Campbell Soup Company (CPB) Q4 2022 Earnings Call Transcript

Campbell Soup Company (NYSE:CPB) Q4 2022 Earnings Conference Call September 1, 2022 8:00 AM ET

Company Participants

Rebecca Gardy - Chief Investor Relations Officer

Mark Clouse - President and Chief Executive Officer

Mick Beekhuizen - Chief Financial Officer

Conference Call Participants

Andy Lazar - Barclays Capital

Ken Goldman - JPMorgan

Peter Galbo - Bank of America

Jason English - Goldman Sachs

Robert Moskow - Credit Suisse

Operator

Greetings, ladies and gentlemen and welcome to the Campbell Soup Company Fourth Quarter and Fiscal 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Rebecca Gardy, Chief Investor Relations Officer. You may begin.

Rebecca Gardy

Good morning and welcome to Campbell’s fourth quarter and full fiscal year 2022 earnings conference call. I am Rebecca Gardy, Chief Investor Relations Officer at Campbell Soup Company. I am joined today by Mark Clouse, Campbell’s President and Chief Executive Officer; and Mick Beekhuizen, Campbell’s Chief Financial Officer.

Today’s remarks have been prerecorded. Once we conclude our prepared remarks, we will transition to a live webcast Q&A session. The slide deck and today’s earnings press release have been posted to the Investor Relations section of our website, campbellsoupcompany.com. Following the conclusion of the Q&A session, a replay of the webcast will be available at the same location, followed by a transcript of the call within 24 hours.

On our call today, we will be making forward-looking statements which reflect our current expectations. These statements rely on assumptions and estimates which could be inaccurate and are subject to risk. Please refer to Slide 3 or our SEC filings for a list of factors that could cause our actual results to vary materially from those anticipated in forward-looking statements. Because we use non-GAAP measures, we have provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of this presentation.

On Slide 4, you will see today’s agenda. Mark will share his perspective on our fourth quarter and full year performance as well as in-market performance by division. Mick will discuss the financial results of the quarter in more detail and then review our guidance for the full year fiscal 2023.

And with that, I am pleased to turn the call over to Mark.

Mark Clouse

Thanks, Rebecca. Good morning and thank you for joining us today. On behalf of Campbell’s leadership, I want to begin by thanking the teams for all their hard work this year. By maintaining focus on the factors we can control, we delivered solid fourth quarter and full year results while advancing our strategic plan to deliver sustainable profitable growth. The teams executed with excellence across the company. We improved supply chain performance and implemented effective revenue management to counter inflation, all while demand for our portfolio of brands remained elevated. Importantly, we did what we said we were going to do. We delivered on the high-end of our original full year fiscal 2022 adjusted EPS guidance. We accomplished this despite the volatile environment we are in. And with the momentum we built throughout the year, we are confident in our ability to continue to deliver in fiscal 2023.