Campbell Soup Co CPB
Q1 2013 Earnings Call Transcript

Transcript Call Date 11/20/2012

Operator: Good day, ladies and gentlemen, and welcome to the Campbell Soup First Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, today's conference call is being recorded.

I would now like to turn the conference over to your host, Jennifer Driscoll, Vice President, Investor Relations. Please begin.

Jennifer Driscoll - VP, IR: Thank you. Good morning, everyone. Welcome to the first quarter earnings call and webcast for Campbell Soup Company. With me here in New Jersey today are Denise Morrison, President and CEO; Craig Owens, Senior Vice President, CFO and Chief Administrative Officer and Anthony DiSilvestro, Senior Vice President of Finance, as well as Stephanie Varnum, Senior Manager of Investor Relations.

Denise will kick us off today with a strategic update, a few thoughts on Hurricane Sandy, the highlights of our results for the first quarter, and a few comments on the year. Then Craig will offer his take on the quarter, including our segment results and then our guidance. After we take your questions, Denise will make a few closing remarks.

As usual, we have created slides to accompany our earnings presentation. You'll find the slides posted on our website this morning at Please keep in mind that this call is open to members of the media who are participating in listen-only mode.

As a reminder, our presentation today includes forward-looking statements which reflect the Company's current expectations about future plans and performance. These forward-looking statements rely on a number of assumptions and estimates, which could be inaccurate and are subject to inherent risks.

Please refer to the Slide 3 in the presentation or to the Company's most recent Form 10-K and subsequent SEC filings for a list of the factors that could cause our actual results to vary materially from those anticipated in any forward-looking statements that we might make.

As you know, Campbell completed the acquisition of Bolthouse Farms on August 6, one week into the quarter. The acquisition is now included in our results and it drove most of the year-over-year changes in the first quarter. The quarter also includes $10 million in transaction costs related to the acquisition which are included in our reported results. On September 27 we announced a $115 million restructuring program designed to improve our U.S. supply chain core structure. Our first quarter reported results reflect $43 million of costs associated with that restructuring program. Our remarks today for the balance of our presentation will be on an adjusted basis including Bolthouse Farms' operating results for 12 of the 13-weeks of the quarter, but excluding the transaction costs and the restructuring charges.

Since our presentation includes non-GAAP measures as defined by SEC rules, we've provided a reconciliation of the measures to the most directly comparable GAAP measures as an appendix through the slides accompanying our presentation. These slides along with our earnings release and selected quarterly financials also can be found on our website and one other place.

Read our Earnings Call Transcript disclaimer.
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