Campbell Reports Q1 Fiscal 2021 Results and Increases Quarterly Dividend

CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) today reported results for its first-quarter fiscal 2021 and announced a 6% increase to its quarterly dividend.

• Net Sales increased 7%; Organic Net Sales increased 8% reflecting continued elevated demand for Campbell's brands.
• Earnings Before Interest and Taxes (EBIT) increased 45% to $461 million. Adjusted EBIT increased 18% to $463 million.
• Earnings Per Share (EPS) from Continuing Operations of $1.02 increased 82%. Adjusted EPS of $1.02 increased 31%.
• Increases quarterly dividend by 6% to $0.37 per share.
• Provides guidance for the second quarter of fiscal 2021.

CEO Comments

Mark Clouse, Campbell’s President and CEO, stated, “Fiscal 2021 is off to a strong start with first-quarter sales growth across both divisions and double-digit gains in EBIT and EPS. Our Meals & Beverages division continued to drive impressive sales and margin growth as we positioned our brands to align with macro consumer trends, and retailers rebuilt inventory for the holidays and the heart of soup season. Snacks continued to deliver strong results while increasing capacity in key power brands. We continue to build a high-performing Snacks business with differentiated brands and improving margins.”

Clouse continued: “The Board approved a 6% increase in our quarterly dividend, reflecting the company’s strong earnings performance, cash flows and increasing confidence in our long-term growth prospects, as well as our continued commitment to shareholder returns.”

The full report may be viewed here.