Campbell Soup Company (NYSE:CPB) Q4 2019 Earnings Conference Call - Final Transcript

Aug 30, 2019 • 08:30 am ET


Campbell Soup Company (NYSE:CPB) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to Campbell's Fourth Quarter and Full Year Fiscal 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] And as a reminder, today's conference call is being recorded. I would now like to turn the conference call over to Ken Gosnell, Vice President, Finance Strategy and Investor Relations. Please go ahead.

Ken Gosnell

Thank you. Good morning, everyone. Welcome to Campbell's fourth quarter and full year fiscal 2019 earnings call. As usual, we have created slides to accompany our earnings presentation. You will find these slides posted on our website this morning at This call is open to the media who participate in a listen-only mode.

Turning to Slide 2. Today, we will make 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 2 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 these measures to the most directly comparable GAAP measure, which is included in the appendix of this presentation.

Additionally, concurrently with our filing of our 10-K in a few weeks, we plan to file an 8-K, which will recast historical quarterly and full year unaudited financial information, reflecting the discontinued operations, as well as certain non-GAAP financial measures reconciled to the GAAP presentation.

On Slide 3, you can see the agenda we will cover today. With us on the call today are Mark Clouse, Campbell's President and CEO and Anthony DiSilvestro, Chief Financial Officer. Mark will share his thoughts on our performance in the quarter, our progress in fiscal 2019 against our strategic initiatives, and provide his perspective on our outlook for fiscal '20. Then Anthony, will walk through the financial details as well as our guidance for fiscal 2020.

With that, let me turn the call over to Mark.

Mark A. Clouse

Thanks, Ken. Good morning, everyone and thanks for joining us today. This morning I will make high-level comments about our combined results for ease of comparison to our most recently provided sales and earnings guidance. Anthony will bridge the various components of our results, including both continuing and discontinued operations given the sale of Campbell Fresh and the pending divestitures of the Campbell International businesses.

I'm pleased to say that in the fourth quarter, we continued to do what we said we would. This quarter showed meaningful improvement in our performance sequentially and versus a year ago across many measures. Additionally Q4 completes a fiscal year where we've made material progress on our strategic plan across the business. First and foremost, it starts with our performance. We are delivering results that are aligned with or exceeding our expectations, which is a critical first step in our journey