Campbell Soup Co CPB
Q3 2013 Earnings Call Transcript

Transcript Call Date 05/20/2013

Operator: Good day, ladies and gentlemen, and welcome to the Campbell Soup Company's Third 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 proceed.

Jennifer Driscoll - VP, IR: Thanks, Don. Good morning, everyone. Welcome to the third 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; Anthony DiSilvestro, Senior Vice President of Finance, and Anna Choi, Senior Manager of Investor Relations.

Denise will kick us off today with her perspective on the third quarter. Craig will then give you the financial and segment results for the quarter, our nine months highlights and expectations for fiscal 2013. After that we will take your questions.

As usual, we've created slides to accompany our earnings presentation. You'll find the slides posted on our website this morning at and on our IR app which is available through Google or Apple. 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 Slide 2 in the presentation or to the Company's most recent Form 10-K as well as Slide 3 and subsequent SEC filings for a list of the factors that could cause our actual results to vary materially from those anticipated in our forward-looking statements.

Campbell completed the acquisition of Bolthouse Farms one week into this current fiscal year. The acquisition is now included in our results and it drove most of the year-over-year changes in our first nine months. In September, we announced a restructuring program designed to improve our U.S. supply chain cost structure, our third quarter reported results reflect $20 million pre-tax of costs associated with that program.

Last, we signed commercial agreements with two companies in Mexico in February and our third quarter reported results reflect $1 million of associated pre-tax costs related to those agreements. Our remarks today for the balance of our presentation will be on an adjusted basis, including Bolthouse Farms operating results for 38 of the 39 weeks, but excluding its 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 to the slides accompanying our presentation. These slides, along with our earnings release and selected quarterly financials, also can be found on our website accessible online or any mobile device with the Campbell IR app.

Read our Earnings Call Transcript disclaimer.
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