CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) today reported its results for the third quarter of fiscal 2014.
- U.S. Simple Meals Sales Rose 7 Percent; Earnings Increased 12 Percent
- Global Baking and Snacking Sales Declined 1 Percent; Earnings Decreased 7 Percent
- International Simple Meals and Beverages Sales Declined 17 Percent; Earnings Decreased 4 Percent
The company reported earnings from continuing operations for the quarter ended April 27, 2014, of $184 million, or $0.58 per share, compared with earnings of $169 million, or $0.53 per share, in the prior year. In the third quarter of fiscal 2014, the company recognized a pre-tax pension settlement charge of $18 million ($11 million after tax or $0.03 per share) associated with a U.S. pension plan. The settlement charge resulted from the level of lump sum distributions from the plan’s assets in 2014, due primarily to the closure of the Sacramento facility. Excluding items impacting comparability in both periods, adjusted earnings from continuing operations increased 7 percent to $195 million compared with $183 million in the prior year’s quarter, and adjusted earnings per share from continuing operations increased 7 percent to $0.62 compared with $0.58 in the year-ago quarter. Full report.