Campbell Soup Company (NYSE:CPB) shares climbed on reporting quarterly earnings at $0.41 per share on revenue of $1.98 billion before the opening bell.
The Camden, New Jersey-based food manufacturer reported fourth-quarter loss Per Share from Continuing Operations of $0.02
Q4 Net Sales and Organic Sales from Continuing Operations Increased 2%.
Fourth-Quarter Results Comprising Continuing Operations and Campbell International (as Previously Guided) were: Net Sales of $2.024 Billion; Adjusted Earnings Per Share (EPS) of $0.50
Sales increased 2% to $1.8 billion driven by gains in Snacks, as well as Meals & Beverages. Gross margin increased from 31.4% to 34%.
Excluding items impacting comparability, adjusted gross margin increased 0.6 percentage points to 33.7%.
Said CEO Mark Crouse, "Our strong fourth-quarter results culminated a year of steady, positive performance for Campbell. We delivered consistent results and met or exceeded expectations for four consecutive quarters this year.
"We made significant progress against our 2019 strategic initiatives, namely: improving our in-market performance; overdelivering our cost savings programs; strengthening our relationships with key retailers; focusing the portfolio on our two core businesses in North America; and, completing the divestiture of Campbell Fresh and announcing the divestiture of Campbell International. We have created a solid foundation to build upon in fiscal 2020."
On July 12, the company announced that it entered into an agreement to sell the Kelsen Group and on August 2, that it entered into an agreement to sell Arnott’s and certain of Campbell’s International operations. These transactions are expected to close in the first half of fiscal 2020.
Shares vaulted $2.68, or 6.2%, to $46.00
