The Campbell's Company reported its first-quarter fiscal 2025 results on December 3, 2024, with net sales increasing 10% to $2.772 billion, primarily driven by the Sovos Brands acquisition. However, organic net sales decreased by 1%, reflecting a dynamic consumer environment and retailer inventory movements related to the later Thanksgiving holiday.
Adjusted diluted earnings per share (EPS) decreased 2% to $0.89, while adjusted EBIT increased 6% to $432 million. The Meals & Beverages segment saw net sales rise 22% and operating earnings grow 17%, largely due to the acquisition. In contrast, the Snacks segment experienced a 4% decrease in net sales and a 12% decline in operating earnings.
The Board of Directors approved a 5% increase in the quarterly dividend, raising it from $0.37 to $0.39 per share, an annualized rate of $1.56. Concurrently, the company announced that CEO Mark Clouse plans to retire on January 31, 2025, and Mick Beekhuizen, President of Meals & Beverages, was elected to succeed him as President and CEO, effective February 1, 2025. The company reaffirmed its full-year fiscal 2025 guidance, anticipating net sales growth of 9% to 11% and adjusted EPS growth of 1% to 4% ($3.12 to $3.22).
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