Financial Highlights
2015
2014
52 weeks
(dollars in millions, except per share amounts)
53 weeks
Results of Operations Net Sales
8,082 2,805 34.7% 1,095
$ $
$ 8,268 $ 2,898
Gross Profit
Percent of Sales
35.1%
Earnings before interest and taxes
$ $ $ $ $ $ $ $ $ $
$ $ $ $ $ $ $ $ $ $
1,192 737 2.33
691 2.21
Earnings from continuing operations attributable to Campbell Soup Company
Per share — diluted
Earnings from discontinued operations
- -
81
Per share — diluted
0.26
691 2.21
Net earnings attributable to Campbell Soup Company
818
Per share — diluted
2.59
Other Information Net cash provided by operating activities
1,182 380 1.248
899 347
Capital expenditures Dividends per share
1.248
In 2015, Earnings from continuing operations attributable to Campbell Soup Company were impacted by a restructuring charge and administrative expenses of $78 ($.25 per share) associated with restructuring and cost savings initiatives in 2015. In 2014, Earnings from continuing operations attributable to Campbell Soup Company were impacted by the following: a restructuring charge and related costs of $36 ($.11 per share) associated with restructuring initiatives in 2014 and 2013; pension settlement charges of $14 ($.04 per share) associated with a U.S. pension plan; a loss of $6 ($.02 per share) on foreign exchange forward contracts used to hedge the proceeds from the sale of the European simple meals business; $7 ($.02 per share) tax expense associated with the sale of the European simple meals business; and the estimated impact of the additional week of $25 ($.08 per share). Earnings from discontinued operations included a gain of
$72 ($.23 per share) on the sale of the European simple meals business. See below for a reconciliation of the impact of these items on reported results.
Reconciliation of GAAP and Non-GAAP Financial Measures The following information is provided to reconcile certain non-GAAP financial measures disclosed in the Letter to Shareholders to reported sales and earnings results. We believe that organic net sales, which exclude the impact of currency, acquisitions and an additional week in fiscal 2014, are a better indicator of our ongoing business performance. We also believe that the financial information excluding certain transactions not considered to be part of the ongoing business improves the comparability of year-to-year earnings results. Consequently, we believe that investors may be able to better understand our earnings results if these transactions and the estimated impact of the additional week in 2014 are excluded from the results. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures.
2015
(dollars in millions)
2014
% Change
Net Sales
$ 8,082
$ 8,268
-2% 0%
Volume and Mix
Price and Sales Allowances
1%
Promotional Spending
0%
Organic Growth
1%
Currency
-2% 0% -2% -2%
Acquisitions
Impact of Additional Week
Total
The sum of the individual amounts does not add due to rounding.
2015
2014
Earnings % Change EPS % Change
Diluted
Diluted
Earnings
EPS Earnings
EPS
Impact Impact
(dollars in millions, except per share amounts) Earnings from continuing operations attributable to Campbell Soup Company, as reported
Impact Impact
2015/2014 2015/2014
$691 $2.21
$737
$2.33
78
0.25
Restructuring charges and related costs/implementation costs
36
0.11
Pension settlement charges
- - - -
- - - -
14
0.04 0.02 0.02
Loss on foreign exchange forward contracts
6 7
Tax expense associated with sale of European business
Impact of additional week
(25)
(0.08)
Adjusted Earnings from continuing operations attributable to Campbell Soup Company
$769 $2.46
$775
$2.45
-1%
0%
The sum of the individual per share amounts does not add due to rounding.
6
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