Business Context and Reporting Period
Company: Campbell Soup Company (CPB)
Filing Type: Form 8-K (Current Report)
Report Date: June 5, 2019
Reporting Period: Fiscal 2019 Third Quarter ended April 28, 2019
This filing announces the issuance of a press release regarding Q3 2019 financial results. It also details significant changes to segment reporting and the classification of certain businesses as discontinued operations.
Key Financial Metrics
The provided text serves as a notification of results and does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are referenced as being contained in the attached press release (Exhibit 99.1) and recast financial information (Exhibit 99.2).
Material Changes and Segment Reporting
Effective for the third quarter of 2019, the company has reclassified several businesses as discontinued operations following recent divestitures:
- U.S. Refrigerated Soup Business: Sold on February 25, 2019. A portion was retained and moved to the Meals and Beverages segment.
- Garden Fresh Gourmet Business: Sold on April 25, 2019.
- Bolthouse Farms: Definitive agreement signed on April 12, 2019, for sale to an affiliate of Butterfly Equity.
Continuing Operations Segments:
- Meals and Beverages: Includes retail and food service in the U.S., Canada, and Latin America. Products include Campbell's soups, Swanson broths, Prego sauces, Pace sauces, V8 juices, and Pacific products.
- Global Biscuits and Snacks: Aggregates U.S. snacks (Pepperidge Farm, Snyder's-Lance) and international biscuits/snacks (Arnott's, Kelsen).
Guidance, Outlook, and Risks
The filing text does not provide specific forward-looking guidance, management commentary on future performance, or a detailed risk assessment. It notes that the attached exhibits contain non-GAAP financial measures reconciled to GAAP. The text includes standard disclaimers that the information in Item 2.02 and the exhibits is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Review Exhibit 99.1 for specific Q3 2019 revenue, earnings per share, and cash flow figures.
- Examine Exhibit 99.2 for recast historical financial data reflecting the discontinued operations and segment changes.
- Verify the impact of the Bolthouse Farms sale on future cash flows and segment composition.
- Confirm the reconciliation of non-GAAP measures to GAAP results in the attached exhibits.