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Campbell to Outline Progress on Strengthening Core Businesses and Expanding into Higher Growth Spaces

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Reiterates Fiscal 2013 Guidance; Provides Perspective on Fiscal 2014

CAMDEN, N.J.–(BUSINESS WIRE)–Jul. 24, 2013–
Campbell Soup Company (NYSE:CPB) will discuss its growth
strategies and provide an update on plans for fiscal 2014 at a meeting
with investors today led by President and Chief Executive Officer Denise

Morrison and other members of Campbell’s management team, including Mark
Alexander, President – Campbell North America; Jeff Dunn, President –
Bolthouse Farms; Irene Chang Britt, SVP – Global Baking and Snacking and
President – Pepperidge Farm; Luca Mignini, President – Campbell
International; and Craig Owens, SVP, Chief Financial Officer and Chief
Administrative Officer, will outline the company’s plans to continue to
implement its key growth strategies in its upcoming fiscal year. Those
strategies focus on profitably growing the company’s soup and simple
meals business in North America, expanding its international presence
and continuing to drive growth in snacks and healthy beverages.

Morrison said, “We are executing against a dual mandate to strengthen
our core businesses and expand into higher growth spaces. We have had
striking movement in both prongs of this mandate during this fiscal
year. We’ve made good progress in strengthening our core businesses, led
by impressive advances in U.S. Soup. We are clear-eyed about our need to
address some continuing challenges, particularly in U.S. Beverages. Our
expansion into higher growth spaces is being propelled by innovation and
external development transactions that represent very bold and
deliberate moves for Campbell.”

Reiterates Fiscal 2013 Guidance

Campbell continues to expect sales growth at the upper end of the 10- to
12-percent range and adjusted EBIT growth at the upper end of the 4- to
6-percent range. Adjusted EPS, benefiting from a favorable tax rate and
EBIT improvement, is expected to grow between 6 and 7 percent, putting
adjusted EPS in the range of $2.58 to $2.62. This guidance includes the
estimated impact of the Bolthouse Farms business and excludes the impact
of acquisition transaction costs and restructuring charges. In fiscal
2013, Campbell continues to expect Bolthouse Farms to contribute
approximately $750 million to sales and add approximately $0.06 to
adjusted EPS, including the impact of the suspension of Campbell’s
strategic share repurchase program. A detailed reconciliation of
adjusted financial information to the reported information is included
at the end of this news release.

Key Drivers in Fiscal 2014

Campbell plans to provide fiscal 2014 guidance when it reports
fourth-quarter results on Aug. 29, 2013.

Owens said, “We see opportunities to continue to accelerate our
performance next year. In fiscal 2014, we expect an improvement in the
rate of organic sales and EBIT growth. We foresee solid performance in
U.S. Simple Meals, led by the launch of new products and line
extensions, growth in premium soups, increased breakthrough innovation
and better availability for many of our products. Organic sales will
also benefit from strong growth in the Bolthouse Farms portfolio. Our
guidance for fiscal 2014 will include the impact of recent acquisitions,
one of which has not yet closed. Fiscal 2014 also will be affected by
significant currency movements and a 53rd week in the fourth
quarter. Additionally, we will be cycling an unusually low tax rate from
fiscal 2013. We will provide details on fiscal 2014 when we report our
fourth-quarter results next month.”

A webcast of the meeting will be available at
beginning at 9:00 a.m. Eastern Daylight Time today.

About Campbell Soup Company

Campbell Soup Company is a manufacturer and marketer of high-quality
foods and simple meals, including soup and sauces, snacks and healthy
beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” “V8,” “Bolthouse Farms” and “Plum Organics.” Through its
corporate social responsibility program, the company strives to make a
positive impact in the workplace, in the marketplace and in the
communities in which it operates. Campbell is a member of the Standard &
Poor’s 500 and the Dow Jones Sustainability Indexes. For more
information, visit
or follow company news on Twitter via @CampbellSoupCo.

Cautionary Note Regarding Forward-looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance on sales, earnings and margins. These forward-looking
statements rely on a number of assumptions and estimates that could be
inaccurate and which are subject to risks and uncertainties. The factors
that could cause the company’s actual results to vary materially from
those anticipated or expressed in any forward-looking statement include
(1) the impact of strong competitive responses to the company’s efforts
to leverage its brand power in the market; (2) the impact of changes in
consumer demand for the company’s products; (3) the risks associated
with trade and consumer acceptance of the company’s initiatives; (4) the
company’s ability to realize projected cost savings and benefits; (5)
the company’s ability to manage changes to its business processes; (6)
the practices and increased significance of certain of the company’s key
trade customers; (7) the impact of fluctuations in the supply or costs
of energy and raw and packaging materials; (8) the impact of portfolio
changes, including the Plum Organics acquisition and the expected Kelsen
Group acquisition; (9) the uncertainties of litigation; (10) the impact
of changes in currency exchange rates, tax rates, interest rates, debt
and equity markets, inflation rates, economic conditions and other
external factors; (11) the impact of unforeseen business disruptions in
one or more of the company’s markets due to political instability, civil
disobedience, armed hostilities, natural disasters or other calamities;
and (12) other factors described in the company’s most recent Form 10-K
and subsequent Securities and Exchange Commission filings. The company
disclaims any obligation or intent to update the forward-looking
statements in order to reflect events or circumstances after the date of
this release.

Reconciliation of GAAP and Non-GAAP Financial Measures Fiscal Year
Ended July 29, 2012

Campbell Soup Company uses certain non-GAAP financial measures as
defined by the Securities and Exchange Commission in certain
communications. These non-GAAP financial measures are measures of
performance not defined by accounting principles generally accepted in
the United States and should be considered in addition to, not in lieu
of, GAAP reported measures.

The company believes that financial information excluding certain
transactions not considered to be part of the ongoing business improves
the comparability of year-to-year results. Consequently, the company
believes that investors may be able to better understand its earnings
results if these transactions are excluded from the results.


Adjusted Earnings

Year Ended
Restructuring Transaction
(dollars in millions)   As Reported   Charges (1)   Costs (2)   Adjusted
Net earnings attributable to Campbell Soup Company $ 774 $ 6 $ 3 $ 783
Add: Net earnings (loss) attributable to noncontrolling interests (10 ) (10 )
Add: Interest, net 106 106
Add: Taxes on earnings     342       4     2     348  
Earnings before interest and taxes   $ 1,212     $ 10   $ 5   $ 1,227  

Adjusted Diluted Net Earnings Per Share

Diluted net earnings per share, as reported $ 2.41
Add: Restructuring charges (1) 0.02
Add: Acquisition transaction costs (2)                                           0.01
Adjusted Diluted net earnings per share                                         $ 2.44

(1) In fiscal 2011, the company announced a series of initiatives to
improve supply chain efficiency and reduce overhead costs across the
organization to help fund plans to drive the growth of the business. The
company also announced its intent to close its office in Moscow and exit
the Russian market. In fiscal 2012, the company recorded pre-tax
restructuring charges of $10 million ($6 million after tax or $.02 per
share) related to the initiatives.

(2) In the fourth quarter of fiscal 2012, the company announced its
intent to acquire Bolthouse Farms. The company incurred transaction
costs of $5 million ($3 million after tax or $.01 per share) associated
with the acquisition, which closed on August 6, 2012.

Source: Campbell Soup Company

Campbell Soup Company
Carla Burigatto (Media)
Driscoll (Analysts/Investors)

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