>>> Campbell Soup reports EPS in-line, misses on rev; guides FY15 EPS below cons

Campbell Soup reports EPS in-line, misses on rev; guides FY15 EPS below consensus

Reports Q4 (Jul) earnings of $0.49 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.49; revenues rose 7.5% year/year to $1.85 bln vs. the $1.87 bln consensus.

Organic sales decreased 2%.
- A breakdown of the change in sales follows: Acquisitions added 3% Increased promotional spending subtracted 2% Currency subtracted 1% The 53rd week added 7%
Excluding items impacting comparability in both periods, adjusted gross margin for the quarter was 34.3%, compared with 36.7% a year ago. The decline was primarily attributable to increased supply chain costs, cost inflation and higher promotional spending, partly offset by productivity improvements.

Co issues downside guidance for FY15, sees EPS of $2.45-2.50, excluding non-recurring items, vs. $2.57 Capital IQ Consensus; from the adjusted 52-week 2014 base, the co expects continuing operations to grow sales by 1 to 2%, adjusted EBIT to grow by 0 to 2% and adjusted EPS to grow by 0 to 2%.