total program-to-date savings to $725 million.
Total fiscal 2020 savings were $165 million. Moreover, Campbell is targeting cumulative annualized savings of $850 million by the end of fiscal 2022.
CPB shares sifted off $1.05, or 2%, to $51.40.
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