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8002 II- Mathematical Foundations of Risk(R) Measurement

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8002 exam Dumps Source : II- Mathematical Foundations of Risk(R) Measurement

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Test cognomen : II- Mathematical Foundations of Risk(R) Measurement
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: 132 true Questions

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PRMIA PRMIA II- Mathematical Foundations

Brandeis exotic enterprise college | killexams.com true Questions and Pass4sure dumps

Robert R. Reitano is Professor of the result of Finance at the Brandeis international enterprise school where he specializes in possibility administration and quantitative finance, and has previously served as Senior Director of academics. He too teaches as Adjunct Professor within the Wuhan college of technology faculty of Economics, and prior to now was traveling Professor at Reykjavik college faculty of company, and Adjunct Professor in Boston institution's Masters degree software in Mathematical Finance.

Dr. Reitano is a expert in funding approach and economic casual management, was Chief funding Officer of managed casual insurance trade (CRICO), and previously had a 29 yr career at John Hancock/Manulife in asset/legal responsibility possibility administration and funding strategy, advancing to govt vice chairman & Chief funding Strategist.

His research papers believe seemed in a couple of journals and believe received an Annual Prize of the Society of Actuaries and two biennial F.M. Redington Prizes awarded through the funding ingredient of the Society of the Actuaries. His book, “Introduction to Quantitative Finance: A Math tool kit,” turned into posted by using The MIT Press in January, 2010, and translated into chinese language with the aid of fact & knowledge Press in March, 2015. he is self-publishing an advanced follow-on sequence, “Foundations of Quantitative Finance,” of which the first four books were published in 2017 and available on his website at http://www.robertrreitano.com/fqf/.

Dr. Reitano has served as Vice Chair of the Board of administrators of the professional casual Managers exotic association (PRMIA) and on the government Committee of the PRMIA Board, is presently a member of the PRMIA Boston steering Committee, the fiscal research Committee of the Society of Actuaries, and serves on different now not-for-profit boards and investment committees.

He has a Ph.D. in arithmetic from MIT, is a Fellow of the Society of Actuaries, and a Chartered commercial enterprise possibility Analyst.

levels:Massachusetts Institute of know-how, Ph.D.university of Massachusetts, Amherst, M.A.

Publications:

  • Reitano, Robert R.. Foundations of Quantitative Finance, booklet three: The Integrals of Lebesgue and (Riemann-)Stieltjes. First ed. Self-posted, 2018.
  • Reitano, Robert R.. Foundations of Quantitative Finance, e-book 4: Distribution services and Expectations. First ed. Self-published, 2018.
  • Reitano, Robert R.. Foundations of Quantitative Finance, e-book 1: Measure spaces and Measurable features. First ed. Self-published, 2017.
  • Reitano, Robert R.. Foundations of Quantitative Finance, publication 2: probability areas and Random Variables. First ed. Self-posted, 2017.
  • Reitano, Robert R.. Introduction to Quantitative Finance: A Math device gear (chinese edition). First ed. Shanghai, China: fact & wisdom Press, 2015.
  • Reitano, Robert R.. teacher's lead to accompany Introduction to Quantitative Finance: A Math tool kit. First ed. Cambridge, MA: The MIT Press, 2010.
  • Reitano, Robert R.. Introduction to Quantitative Finance: A Math device package. First ed. Cambridge, MA: The MIT Press, 2010.
  • Reitano, Robert R.. pupil solutions manual to accompany Introduction to Quantitative Finance: A Math device kit. First ed. Cambridge, MA: The MIT Press, 2010.
  • Reitano, Robert R.. "Yield Curve possibility management." handbook Of Finance. First ed. vol. Valuation, monetary Modeling, and Quantitative tools; Ed. frank J. Fabozzi. Hoboken, NJ: John Wiley & Sons, Inc., 2009. pp 215-232.
  • Reitano, Robert R.. "Two Paradigms for the Market cost of Liabilities." North American Actuarial Journal quantity 1. quantity four (1997): 104-122.
  • Reitano, Robert R.. "Non-Parallel capitulate Curve Shifts and Stochastic Immunization." Journal of Portfolio management extent 22. quantity 2 (1996): 71-seventy eight.
  • Reitano, Robert R.. "Multivariate Stochastic Immunization idea." Transactions of the Society of Actuaries XLV. (1994): 425-461.
  • Reitano, Robert R.. "Non-Parallel capitulate Curve Shifts and Convexity." Transactions of the Society of Actuaries XLIV. (1993): 479-499.
  • Reitano, Robert R.. "Non-Parallel capitulate Curve Shifts and Immunization." Journal of Portfolio management volume 18. quantity three (1992): 36-forty three.
  • Reitano, Robert R.. "Multivariate duration evaluation." Transactions of the Society of Actuaries XLIII. (1991): 335-376.
  • Reitano, Robert R.. "Multivariate Immunization idea." Transactions of the Society of Actuaries XLIII. (1991): 393-428.
  • Reitano, Robert R.. "Non-Parallel capitulate Curve Shifts and spread Leverage." Journal of Portfolio administration volume 17. number three (1991): eighty two-87.
  • Reitano, Robert R.. "A Statistical evaluation of Banded facts with applications." Transactions of the Society of Actuaries XLII. (1990): 375-404.
  • Reitano, Robert R.. "Non-Parallel capitulate Curve Shifts and Durational Leverage." Journal of Portfolio administration quantity sixteen. number four (1990): sixty two-67.
  • Reitano, Robert R.. "Mortality charge Valuation of Underwriting requirements." Transactions of the Society of Actuaries XXXIV. (1982): 277-322.
  • Awards & Honors:

  • (2017) Excellence in teaching Award for full Time college: 2016-2017, overseas enterprise faculty.
  • (2008) Chartered trade casual Analyst (CERA) credential awarded by means of the Society of Actuaries as attention for being a "concept leader" in the field.
  • (2007) Excellence in teaching Award for full Time college: 2006-2007, overseas trade school.
  • (1996) investment allotment of the Society of Actuaries1994-ninety five F.M. Redington Prize for "Multivariate Stochastic Immunization theory", Transactions of the Society of Actuaries, XLV, 1994.
  • (1994) investment allotment of the Society of Actuaries1991-93 F.M. Redington Prize for "Multivariate duration analysis", TSA, XLIII, 1991.
  • (1992) Society of Actuaries1991 Annual Prize for "Multivariate duration analysis", TSA, XLIII, 1991.

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    8002 II- Mathematical Foundations of Risk(R) Measurement

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    8002 exam Dumps Source : II- Mathematical Foundations of Risk(R) Measurement

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    Stability of core language skill from infancy to adolescence in typical and atypical evolution | killexams.com true questions and Pass4sure dumps

    Abstract

    Command of language is a fundamental life skill, a cornerstone of cognitive and socioemotional development, and a necessary ingredient for successful functioning in society. They used 15-year prospective longitudinal data from the Avon Longitudinal Study of Parents and Children to evaluate two types of stability of core language skill in 5036 typically developing and 1056 atypically developing (preterm, dyslexic, autistic, and hearing impaired) children in a multiage, multidomain, multimeasure, multireporter framework. A sole core language skill was extracted from multiple measures at multiple ages, and this skill proved stable from infancy to adolescence in everything groups, even accounting for child nonverbal intelligence and sociability and maternal age and education. Language skill is a highly conserved and robust individual-differences characteristic. Lagging language skills, a risk factor in child development, would profitably subsist addressed early in life.

    INTRODUCTION

    Early language skills merge into higher-order verbal and mental functioning (1) and so believe predictive validity for the evolution of speech, grammar, reading, academic achievement, and intelligence (2–4). Language skills too prognosticate behavioral adjustment in children (5, 6), even after controls for prior levels of deportment problems and taking into consideration children’s nonverbal intellectual functioning and performance, gender, and ethnicity, as well as their mothers’ verbal intelligence, education, parenting knowledge, and companionable desirability bias, and their families’ socioeconomic status (7, 8). Achievements in language and literacy open doors to education, occupation, income, and health (9).

    Individual differences are a central and manifest characteristic of child language (10–12), as children of the same chronological age vary dramatically in terms of their language skills. One fundamental conceptual issue that has framed debates about individual differences in theory and research across the history of language study and developmental science is their stability (13). Stability is consistency in individual differences over time. Stability in language therefore occurs when some children display relatively towering levels of language at one point in time vis-à-vis their peers and continue to display towering levels at a later point in time, while other children display consistently lower levels. Language is among the most intricate skills a child must master, and so understanding individual differences in language and their developmental stability is of compelling interest to professionals, practitioners, and parents.

    Here, they distinguish and study two kinds of stability in child language. One is homotypic stability, maintaining individual rank order in the same characteristic measured in the same metric over time. In language, vocabulary size exemplifies a characteristic that might subsist indexed in the same route at different ages and expose homotypic stability. The other is heterotypic stability, maintaining individual rank order on different manifest characteristics over time, where the different characteristics are theoretically related and presumed to partake the same underlying construct. In language, the shared constructs, vocabulary size at one age and reading comprehension at a later age, might expose heterotypic stability.

    The present study aims to promote their understanding of child language and its homotypic and heterotypic stability in several novel and substantial ways. (i) This study assesses stabilities of individual variation in language evolution in big and independent samples. (ii) The study begins earlier in life (6 months) and extends later in life (15 years) than ever before. (iii) The study follows a 13-wave granular longitudinal design that is unprecedented in developmental science. (iv) The study uses a wide gain of age-appropriate language domains (from generic communication and vocabulary in infancy and early childhood to spelling, reading, and narrative in later childhood and adolescence) broadly construed across a diversity of methods and measures. (v) The study evaluates homotypic and heterotypic stabilities in typically developing children as well as children in four at-risk groups: preterm children and children diagnosed with dyslexia, autism spectrum disorders (ASDs), and hearing impairment. Improved survival and diagnosis believe meant markedly increasing numbers of very preterm children and children with ASD, respectively, in the community.

    To accomplish these several aims, they identified four major challenges to the study of language stability in children and reached solutions to each. The first two challenges were to capture the multiple domain, method, and measurement approaches to language and their changing age appropriateness. Here, they define “language” broadly to comprise many domains (including phonology, lexicon, grammar, pragmatics, reading, spelling, and narrative), and each can subsist assessed in multiple ways. Moreover, language differs phenotypically at different ages. The organizational perspective on evolution posits that the proper route to study evolution over time is to examine age-appropriate and therefore different, yet conceptually related, measures of the same underlying construct (14). In consequence, no sole representation of language evolution across childhood is best, and no sole approach to measurement can predominate. Rather, assessment selection must subsist guided by tradition, tractability, goal, convenience, and age appropriateness. Developmental scientists today advocate the wisdom of applying multiple assessments and using converging operations of different strategies targeted to the same phenomenon.

    Thus, the first two challenges are to identify sensitive, reliable measures of language with different contents derivable from varying methods and sources that track child age appropriately. They met these challenges, first, by implementing caregiver reports and direct assessments of multiple different aspects of children’s language and, second, by extracting shared variance among different measures using dormant variables (15). dormant variables constitute a solution to the time-varying requirement of language evolution because they accommodate multiple age-appropriate indicators and different loadings for the same indicators on child language across age. dormant variables capture empirical covariation among indicators that may manifest differently at each age. dormant variables thereby identify what they call here core language skill. As stated, language assessment across a prolonged developmental timescale perforce entails dynamically changing (age-appropriate) measures. Procedurally, some methodologies can evaluate children directly (as in testing), but others must (or even best) reliance on parental report because of the very green age of the child, the possibility of child reactivity to testing or observation, or the experienced and knowledgeable attitude of the child’s caregiver. Substantively, some measures (grammar or literacy) may subsist arrogate only at inevitable ages, whereas others (vocabulary) may subsist applicable across multiple ages.

    The third challenge was to pinpoint stability “in” the child. Stability is often readily ascribed to temporal consistency of a characteristic in the individual. However, valid attribution necessitates simultaneous examination of factors that pervasively influence stability or confound its interpretation. To assess whether core language skill is stable in itself or if any of several third variables that covary with child language underlie stability in core language skill, they assessed and accounted for multiple candidate endogenous (child nonverbal intelligence and sociability) and exogenous (maternal age and education) variables.

    The fourth challenge was to evaluate the robustness of stability. Language is a sensitive and demonstrable indicator of human development. Biological risks of many kinds are known to perturb the normal acquisition of language. As reviewed in greater depth in the Supplementary Materials, mean-level differences in language are common in atypically developing preterm children and children with dyslexia, autism, and hearing impairment when compared to typically developing children. However, less is known about how biological risk alters language stability. It is practicable that the mechanisms that produce mean-level group differences in language too generate variability in stability. For example, stability of language in children with a language disability, such as dyslexia, may subsist higher than stability in children without a disability because the processes that restrict language skills too maintain language-disabled children’s fixed order relative to one another. Here, they explored several biological and health moderators of language stability in children, including preterm birth, dyslexia, autism, and hearing impairment. Fuller discussions and justifications of the significance of stability, dormant variables, and the moderators issue in the Supplementary Materials.

    RESULTS Study 1: Long-term language stability in typical development

    Study 1 evaluated long-term language stability in typical evolution in a 13-wave prospective longitudinal study that used data from the Children in Focus (CiF) group of the Avon Longitudinal Study of Parents and Children (ALSPAC) (16–18). The final study sample consisted of 925 (429 girls, 46.4%) white, term, monolingual singletons (M gestation = 39.75 weeks, SD = 1.29) free of dyslexia, autism, and hearing impairment. Mothers averaged 29.26 years (SD = 4.48; range, 14 to 43) at childbirth. This study sample was very diverse in terms of maternal education and companionable class. Table 1 presents the sample size and child age at each data collection wave.

    Table 1 Study 1: Sample size, child age, and language measures at each data collection wave.

    N represents the number of available observations. Except for wave 1 (child age in months), child ages are in years.

    Table 1 too presents language measures, scale scores, and sources used at each data collection wave. Table S1 shows the means, SDs, and ranges of the language measures and covariates for the total sample.

    We assessed the appropriate of a structural model to the data to assess the common convergence of multiple measures on sole dormant variables of the core language skill, where applicable, and the stability between those language variables (measurement models are discussed in the Supplementary Materials). The a priori model appropriate the data, scaled Yuan-Bentler (Y-B) χ2(618) = 2399.16, P < 0.001, robust comparative appropriate index (CFI) = 1.00, standardized root stand for square residual (SRMR) = 0.11, and root stand for square oversight of approximation (RMSEA) = 0.00. device 1 presents the standardized solution of this stability model. Although SRMR was greater than the usual cutoff of 0.09 (19), it is sensitive to estimation technique and sample size (20) and model complexity (21). Given the excellent appropriate indicated by the CFI and RMSEA as well as the big sample size and intricate model, they deemed it acceptable. everything indicators of child language loaded significantly on their factors at each age, which indicated that diverse measures of language formed stable, sole factors of core language skill at each age. The stabilities of language were big between successive waves except for one medium-sized stability between the 6-month variable and year 1 factor.

    Fig. 1 Study 1.

    Standardized solution for stability model (N = 925). Numbers associated with single-headed arrows are standardized path coefficients; numbers associated with dotted single-headed arrows are oversight variances or disturbances, the amount of variance not accounted for by paths in the model. Indicators of each dormant variable are listed below the dormant variable with their factor loadings. †Marker indicators of the dormant factors (loadings set to 1 to scale and identify the factor). Covariances that were in the model, but not shown in the figure, included year 2 MCDI vocabulary and RDLS comprehension, standardized coefficient = 0.22, P < 0.001; year 5 RDLS comprehension and Initial Consonant Detection Test, standardized coefficient = −0.26, P < 0.001; year 5 Bus anecdote information and Bus anecdote sentence length, standardized coefficient = 0.78, P < 0.001; and year 9 word and nonreal word reading, standardized coefficient = 0.39, P < 0.001. Correlations of 0.10, 0.30, and 0.50 correspond to small, medium, and big result sizes, respectively (78).

    On the basis of an extensive corpse of research on constructs associated with child language (22–25), and to guard against threats to validity, they controlled for four prominent constructs that might impress child language stability: children’s nonverbal intelligence and sociability and mothers’ age and education. They then re-evaluated the stability model, taking into consideration these covariates. device S1 shows the final covariate model; it appropriate the data well: scaled Y-B χ2(670) = 2014.22, P < 0.001, robust CFI = 1.00, SRMR = 0.09, and RMSEA = 0.00. The attenuation of stability estimates ranged from 0.02 to 0.19 controlling for covariates. Stabilities of language were still medium to big between successive waves over the first 15 years of life.

    Study 2: Long-term language stability in typical and atypical development

    Study 2 replicated long-term language stability in an independent sample of typically developing children and evaluated long-term language stabilities in five atypically developing samples. The gross study sample consisted of 5167 (2594 girls, 50.2%) white, monolingual singletons. Mothers averaged 29.03 years (SD = 4.51; range, 15 to 44) at childbirth. This sample was too very diverse in terms of maternal education and companionable class. Of the 5167 children, 4111 were born term (M gestation = 39.78 weeks, SD = 1.29), were reported free of dyslexia and autism, and with tested bilateral normal hearing, served as the typically developing sample. Atypically developing samples included 435 moderate-late preterm (32 to 36 weeks’ gestation, M gestation = 35.05 weeks, SD = 1.19; range, 32 to 36) and 51 very preterm (<32 weeks’ gestation, M gestation = 28.92 weeks, SD = 1.75; range, 25 to 31) children, 322 children with dyslexia (M gestation = 39.53 weeks, SD = 1.80; range, 27 to 45), 89 children with autism (M gestation = 39.47 weeks, SD = 2.30; range, 27 to 42), and 221 children who had mild and/or qualify hearing impairment in one ear or in both ears (M gestation = 39.31 weeks, SD = 2.07; range, 27 to 42). Table S2 shows sample sizes and child ages for each group at each wave.

    Study 2 followed the same procedures, language measures, and covariates as those described in study 1, with three little exceptions: Children in study 2 were not tested in the Reynell Developmental Language Scales (RDLS) at 2 years 1 month, and they were not assessed for language at 4 or 5 years. Table S3 shows the means, SDs, and ranges of the language measures and covariates by groups.

    The a priori model for the gross sample appropriate the data, scaled Y-B χ2(344) = 7417.69, P < 0.001, robust CFI = 0.94, SRMR = 0.07, RMSEA = 0.045, and 90% aplomb interval (CI) = 0.044 to 0.046. device S2 presents the standardized solution of this stability model. everything indicators of child language loaded significantly on their factors at each age. The stabilities of language were medium to big between successive waves. Table 2 shows zero-order and partial correlations controlling for covariates between language measures across ages by group, and Table 3 shows point estimates of average stability and their 95% CIs for these correlations. device 2 depicts these average stabilities by group. In at-risk groups, everything stabilities were medium or big except for the stabilities between 6 months and 1 year after accounting for covariates in moderate-late preterm children and in children with autism (Table 2). Most medium-sized stabilities were observed at the earliest ages, between 6 months and 1 year, and between 3 and 7 years across a longer 4-year time span. Atypically developing children’s language performance showed medium-to-large stabilities between successive waves over the span of 15 years, even accounting for child nonverbal intelligence and sociability and maternal age and education.

    Table 2 Study 2: Stability of language across age by groups.

    Numbers before the slashes limn correlations controlling for child age only (to control age variation within waves); numbers after the slashes limn correlations controlling for child age, nonverbal intelligence, sociability, and maternal age and education. Correlations of 0.10, 0.30, and 0.50 correspond to small, medium, and big result sizes, respectively (78).

    Table 3 Study 2: average stability of language by groups.

    Average stability represents the stand for of correlation coefficients controlled for child age only. average stability controlled for covariates represents the stand for of partial correlations controlled for child age, nonverbal intelligence, sociability, and maternal age and education. The relatively little sample sizes in the very preterm and autism groups contributed to by a long shot diminished precision in the point estimates of average correlation and, thus, wider 95% CIs.

    Fig. 2 Study 2.

    Average stabilities and their 95% CIs of language by group. average stability represents the stand for of correlation coefficients between language measures controlled for child age only. average stability controlled for covariates represents the stand for of partial correlations controlled for child age, nonverbal intelligence, sociability, and maternal age and education.

    DISCUSSION

    We investigated the longitudinal stabilities of child language from 6 months to 15 years using multiple age-appropriate methods, measures, and reporters, involving a wide variety of different language domains, in relatively big samples of typically developing children, as well as children born preterm and with childhood diagnoses of dyslexia, autism, and hearing impairment, in a prospective long-term microgenetic design. Individual differences order us about the distribution of language skill, and their stability tells us about the nature and ontogeny of that language skill. They too tested whether a diverse set of controls for third variables and background characteristics accounted for stability in child language.

    With respect to the four challenges posed at the outset, limpid evidence emerged for individual variation in a core language skill at each of 11 ages, for convergence of multiple indices of language at each age on dormant variables representing a core language skill, for the homotypic and heterotypic stability of core language skill over the long term, and for the robustness of long-term stability of core language skill in atypically developing children with several different types of health risk.

    As with everything developmental constructs, language (and its stability) is a joint product of biology and sustain (26, 27). For example, a 2- to 12-year deportment genetics study identified genetic/biological and environmental/experiential sources of individual differences in developing language skills (28). Thus, a consistent personological characteristic, experience, or environment can carry stability. To address this point, they included child and maternal factors known to impress child language as covariates. Long-term stability was obtained separate and apart from both (nonlanguage) endogenous and exogenous covariates. The fact that stability of core language skill across so long a period began so early, was sustained so long, transcended several heterogeneous moderating factors, and was maintained over and above covariates points to a highly conserved and robust individual-differences characteristic in human beings. It further suggests that the search for mechanism(s) underlying stability of core language skill in children is likely to reward basic science as well as applied clinical research.

    Limitations to these study results include, among others, the hefty (if necessary) reliance on caregiver report in the early years and the limited (by necessity) number of language domains actually assessed relative to the practicable number (see the Supplementary Materials). At three ages, only sole language measures were collected; more varied early language measures, or having the same language measure assessed by multiple reporters, would strengthen the study. They did not measure (and so did not eliminate) everything practicable endogenous factors in children (brain function, motivation, and persistence), but they did measure and so controlled child age, nonverbal intelligence, and sociability as factors in stability. It is challenging to assess many aspects of language in very green children, and measurement of language at an early stage perforce cannot comprise everything components of language (e.g., grammar). These data were too collected beginning in the 1990s; since then, the treatment of preterm and other at-risk children has changed. Except for hearing impairment, diagnoses of other atypicalities relied on maternal report. Because hearing impairment was measured only once, they carry out not know whether hearing loss persisted or whether it originated at birth or later in development.

    Nonetheless, these results prompt several notable considerations. First, a corollary of the prevalent multidimensional and componential conceptualization of language might subsist that phenotypically distinguishable language domains are independent of one another. Here, they confirmed that diverse indices of language deriving from different language domains, measures, methods, sources, and contexts, each of which showed individual variation, were positively associated across different ages (23, 29–34). On this basis, they could compute sole dormant variables of a core language skill at diverse ages. The significant amounts of variance accounted for by each dormant variable at each age tested add to the validity of the stability model.

    Second, individual differences in core language skill were present from the first years of life, and so relatively stable individual differences in child language look to subsist established early. However, the lowest observed stability coefficient occurred between 6 months and 1 year. As children aged past 1 year, there was more stability (less inconsistency) in language; that is, stabilities from 1 to 13 years were large. A characteristic may not subsist stable at one age in the life course but may stabilize at a later age. Generally, infancy and early childhood are thought to subsist less stable (or predictive) periods in life (35), and people are thought to become increasingly consistent in relation to one another as they age (36, 37). tough stability after 1 year implies that changes among children in their relative rank in core language skill later in evolution are rare. By contrast, the smaller stability coefficient between 6 months and 1 year indicates that nearly 90% of the variance in 1-year core language skill is not explained by 6-month language. This divergence suggests that core language skill is relatively more pliant in early life. It is too practicable that lower stability early in life reflects the difficulty in validly assessing language in preverbal infants. In general, however, their findings underscore the instant of identifying lagging language skills early in life and promoting the child’s language environment well before formal schooling as a means to enhancing language skill.

    Large stability coefficients can mislead researchers and practitioners to conclude that language skill in children is set in infancy or toddlerhood. This is not necessarily the case. Stability is a key developmental barometer, but to subsist stable does not stand for to subsist immutable or impervious to change or intervention. Focusing solely on stability in language overlooks or minimizes melodramatic and normative developmental changes in stand for plane of language. The life-span perspective in developmental science specifies that human beings are open systems, and the plastic nature of psychological functioning ensures both consistency and change across the life course (38). The language skills of individual children (relative to their peers) still shift across time, and even big relative stability leaves significant amounts of common variance unaccounted for. Language is ultimately modifiable by sustain or intervention. In language acquisition, evolution appears to balance the advantages of stability with the adaptive value of early susceptibility to experience.

    A third contribution of this study distinguishes homotypic stability (as of vocabulary between year 1 and year 15) from heterotopic stability (as between vocabulary in year 1 and literacy in year 13). The measures, reporters, and contexts for language sampling at the different ages perforce differed. From one point of view, this procedural variation attenuates stability. That is, heterotypic stability between different individual indices of child language likely represents lower-bound estimates of stability considering differences in assessment measures and procedures used at different times. Thus, heterotypic stability is conservative and probably underestimates true stability. By contrast, homotypic stability of identical measures and of dormant variables (as they used here) may more closely approximate true stability in language development. Nonetheless, the heterotypic approach to stability assessment is true not only to a developmental perspective but too to a systems perspective on the hierarchical integration of lower-order into high-order abilities with evolution (1). Literacy, the End goal of their assessments, is conventionally understood as the skill to read, write, spell, listen, and talk (39), but encompasses a progression of skills that begins with comprehension and expression of sounds and then words and culminates with grammar and reading and writing. The dormant variable solution to the challenge of heterotypicality is therefore valuable to developmental science in general. An additional point with respect to heterotypic stability was the little associations uncovered in both studies between nonverbal measures of intelligence and language. Of course, to subsist able to accomplish in an evaluation of even a nonverbal assessment requires some language skill (if only to subsist able to result instructions), and the history of generic psychological testing and specific intelligence testing tells us that nonverbal and verbal components of cognition are not strictly independent. For example, the Bayley Scales of Infant evolution (40) believe a mental evolution index and a psychomotor evolution index that correlate, and the Wechsler (41) train of intelligence tests believe verbal and performance intelligence quotient (IQ) indices that correlate. In their case, as is too typical, the shared variance in language and nonverbal intelligence measures was little (study 1 range, 2 to 25%; study 2 range, 6 to 21%).

    The fourth contribution of this study is analyses of stabilities of individual differences in the language of big numbers of children identified as preterm, dyslexic, autistic, and hearing impaired. From very early in development, core language skill was stable in each group. The findings therefore believe implications for psycholinguists and psychologists, pediatricians and psychiatrists, practitioners and professors, and parents and the public. everything stakeholders should subsist alert that very green children who accomplish poorly relative to their peers are likely to continue to accomplish poorly at later ages, which reinforces the desirability of early assessment of language performance and the exigency for early intervention. Their data hint that core language skill anticipates verbal and literacy achievements as child evolution unfolds. Through regular well-child checkups, pediatricians could identify children who believe lagging language skills and connect them to early intervention services.

    Given the increasing instant of replication in science (42, 43), it is noteworthy that the results of the present studies internally replicate and then extend previous studies with sole or fewer language measures taken over shorter periods of time (24).

    Last, the present empirical findings articulate with clinical practice; they distinguish between language screening and the accuracy of the multiple domain, measure, and source dormant variable approach. Clinically, their approach to estimating child language as dormant variables is not a quick tool for early diagnosis or screening; most clinicians carry out not believe the benefit of a rich array of measures or the technical back at hand to assess dormant variables. A screening instrument may subsist practically valuable, but the dormant variable provides a more fundamental understanding of the core construct. Nonetheless, a multimeasure approach to child language has been applied productively in the past for predicting continued language retard (44–47). Notably, interventions that enhance language skills too help behavioral regulation in children (48–50).

    MATERIALS AND METHODS Study 1: Long-term language stability in typical development

    Participants. The ALSPAC is a prospective, population-based, longitudinal transgenerational observational study investigating influences on health and evolution across the life course. everything births in the former Avon Health Authority with an expected date of delivery between 1 April 1991 and 31 December 1992 were eligible. Of the initial 14,541 pregnancies, there were a total of 14,676 fetuses, resulting in 14,062 live births and 13,988 children who were alive at 1 year of age. Because only 2.6% of the ALSPAC sample was non-White (of those participants who provided this data point), and this group was heterogeneous (0.9% Asian, 1.0% Black, and 0.7% other), they focused on the majority group (51, 52). From the 12,075 White European participants in the ALSPAC data, the following exclusion criteria were followed (some children might descend into multiple categories): Children who (i) were twins (n = 306), (ii) were born preterm (born less than 37 weeks, n = 677), (iii) were hearing impaired (n = 233), (iv) had dyslexia (n = 332), (v) were diagnosed with autism (n = 91), and (vi) were bilingual or spoke a language other than English as their main language (n = 280) were excluded, resulting in 9794 children. An additional 8869 children were excluded from study 1 because they were not from the CiF cohort and/or did not believe the additional CiF assessments used in the current study. Children who did not descend into the exclusion criteria and provided data at any of the data collection waves were included in study 1.

    Maternal education, collected at 32 weeks of pregnancy as an ordinal variable according to increasing levels of achievement, was varied: certificate of secondary education (13.0%), vocational (10.8%), O plane (35.2%), A plane (25.9%), and university degree (15.1%). Maternal companionable class ranged from unskilled (2.0%), partly skilled (7.8%), skilled manual (7.2%), skilled nonmanual (42.8%), managerial and technical (33.8%), to professional (6.4%).

    Procedures. Child language data were derived from caregiver reports and direct child assessments by trained psychologists during research clinics. The ALSPAC study website includes descriptions of measures used and scoring methods. In addition to the language measures detailed below, caregivers completed questionnaires that supplied demographic information about children’s health status, family language, and the like.

    Language assessments. They used data collected across 13 ALSPAC collection waves (Table 1). However, they aggregated data collected at ages 1 year 3 months and 1 year 6 months (two waves) into year 1 measures, and those collected at ages 2 years and 2 years 1 month (2 waves) into year 2 measures; thus, they studied 13 waves but calculated stability across 11 ages.

    Under 1 year

    Caregiver report: At age 6 months, caregivers completed an ALSPAC-modified Denver Developmental Screening Test (hereinafter referred to as modified DDST) (53) adapted for caregiver completion. The “communication” scores were used.

    Year 1

    Caregiver report: At age 1 year 3 months, the understand, vocabulary, and companionable (nonverbal) communication scores on the ALSPAC-modified MacArthur Communication evolution Inventories (hereinafter referred to as modified MCDI) (11) Words and Gestures were used. Twelve of the 28 questions (called “phrases” on the original MCDI) were asked for the understand scale, and the vocabulary checklist was lop by removing entire sections (i.e., toys, little household items, people, action words, words about time, pronouns, question words, prepositions and locations, and quantifiers), as well as some items from other sections from the original MCDI. Furthermore, some American English items were adapted or replaced with the British English equivalents (e.g., lorry instead of truck; sweater or jumper). Ten of the 12 companionable communication items (called “first communicative gestures” on the original MCDI) were asked. contemplate the Supplementary Materials for more details about the modified MCDI.

    Year 2

    Caregiver report: At age 2 years, the vocabulary, grammar, plurals, and tense scores on the modified MCDI Words and Sentences were used. The vocabulary checklist was lop by removing sound effects and animal sounds, little household items, and connecting words as well as by removing items from other sections from the original MCDI. The 4 grammar items (called “word endings” on the original MCDI), 5 irregular plurals (called “word forms—nouns” on the original MCDI), and 20 past tense (called “word forms—verbs” on the original MCDI) items were unmodified.

    Direct assessment: At age 2 years 1 month, children in the CiF cohort were administered the RDLS (54). The RDLS comprehension scale measures a child’s verbal comprehension by administering a train of activities where the child is asked to respond to and carry out a train of spoken tasks. The raw score was used.

    Year 3

    Caregiver report: At age 3 years 2 months, the vocabulary, plurals, past tense, and word combination scores on the modified MCDI Words and Sentences were used. The vocabulary checklist was the same as the one used at year 2. The 5 irregular plurals (called “word forms—nouns” on the original MCDI) and 20 past tense (called “word forms—verbs” on the original MCDI) items were unmodified. In addition, two items that expect whether the child uses plurals by adding “-s” to the End of words or uses past tense by adding “-ed” to the End of words were included in the plurals and past tense scales, respectively. The word combination items were modified from the 14 “complexity” items of the original MCDI. Two items were dropped, and some items were adapted to add a third option (e.g., two feet, two foots, two foot) or to change the kick (e.g., “that’s my book” versus “that’s my truck”).

    Year 4 (CiF cohort only)

    Direct assessment: At age 4 years 1 month, four verbal subscale scaled scores (M = 10 and SD = 3) of the Wechsler Preschool and Primary Scale of Intelligence—Revised UK Edition (WPPSI) (41) were used: information, comprehension, vocabulary, and similarity.

    Year 5 (CiF cohort only)

    Direct assessment: At age 5 years 1 month, the Bus anecdote Test (55), a screening test of verbal expression, was administered. The assessment involves children listening to a spoken narrative about a bus, accompanied by pictures depicting the events that occur in the story. Children then retell the anecdote with the pictures as support. The child’s narrative is recorded orthographically and scored for information content (number of germane pieces of information given) and sentence length (mean sentence length of the five longest sentences). In addition, the same RDLS comprehension scale that was used at 2 years 1 month was repeated at age 5 years 1 month. Last, the Initial Consonant Detection Test (56) asked children to identify which two of three words illustrated by line drawings began with the same initial consonants. A total of 10 trials were given, and the number of redress responses was recorded.

    Year 7

    Direct assessment: At age 7 years 6 months, reading was assessed with measures on the basis of the Wechsler Objective Reading Dimensions (WORD) (57). Pictures and words were used to assess decoding and word reading. The child was shown a train of four pictures. Each picture had four short, simple words underneath it. The child was asked to point to the word that had the same beginning or ending sound as the picture. This request was then followed by a train of three pictures, each with four words beneath, each starting with the same note as the picture. The child was asked to point to the word that correctly named the picture. The child was then asked to read aloud a train of 48 unconnected words that increased in difficulty. Total numbers of redress responses were used. Spelling was assessed by a train of 15 words that were piloted and chosen by the ALSPAC team (e.g., chin, brought, and telephone). Each word was read aloud on its own, within a specific sentence incorporating the word, and lastly read solitary again. The child was asked to write down the spelling of the word even if he or she was just guessing. The total number of words spelled correctly was tallied and used. In addition to the WORD, the Phoneme Detection chore (58) comprised 40 test items of increasing difficulty. It involved asking the child to repeat a word and then to stutter it again, but with some allotment of the word (a phoneme or number of phonemes) removed. Total numbers of redress responses were used.

    Year 8

    Direct assessment: At age 8 years 6 months, four verbal subscale raw scores on the Wechsler Intelligence Scale for Children—III UK Edition (WISC) (59) were used: information, comprehension, vocabulary, and similarity. Two subtests of the Wechsler Objective Language Dimensions (WOLD) (60) were used to measure listening comprehension and oral expression. Listening comprehension involves the child listening to the tester reading aloud a paragraph about a displayed picture. The child then answers questions on what was heard. The child has to build inferences about what was read to them and respond the questions verbally. eloquent vocabulary was assessed by a train of 10 pictures. The total numbers of redress responses on comprehension and eloquent vocabulary were each tallied and used.

    Year 9

    Direct assessment: At age 9 years 6 months, reading was assessed using the basic reading subtest of the WORD (57). Children were asked to read aloud 10 true words (e.g., huge, union, and unusual), followed by 10 nonreal words (e.g., duter, uningest, and smape). Both the true and nonreal words were selected from a larger list of words taken from research conducted by Nunes et al. (61). Total numbers of redress responses on true and nonreal words were each tallied and used. The revised Neale Analysis of Reading skill (NARA II) (62) was used to assess children’s reading skills and comprehension. In this test, children read aloud short passages of stories that resulted in an accuracy score, and their answers to a train of questions about the content of the anecdote resulted in a reading comprehension score.

    Year 13

    Direct assessment: At age 13 years 6 months, word reading efficiency was assessed by word and pseudoword tests of the Test of Word Reading Efficiency (TOWRE) (63). Children were asked to read out earsplitting 104 true words (e.g., complete and wonderful), followed by a list of 63 nonreal words (e.g., glack and framble). Total numbers of redress responses on true and nonreal words were tallied; because of a very towering correlation between the two reading scores, r = 0.81, a stand for standard score was computed and used in analysis.

    Year 15

    Direct assessment: At age 15 years 6 months, the vocabulary subscale raw score on the Wechsler Abbreviated Scale of Intelligence (WASI) (64) was used.

    Covariates. They assessed the possibility that child nonverbal intelligence (29) and sociability (65), both of which are known to subsist associated with child language, and mothers’ age and education, both of which are too known to subsist associated with child language, would account for some of the stability of language competence and performance. Specific covariates (child nonverbal intelligence and sociability) were presumed to subsist associated with child language variables concurrently or prospectively (but not retrospectively). generic covariates (maternal age and education) were presumed to subsist associated with everything child language variables, regardless of the child’s age.

    Children’s nonverbal intelligence was assessed three times at clinic visits. At age 4 years 1 month, the performance IQ score of the WPPSI (41) was used. At age 8 years 6 months, the performance IQ score of the WISC (59) was used. At age 15 years 6 months, nonverbal intelligence was measured by the Matrix Reasoning subtest of the WASI (64).

    Child sociability was obtained from caregiver reports across data collection waves. At ages 6 months, 1 year 6 months, and 2 years 6 months, the companionable achievement scores of the adapted DDST (53) were used. At ages 3 years 2 months, 4 years 9 months, and 5 years 9 months, the sociability scores from the Emotionality, Activity, Sociability Temperament questionnaire (66, 67) were used.

    Maternal age at childbirth was calculated from the date of delivery and the mother’s date of birth recorded at enrollment. Educational attainment was obtained from a questionnaire sent home at 32 weeks gestation.

    Statistical analysis. The SDs and ranges of everything language measures (table S1) indicated considerable variation, as is common in the literature and prerequisite to assessments of stability. Variable distributions were examined for univariate normality (68), and transformations were applied to help distributions. Because of the gain of child age at each wave, they explored correlations of child age with everything raw test scores to determine whether age adjustment was warranted. Age-adjusted scores were computed for everything language variables that showed significant concurrent correlations with child age and were used in structural equation models (SEMs).

    Language stability was evaluated by fitting SEMs using maximum likelihood functions (MLFs) and followed the mathematical models of Bentler and Weeks (69), as implemented in EQS 6.1 (70). SEM is a robust tool for assessing stability because dormant variables capture shared variance among their indicators, and so variance uniquely associated with rater bias, random measurement error, or specific oversight (variance arising from some characteristic unique to a particular indicator that was not accounted for by the factor) is relegated to its oversight term.

    Missing data points (20.4% of the total data) were handled in EQS using full information maximum likelihood with a two-stage Expectation-Maximization estimation of the structured model and the MLF (71). Monte Carlo studies believe demonstrated the generic superiority of the structured-model EM mode implemented in EQS 6.1 compared to other techniques to recoup missing data (72, 73). In the course of fitting SEMs, they evaluated Mardia (74) coefficients of multivariate kurtosis and the cases that contributed most to those estimates, as well as the stability of parameter estimates and the cases that contributed disproportionately to parameter estimates. No significant problems with influential cases emerged. Model appropriate was assessed using scaled Y-B χ2 statistic, robust CFI, standardized SRMR (75), and RMSEA. Cutoff values ≈0.95 for CFI and ≈0.09 and ≈0.06 for SRMR and RMSEA, respectively, are indicative of a relatively salubrious appropriate between the hypothesized model and observed data (21). They gave greater weight to the incremental/approximate appropriate indices than to χ2 because the χ2 value is known to subsist sensitive to sample size (76) and the size of the correlations in the model (77). Standardized path coefficients are presented in text and figures.

    For correlations and standardized path coefficients, they adopted conventional magnitudes of r corresponding to small, medium, and big result sizes as ≈0.10, 0.30, and 0.50, respectively (78, p. 61). everything stabilities were big except two medium-sized stabilities between 6 months and year 1 and between the sole observed variables at 13 and 15 years.

    Next, they explored whether specific covariates were associated with child language measures. They calculated correlations of (i) year 4 WPPSI performance IQ with years 4, 5, 6, and 7 language variables; (ii) year 8 WISC performance IQ with years 8, 9, and 13 language variables; (iii) year 15 WASI matrix reasoning with vocabulary; (iv) child sociability with concurrent language variables from ages 6 months through year 5; and (v) year 5 child sociability with everything language variables from years 7 through 15. Children’s nonverbal intelligence significantly correlated with everything language variables (r values ranged from 0.15 to 0.50, everything P ≤ 0.001); however, children’s sociability related to only some language variables, with significant correlations ranging from 0.07 (P < 0.05) to 0.46 (P < 0.001). To test whether the stability model held controlling for specific covariates and the two generic covariates, they re-evaluated the a priori model (Fig. 1) using the adjusted language scores with the shared variance with specific covariates removed and adding the two generic covariates as exogenous variables to the SEM. Direct paths from maternal age and education to everything eight language-latent variables, and the three observed variables at 6 months and 13 and 15 years, were added to the model.

    Study 2: Long-term language stability in typical and atypical development

    Participants. Table S2 presents sample sizes and child ages at each data collection wave by groups. Maternal education ranged from secondary education (13.2%), vocational (8.5%), O plane (36.3%), A plane (26.4%), to university degree (15.6%). Maternal companionable class ranged from unskilled (1.4%), partly skilled (7.7%), skilled manual (6.3%), skilled nonmanual (42.6%), managerial and technical (35.4%), to professional (6.6%).

    At age 7, hearing duty was assessed using air conduction absolute tone audiometry carried out by audiologists and trained physiology staff during a clinic visit. everything measurements were carried out as described in Hall et al. (79), and hearing thresholds were measured in both ears according to audiometry procedures recommended by the British Society of Audiology (80). At age 9, children’s primary caregivers were asked whether they were ever told that the child has “dyslexia” or “autism,” “Asperger’s syndrome,” or “autistic spectrum disorder.”

    Procedures. They used data collected across 10 ALSPAC collection waves. However, they aggregated data collected at ages 1 year 3 months and 1 year 6 months (2 waves) into the year 1 measures; thus, they studied language stability across nine ages (fig. S2).

    Statistical analysis. The SDs and ranges of everything language measures (table S3) again betoken considerable variation. A language stability model was appropriate on the total sample by using SEM with EQS 6.1 (70). contemplate study 1 for SEM applications. Age-adjusted scores were used in analysis, and missing data points (11.7% of the total data) were handled in EQS using full information maximum likelihood. In the full-sample stability model (fig. S2), everything stabilities were medium or large.

    Given the complexity of the stability model and the relatively little sizes of the at-risk comparison groups, they generated the generalized least squares factor scores from the SEM and retained them for further analysis. Study 2 language stability of the at-risk subgroups was assessed using Pearson correlation coefficients. Missing data points for the three observed language variables at 6 months and 13 and 15 years were imputed in the control and in each at-risk group (missingness ranged from 7.9 to 17.8% of the total data) separately using the Expectation-Maximization algorithm (81) in SPSS (82). First, zero-order correlations showed language stability before taking specific and generic covariates into consideration. Then, language stability was reassessed using partial correlations controlling for generic and specific covariates. For specific covariates, they first calculated correlations of (i) year 8 WISC performance IQ with years 8, 9, and 13 language variables; (ii) year 15 WASI matrix reasoning with vocabulary; (iii) child sociability with concurrent language variables from ages 6 months through year 3; and (iv) year 3 child sociability with everything language variables from years 7 through 15. Again, child nonverbal intelligence significantly correlated with everything language variables (r values ranged from 0.25 to 0.46, everything P < 0.001), and child sociability related to only some language variables with significant correlations ranging from 0.03 (P < 0.05) to 0.51 (P < 0.001). Unstandardized residuals of the related language variables controlling for significant specific covariates, where applicable, were computed before performing partial correlations. Last, language stability was reassessed by computing partial correlations of adjusted language scores (with the shared variance with specific covariates removed) controlling for maternal age and education.

    SUPPLEMENTARY MATERIALS

    Supplementary material for this article is available at http://advances.sciencemag.org/cgi/content/full/4/11/eaat7422/DC1

    Study 1 Supplementary Text

    Study 1 Materials and Methods

    Study 1 Measurement Models

    Study 2 Supplementary Text

    Table S1. Study 1: Child language measures and covariates: Descriptive statistics.

    Table S2. Study 2: Sample size and child age at each data collection wave.

    Table S3. Study 2: Child language measures and covariates: Descriptive statistics.

    Fig. S1. Study 1.

    Fig. S2. Study 2.

    References (83–144)

    This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial license, which permits use, distribution, and reproduction in any medium, so long as the resultant employ is not for commercial advantage and provided the original toil is properly cited.

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  • Acknowledgments: They are grateful to everything the families who took allotment in this study, the midwives for befriend in recruiting them, and the gross ALSPAC team, which includes interviewers, computer and laboratory technicians, clerical workers, research scientists, volunteers, managers, receptionists, and nurses. Funding: The UK Medical Research Council and Wellcome (grant ref. 102215/2/13/2) and the University of Bristol provide core back for ALSPAC. This publication is the toil of the authors, and M.H.B. will serve as guarantor for the contents of this paper. This research was too supported by the Intramural Research Program of the NIH/NICHD, USA, and an International Research Fellowship in collaboration with the Centre for the Evaluation of evolution Policies (EDePO) at the Institute for Fiscal Studies (IFS), London, UK, funded by the European Research Council (ERC) under the Horizon 2020 research and innovation programme (grant agreement no. 695300-HKADeC-ERC-2015-AdG). Author contributions: M.H.B., C.-S.H., and D.L.P. conceptualized the study. R.M.P. curated the data. C.-S.H. analyzed the data. M.H.B. and C.-S.H. wrote the original draft of the manuscript. D.L.P. and R.M.P. reviewed and edited the manuscript. Competing interests: The authors declare that they believe no competing interests. Data and materials availability: everything data needed to evaluate the conclusions in the paper are present in the paper and/or the Supplementary Materials. Data used for this submission will subsist made available on request to the Executive (alspac-exec{at}bristol.ac.uk). The ALSPAC data management blueprint describes in detail the policy regarding data sharing, which is through a system of managed open access.


    Voya financial Announces Updated financial Targets, Including Plans for Significant Growth in Adjusted Operating Earnings Per partake | killexams.com true questions and Pass4sure dumps

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    -- Adjusted operating earnings per partake (EPS) growth of at least 10% annually through 2021, on a normalized1 basis, to subsist driven by organic growth, cost savings and capital deployment -- Organic growth: Voya's core businesses -- Retirement, Investment Management and Employee Benefits -- to drive towering character and sustainable earnings; expected total free cash tide conversion of 85% to 95% -- Cost savings: Voya is targeting an additional $100 million of run-rate savings, incremental to expense savings previously announced, expected by the End of 2020 -- Capital deployment: Continued partake repurchases planned; Voya's common stock dividend expected to enlarge to achieve at least a 1% dividend capitulate by mid-2019 -- Adjusted operating earnings per partake growth to subsist achieved while maintaining tough returns and generating an enterprise operating recur on equity of 13% to 15%2 -- Management to dispute Growth Plans and financial Targets at Investor Day NEW YORK--(BUSINESS WIRE)--November 13, 2018--

    Voya Financial, Inc. (NYSE: VOYA), announced today its plans to achieve an adjusted operating earnings per partake (EPS) annual growth rate of at least 10% (on a normalized basis) through 2021. The company expects to achieve its blueprint through a combination of organic trade growth, cost savings and partake repurchases. Senior management will dispute further details about Voya's growth strategy at the company's 2018 investor day meeting beginning at approximately 1 p.m. ET today.

    "With their competitive advantages and renewed focus on their chosen businesses, Voya financial is poised to achieve significant earnings per partake growth of at least 10% annually over the next three years," said Rodney O. Martin, Jr., chairman and chief executive officer of Voya Financial, Inc. "Importantly, they believe that they can generate this plane of adjusted operating EPS improvement while too achieving an operating recur on equity of between 13% and 15%."

    Organic Growth

    "The foundation of their plans starts with their higher-growth, higher-return, capital-light Retirement, Investment Management and Employee Benefits businesses. With their established positions in the workplace and with institutions, they will continue to expand their offerings to existing clients, while too attracting original customers. In addition to executing on growth plans that are specific to each business, they will continue to leverage opportunities to deliver holistic, comprehensive solutions across their businesses. With their significant gain and tough brand awareness, they are well positioned to befriend their customers achieve their goals with confidence," Martin added.

    On a normalized basis, Voya expects its Retirement trade to grow earnings by 4% to 7%; Investment Management to grow earnings by 5% to 8%; and Employee Benefits to grow earnings between 7% and 10%, in each case annually through 2021. Voya will too continue to benefit from earnings in its Individual Life segment, which Voya recently announced will cease original trade sales efficient Dec. 31, 2018.

    "Voya has a propitious profile and diverse businesses that are expected to generate high-quality and sustainable earnings as well as significant free cash flow. Specifically, they expect total free cash tide conversion of 85% to 95%, which includes the benefit of improved free cash tide from their Individual Life segment," said Martin.

    Cost Savings

    "Over the past several years, they believe demonstrated their skill to execute and become more efficient as we've narrowed their focus and simplified their company. They believe too leveraged their Continuous Improvement program to achieve efficiencies and promote operational excellence. At the same time, they believe invested in their company, ensuring that they are well positioned to grow.

    "Based on their track record, they believe that they can achieve an additional $100 million of cost savings by the End of 2020 -- this is in addition to their previously shared target of $110 to $130 million of cost savings by the middle of 2019 and the $20 million of expected savings from their recent conclusion to cease sales of individual life insurance," added Martin.

    Capital Deployment

    "We will continue to subsist salubrious stewards of shareholder capital and build upon the nearly $5 billion in excess capital that they believe returned to shareholders via stock buybacks. With an expected tough free cash tide that will back excess capital generation, their capital deployment plans will continue to emphasize partake repurchases.

    "In addition to partake repurchases, they too intend to enlarge their common stock dividend to a dividend capitulate of at least 1% by mid-2019. The board of directors will determine the arrogate plane of dividend as they continue to execute on partake repurchases at these attractive valuation levels. As they promote their plans next year and beyond, they may further grow the dividend to deliver even greater shareholder value as well as attract original investors seeking a higher-yielding dividend," said Martin.

    "We are excited about their plans and are committed to building upon their financial, operational and cultural improvements over the past few years as they focus on achieving their vision to subsist America's Retirement Company," concluded Martin.

    Webcast and slip Presentation

    Voya financial will host an audio and video webcast of its 2018 investor day beginning at approximately 1 p.m. ET today. The webcast, which will comprise a slip presentation, will subsist available live via the internet and can subsist accessed at investors.voya.com. Participants should link the webcast at least 15 minutes prior to the start of the event to download and install any necessary software. A replay of the webcast will subsist available at investors.voya.com starting at approximately 10 a.m. ET on Wednesday, Nov. 14, 2018.

    About Voya Financial(R)

    Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings -- to procure ready to retire better. Serving the financial needs of approximately 14.3 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $543 billion in total assets under management and administration as of September 30, 2018. With a limpid mission to build a secure financial future practicable -- one person, one family, one institution at a time -- Voya's vision is to subsist America's Retirement Company(R) . Certified as a "Great condition to Work" by the worthy condition to Work(R) Institute, Voya is equally committed to conducting trade in a route that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World's Most Ethical Companies(R) by the Ethisphere Institute; one of the 2018 World's Most Admired Companies by Fortune magazine; as a member of the Bloomberg Gender Equality Index; and as a "Best condition to toil for Disability Inclusion" on the Disability Equality Index by Disability:IN. For more information, visit voya.com. result Voya financial on Facebook, LinkedIn and Twitter @Voya.

    Forward-Looking and Other Cautionary Statements

    This press release contains forward-looking statements. Forward-looking statements comprise statements relating to future developments in their trade or expectations for their future financial performance and any statement not involving a historical fact. Forward-looking statements employ words such as "anticipate," "believe," "estimate," "expect," "intend, " "plan," and other words and terms of similar signification in connection with a discussion of future operating or financial performance. Actual results, performance or events may disagree materially from those projected in any forward-looking statement due to, among other things, (i) generic economic conditions, particularly economic conditions in their core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) generic competitive factors, (ix) changes in laws and regulations, such as those relating to Federal taxation, condition insurance regulations and NAIC regulations and guidelines, including those affecting reserve requirements for variable annuity policies and the employ of and practicable application of NAIC accreditation standards to captive reinsurance entities, those made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the U.S. Department of Labor's final rules and exemptions pertaining to the fiduciary status of providers of investment advice, or any amendments thereto, (x) changes in the policies of governments and/or regulatory authorities, and (xi) their skill to successfully manage the separation of the fixed and variable annuities trade that Voya sold to VA Capital LLC on June 1, 2018, including the transition services, on the expected timeline and economic terms. Factors that may antecedent actual results to disagree from those in any forward-looking statement too comprise those described under "Risk Factors" and "Management's Discussion and Analysis of Results of Operations and financial Condition - Trends and Uncertainties" in their Annual Report on form 10-K for the year ended Dec. 31, 2017, which the company filed with the Securities and Exchange Commission on Feb. 23, 2018 and in their Quarterly Report on form 10-Q for the three-month period ended Sept. 30, 2018, which the company filed with the Securities and Exchange Commission on Nov. 1, 2018.

    VOYA-IR

    ______________________________ (1) When presented on a "normalized" basis, amounts are adjusted to exclude (i) unlocking of deferred acquisition costs, value of trade acquired, and other intangibles, (ii) prepayments and alternatives income to the extent such income is above or below their long-term expectations, and (iii) in the case of 2018 financial results against which Adjusted EPS growth targets are measured, investment management adjusted operating earnings associated with the fixed and variable annuities trade that Voya sold to VA Capital LLC on June 1, 2018. (2) Operating recur on equity excludes deferred tax assets (including AMT receivables) and accumulated other comprehensive income but includes everything other sources of shareholders' equity under GAAP. In distinction to the definition of adjusted operating recur on equity used by the company from 2013 -- 2017, this measure includes the operating results of everything company segments, including its Corporate segment.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20181113005998/en/

    CONTACT: Voya Financial, Inc.

    Media:

    Christopher Breslin, 212-309-8941

    christopher.breslin@voya.com

    or

    Investors:

    Michael Katz, 212-309-8999

    IR@voya.com

    SOURCE: Voya Financial, Inc. Copyright trade Wire 2018

    Campbell Soup Company (CPB) CEO Keith McLoughlin on Q1 2019 Results - Earnings call Transcript | killexams.com true questions and Pass4sure dumps

    Campbell Soup Company (NYSE:CPB) Q1 2019 Results Earnings Conference call November 20, 2018 10:00 AM ET

    Executives

    Ken Gosnell - VP, Finance Strategy and IR

    Keith McLoughlin - Interim President and CEO

    Anthony DiSilvestro - SVP and CFO

    Analysts

    Bryan Spillane - Bank of America

    David Driscoll - Citi

    Chris Growe - Stifel

    Ken Goldman - JPMorgan

    Robert Moskow - Credit Suisse

    Steve Strycula - UBS

    Andrew Lazar - Barclays

    Jonathan Feeney - Consumer Edge

    Operator

    Good day, ladies and gentlemen, and welcome to the Campbell Soup First Quarter 2019 Earnings Call. [Operator Instructions] As a reminder, this conference call may subsist recorded.

    I would now enjoy to introduce your host for today's conference, Mr. Ken Gosnell, Vice President, Finance Strategy and Investor Relations. Sir, you may begin.

    Ken Gosnell

    Thank you, Crystal. salubrious morning, everyone. Welcome to the first quarter earnings call for Campbell Soup's fiscal 2019. With me here in original Jersey are Keith McLoughlin, Interim CEO; and Anthony DiSilvestro, CFO.

    As usual, we've created slides to accompany their earnings presentation. You will find the slides posted on their website this morning at investor.campbellsoupcompany.com. This call is open to the media, who participate in a listen-only mode.

    Today, they will build forward-looking statements, which reflect their current expectations. These statements reliance on assumptions and estimates, which could subsist inaccurate and are subject to risk. tickle refer to slip 2 or their SEC filings for a list of factors that could antecedent their actual results to vary materially from those anticipated in forward-looking statements. Because they employ non-GAAP measures, they believe provided a reconciliation of these measures to the most directly comparable GAAP measure, which is included in the appendix of this presentation.

    With that, I'll circle the call over to Keith McLoughlin, Interim President and CEO. Keith?

    Keith McLoughlin

    Thanks, Ken, and salubrious morning, everyone.

    Today, they will dispute the progress we've made executing the significant actions they announced on August 30, following their comprehensive Board led strategy and portfolio review and in that context, review their first quarter results. As they stated at that time, fiscal 2019 will subsist a transition year for Campbell, as they elect steps to circle around the Company and the year-over-year results they reported today reflect that.

    This morning, I will give you an overview of the steps we're taking to implement their original strategy and in that context, partake my perspective on their performance. Then, their Chief financial Officer, Anthony DiSilvestro, will walk through the financial details of the quarter and their fiscal 2019 guidance which they reaffirmed today.

    Moving to slip 4. As you'll recall, they announced on May 18, that the Board was launching its own strategy and portfolio review process, one with outside advisors and which everything options were on the table. Together with those advisors, they evaluated a full slate of potential options for Campbell, including optimizing their portfolio and divesting assets, splitting the company in two and selling the entire company.

    After considerable analysis and evaluation and as discussed on August 30, the Board concluded that at this time, the best path forward to maximize shareholder value and maintain flexibility going forward is a three-pronged strategy. First, optimize their portfolio and focus on their core businesses with an emphasis on execution; two, divest inevitable non-core businesses in order to focus the Company, while significantly paying down debt; and three, to enlarge their successful multi-year cost saving efforts, while driving improved asset efficiency.

    We believe not wasted time since then and we're doing what they said they would do. They are actively making Campbell a highly focused company that is built around their two core North American businesses, Snacks and Meals and Beverages. These are tough businesses, where they believe the birthright to win with franchise brands, best-in-class product and significant market positions.

    I will procure into more specifics about each trade in a moment, but I want to partake a specific specimen of the greater operating discipline, resulting from their increased intensity, particularly in their core North American operations. assign simply, they are improving their execution and delivering on their commitments to create a stronger, more focused and more disciplined company.

    In late September, they had celebrated in their 10-K, that they were experiencing significant higher than expected costs, as well as considerable shipment delays across their Meals and Beverages portfolio, because of supply chain challenges they faced early in the quarter related to the start-up of a original distribution focus in Ohio.

    This facility, which is operated by a third-party, will ultimately enable us to serve a broader customer basis and provide greater service flexibility. During that same time period, their plant in Maxton, North Carolina, literally became an island as the floodwaters rose from Hurricane Florence.

    In response, they deployed across functional team led by supply chain experts and sales leaders that displayed improbable teamwork and moved with urgency to overcome these issues with their third-party logistics provider.

    They made substantial improvements in the final month of the quarter to recapture the vast majority of these sales. It was a herculean effort and is indicative of original Campbell that we're building. This focus is carrying over into other areas of the Company as well.

    Let's start with soup. poignant to slip 5. Within their Meals and Beverages business, their top priority is to stabilize and help the performance of their soup business. As they believe discussed, soup is a worthy trade and they are taking it back to basics approach, leveraging their market leading brands and driving improved execution across the portfolio.

    In fiscal 2019, they are resetting the value proposition for U.S. soup, this starts with increased focus on their key brands, each of which we're managing with rigor and according to a specific portfolio role. Campbell's, Swanson and Chunky are being managed to maximize margins and cash tide and Pacific and their well U.S. brands are being managed to drive tough profitable growth.

    Despite the sales decline in the quarter, there are many reasons we're optimistic about soup, including greater operating disciplined, improved merchandising and a original management team, that is poignant quickly and decisively to help performance. The supply chain challenges I mentioned earlier hamper the start of the quarter, but soup gained momentum as the quarter progressed and soup sales grew in October.

    As they ascertain to help performance in soup, they outlined several areas of actions, when they spoke in August and let me highlight them here. First, their emphasis on adjusting price gaps is showing signs of progress, despite the challenging retail environment. This year they believe more competitive pricing on key segments as they enter soup season versus a year ago.

    Second, they are optimizing their merchandising with increased frequency and breadth compared to a year ago. And third, they believe refocused their marketing efforts around a original drive with the iconic Campbell's brand front and center.

    In October, they launched a original concurrent drive that features their Campbell's condensed, as the recipe starter for scrumptious and affordable family meals. They are driving efficiencies in their spend and focusing their marketing dollars on their most profitable brands to both enlarge purchase intent and strengthen long-term brand equity.

    We launched soup advertising later than usual this past quarter due to the distribution facility start-up issues that I previously mentioned. As they saw to ensure marketing aligned with distribution capability.

    Soup advertising began appearing in the final two weeks of October, compared to September a year ago. While soup consumer marketing spend was lower than a year ago, they expect their soup marketing investments to normalize in the second quarter as they enter the heart of the soup season.

    Additionally, their Swanson broth trade had a particularly salubrious quarter. Swanson sales and partake growth are driven by category momentum, expanded distribution and a original marketing drive that too started in October. allotment of their back to basics approach on soup, includes selected consumer-driven innovation. In the quarter, they launched Campbell's Well Yes! sippable soups for affordable on-the-go snacking to attract original consumers to the category. It's early days, but the launch has gained tough distribution and early velocity is ahead of their expectations.

    Turning to Pacific. They are pleased with the performance of the brand and the progress of the integration. They are taking steps to enlarge their production efficiency and distribution capabilities at Pacific, as it continues to accomplish against this portfolio role to drive tough profitable growth and in line with their acquisition expectations.

    Our focus on operating discipline has been elevated across the division, particularly on soup. The result is a more efficient Meals and Beverages leadership team that is executing well. Stabilizing soup is their top priority, given the instant of this business. They are executing the plans they outlined back in August with increased emphasis on price realization, optimized merchandising support, targeted consumer-driven innovation and more efficient and concurrent marketing focus on the iconic Campbell's master brand.

    We are doing the birthright things and are encouraged that their plans are beginning to believe an impact. As they said final quarter in fiscal 2019, they will rebase soup and strengthen their value proposition in the marketplace. They believe made progress against that objective to start the year. That said, they acknowledge that there's much more toil to subsist done and it will elect time to fully stabilize the business.

    I want to talk about the focus and execution in their snacking trade and the combination of the Pepperidge Farm and Snyder's-Lance portfolios to form Campbell Snacks. The combination of these powerful portfolios establishes Campbell's as a leading player in the attractive and growing U.S. snacking market. They continue to contemplate opportunities to drive significant top line growth and margin expansion in Campbell Snacks, as they invest and innovate across their portfolio of leading brands, capture cost synergies, and create an enhanced culture of performance and accountability.

    The two businesses that comprise Campbell Snacks are robust. This quarter marks the 16th consecutive quarter of organic growth in Pepperidge Farm, and the underlying Snyder's-Lance trade is tough as well with partake growth in six of their eight key brands this quarter, including Lance, KETTLE, Cape Cod, Pretzel Crisps, Emerald, and towering double-digit growth in their Late July brand.

    As we've discussed previously, it's worth noting that prior to the closing of the acquisition, the former Snyder's-Lance management team executed SKU rationalization and price realization blueprint that didn't materialize, which believe been a headwind to consumer takeaway, particularly for the Snyder's of Hanover brand.

    We are driving innovation across Campbell Snacks by executing against key consumer snacking insights. The combination of Pepperidge Farm and Snyder's-Lance enables us to leverage a vast manufacturing network to create original innovations such as Goldfish, epic crunch. A original line in that older kids, which was developed in Pepperidge Farm's kitchens and made Snyder's-Lance bakery.

    There are numerous examples where we're transferring expertise across the portfolio, such as applying their true food knowledge to drive reinventions and products enjoy Lance crackers with color source from plants, and Pop underhand made with natural flavors.

    As they integrate and drive synergies, they are diving into the portfolio role of these brands across their portfolio and making capital investments to back their growth franchises. Specifically, they are expanding capacity in Goldfish, Milano, and KETTLE, everything of which are examples of brands that are growing and driving partake growth in their respective categories.

    From a value capture standpoint, their Snyder's-Lance integration and synergy actions are on track. The team is delivering synergies across the business, including and manufacturing procurement, warehousing and distribution, as well as, streamlining their managing processes. In supply chain, we're leveraging their scale to reduce input cost and they are accelerating their investments in automation to help their cost structure.

    We're delivering on their integration and synergy commitments, and they expect continued progress going forward. They are confident in the long-term growth and margin expansion potential for Snyder's-Lance.

    We believe created a sole Campbell snacks leadership team accountable for their North American snacks trade that is applying a consumer first approach to growth, delivering against their integration efforts, and fully leveraging their deep knowledge of snacking that spans both Pepperidge Farm and Snyder's-Lance.

    Moving to slip 7. The second leg of their original strategy is to divest non-core assets. This serves a number of purposes, it allows us to accelerate their focus significantly pay down debt and strengthen their balance sheet.

    On August 30, they announced their purpose to commence this divestiture process by selling Campbell International and Campbell Fresh as they focus on their core businesses in North America. They started to toil immediately after their final call, to commence the process of divesting these two businesses, their financial advisors believe been actively soliciting.

    As expected, there has been very tough initial interest from a gain of potential strategic and financial buyers for these assets, because both are solid businesses made up of worthy brands. They continue to believe these businesses will subsist a greater value to original owners, who are focused on these categories and geographies.

    Combined, these businesses represented approximately $2.1 billion in annual net sales in fiscal 2018. They intend to employ the proceeds to pay down debt and combined with ongoing tough free cash flow, they point to achieve a target leverage ratio of 3x net debt to EBITDA by the End of fiscal 2021.

    We continue to expect to promulgate buyers for these businesses before the End of the fiscal 2019. But their overwriting goal remains to flee a highly disciplined process on a timeline that will achieve the maximum value for these attractive assets. As they too stated in August, they are not complete, they will continue to review additional actions to further focus and refine their portfolio against their go-forward strategy.

    Moving to slip 8. The third leg of their strategy is something that they believe delivered on effectively over the final several years, cost savings. On August 30, they announced plans to lop another incremental $150 million from their overall cost as well as steps to drive asset efficiency in working capital and capital expenditures, as they build a leaner, more focused, and more agile company.

    We believe already started on this toil and believe continued to deliver meaningful cost savings with an additional $45 million realized in the first quarter. This remains a core Campbell might and they are confident in their skill to deliver the full $945 million in cumulative annualized savings by the End of fiscal 2022.

    Our focus on cost reductions and asset efficiencies befriend drive improved cash flow, which continues to allow us to recur value to their shareholders with $107 million in quarterly cash dividends, while continuing to invest in their core business. As they said previously, fiscal 2019 will subsist a transition year for Campbell as their original management team guided by the Board operationalizes their plans to focus their portfolio and dramatically help their execution.

    I want to emphasize that the actions we're implementing are the birthright ones at this time to create shareholder value. The Board and management team are committed to ascertain deleveraging the Company, maintaining their investment grade credit rating and rewarding their shareholders through long-term earnings growth and competitive cash dividends.

    I too want to reiterate that the Board remains committed to evaluating everything strategic options if they can demonstrably enhanced value above and beyond the significant actions that they are currently undertaking.

    With that as context, they are pleased with their performance in the quarter, they are improving their execution and their results, we're on track with their expectations, leading us to reiterate their fiscal 2019 guidance for this transition year. We're arduous wiring their operating plans to their key priorities, KPIs, employee objectives, and compensation practices to build a culture of performance, we're enhanced speed, conclusion making, and accountability are foundational.

    We are breaking down silos and working together in original ways across the company as evidenced by the continued successful integrations of both Snyder's-Lance and Pacific and the precipitate at which they acted to fix the supply chain issues at the original distribution center, this is quite encouraging.

    As you can contemplate they are poignant quickly to implement the plans they announced back in August and they are making measurable progress across everything of their key priorities.

    And now, let me circle it over to Anthony for a discussion of their financial results. Anthony?

    Anthony DiSilvestro

    Thanks Keith.

    Before getting into the detail, I'll build a few comments on their performance. Overall, their results were in line with their expectations and they are on track to achieve their fiscal year goals. As they disclosed in their 10-K in connection with the transition to their original U.S. warehouse optimization model, they experienced start-up issues at their original Findlay, Ohio distribution focus early in the quarter, which were impacting their skill to ship product to their customers.

    The Findlay facility, which is operated by third-party logistics provider serves as the Midwest hub for distribution or a majority of their Meals and Beverage product. In October, they are able to recoup quickly from the start-up challenges and despite $12 million of incremental cost, they finished the quarter with financial results that were in line with their original expectations.

    As they called out on the August 30 call, they expected the first quarter to subsist negatively impacted by a change in revenue recognition, the voluntary recall of flavor blasted Goldfish and some continued pressure on U.S. soup as they implement their promotional programs for the upcoming soup season.

    The repercussion from a change in revenue recognition which accelerates the timing of expense related to promotional programs at a 1 point negative repercussion on net sales, a 50 basis point repercussion on extreme margin, and a 4 point negative repercussion on adjusted EBIT, the equivalent of $0.04 per share.

    Our organic sales declined 3%, including the 1 point negative repercussion from the change in accounting. And while the Goldfish brand believe recovered well, they experienced some negative repercussion from the July 2018 voluntary recall of flavor blasted Goldfish. Excluding these two items that were more one-time in nature, the balance of the sales decline was mostly U.S. soup.

    During the quarter, they implemented their promotional programs for the upcoming soup season and are encouraged by the improving trend. They continue to achieve their cost savings goals against their aggregate program, which includes Snyder's-Lance. They generated $45 million of incremental cost savings in the quarter, bringing the program to-date total to $500 million.

    As we've discussed, they are now targeting to gain $945 million of costs and synergy savings by the End of 2022. They are pleased with the progress made on the acquisitions of Snyder's-Lance and Pacific Foods. The integration of these businesses is on track and the financial performance is meeting their expectations. Combined, the acquisitions were neutral to their adjusted EPS results in the quarter.

    Given their first quarter performance and outlook for the balance of the year, they are reaffirming their guidance for fiscal 2019. And in connection with their blueprint announced August 30, they intend to divest their international snacking trade and the Campbell Fresh business. Together with their financial advisors, we've initiated divestiture processes and believe seen significant buyer interest for both businesses.

    I will now review their detailed results. For the first quarter, net sales on an as reported basis increased 25% to approximately $2.7 billion, reflecting the recent acquisitions of Snyder's-Lance and Pacific Foods, and as I mentioned, organic sales declined 3%.

    Adjusted EBIT decreased 2% to $410 million, excluding the 4 point negative repercussion from the change in revenue recognition, adjusted EBIT increased 2%, driven primarily by the incremental earnings from the recent acquisitions, partially offset by 12 point decline on the basis trade reflecting extreme margin pressure.

    Adjusted EPS decreased 14% or $0.13 to $0.79 per share, reflecting adjusted EBIT declines in the basis business, including the $0.04 negative repercussion from the change in revenue recognition, partly offset by lower adjusted tax rate. In aggregate, the acquisitions of Snyder's-Lance and Pacific Foods had no net repercussion on adjusted EPS in the quarter.

    Breaking down their net sales performance for the quarter, organic net sales declined 3%, driven by higher promotional spending and lower volume. Lower volumes were primarily the result of decline in U.S. soup. Promotional spending negatively impacted net sales by two points, one point of which was the result of the original revenue accounting guidance, which accelerates the timing of promotional expense.

    The repercussion of the accounting change is not expected to subsist material for the fiscal year. The balance of the enlarge in promotional spending primarily reflects increased spending on the U.S. soup business. There was a one point negative repercussion on net sales from currency translation this quarter. And the recent additions of Snyder's-Lance and Pacific Foods to the portfolio, added 29 percentage points, bringing their as reported net sales enlarge to 25%.

    Our adjusted extreme margin percentage decreased 4.9 point in the quarter. Excluding a 190 basis point dilutive repercussion from the acquisitions of Snyder's-Lance and Pacific Foods, their adjusted extreme margin percentage declined three points, while the acquisitions are reducing their overall margins as they add them to the portfolio, they are confident that the margins on these businesses will enlarge over time as they integrate them into Campbell and achieve targeted cost and synergy savings.

    Cost inflation and other factors had a negative repercussion of 290 basis points, a majority of which was cost inflation, which on a rate basis increased approximately 4.5%, reflecting higher prices on steel cans, vegetables, wheat, dairy and resins as well as the continuing escalation of transportation and logistics costs.

    The balance of the margin decline was driven primarily by higher than expected distribution costs associated with the start-up of the Findlay, Ohio, distribution facility. These negative drivers were partly offset by benefits from their cost savings initiatives. Higher promotional spending including the 50 basis points repercussion of the change in revenue recognition, had a negative repercussion of 140 basis points.

    Portfolio fuse had a negative repercussion of 20 basis points. Pricing had a positive repercussion of 30 basis points, reflecting actions taken in their Global Biscuits and Snacks segment. Lastly, their supply chain productivity program, which is incremental to their cost savings program contributed 120 basis points of margin improvement. everything in their adjusted extreme margin percentage decreased to 31.6%.

    Moving on to other operating items. Adjusted marketing and selling expenses increased 12% in the quarter, due primarily to the repercussion of recent acquisitions, probably offset by lower advertising on the basis trade within Meals and Beverages. The reduction in spending reflects a reallocation of back from advertising to promotional spending, reduced back levels in light of the distribution challenges, faced earlier in the quarter and a later start to their U.S. soup campaigns relative to the prior year.

    Adjusted administrative expenses increased 19% to $163 million, due primarily to the repercussion of recent acquisitions. Excluding the repercussion of acquisitions, adjusted administrative expenses increased slightly, reflecting costs associated with the current proxy contest.

    For additional perspective on their performance, this chart breaks down their adjusted EPS change between their operating performance and below the line items. Adjusted EPS decreased $0.13 from $0.92 in the prior year quarter to $0.79 per partake in the current quarter.

    On a currency neutral basis, adjusted EBIT had a negative $0.01 repercussion on EPS, reflecting lower EBIT on the basis business, inclusive of a $0.04 negative repercussion from the change in revenue recognition, partly offset by the addition of Snyder's-Lance and Pacific Foods. Net interest expense increased by $63 million, a $0.16 negative repercussion to EPS, driven by an enlarge in the debt levels to fund their recent acquisitions and reflecting the repercussion of higher interest rates.

    Our adjusted EPS benefited from a lower adjusted efficient tax rate, increasing EPS by $0.04. Their adjusted efficient tax rate was 24.3% in the quarter, which declined by 3.9 percentage points, due primarily to the lower U.S. federal tax rate, offset partly by the propitious settlement of inevitable U.S. condition tax matters in the prior year quarter.

    And lastly, there was a $0.01 negative repercussion on EPS from currency translation this quarter, completing the bridge to $0.79 per share. And although not shown on the chart, in aggregate, the acquisitions of Snyder's-Lance and Pacific Foods were neutral to adjusted EPS.

    Now turning to their segment results. In Meals and Beverages, organic sales declined 5%, driven primarily by declines in U.S. soup, Prego and Canada partly offset by gains in V8 beverages. The segment sales were negatively impacted by one point from the change in revenue recognition. Excluding the benefit from the acquisition of Pacific Foods and the repercussion from the change in revenue recognition, sales of U.S. soup decreased 6%, driven by declines in ready-to-serve and condensed soups, partly offset by gains in broth. The sales decline in U.S. soup, reflects continued competitive pressure across the market and increased promotional spending.

    We are encouraged by the improved trends through the quarter as they implemented their promotional plans for the upcoming soup season, while consumer takeaway dollar sales declined 7% in the quarter, they were comparable to the prior year in the final four-week period. They are too encouraged by the performance of V8 beverages, which achieved sales gains in the quarter driven by V8 +Energy and the core vegetable juice business.

    Segment operating earnings declined 11% to $294 million. The decrease was driven primarily by a lower extreme margin percentage, partly offset by lower advertising expenses. extreme margin performance reflects the repercussion of higher levels of cost inflation, increased promotional spending, including the repercussion from the change in revenue recognition and higher than expected distribution costs associated with the Findlay, Ohio distribution facility start-up.

    Here's a ascertain at U.S. damp soup category performance and their partake results as measured by IRI. For the 52-week period ending October 28, 2018, the category showed a decline, decreasing 40 basis points. Their sales in measured channels, including Pacific on a pro forma basis declined 4.6%, as they continue to wrap the major customer issue that they started to face a year ago. They had a 58.6% market partake for the 52-week period, down 250 basis points from the year ago period.

    Private label grew share, increasing 160 basis points, primarily reflecting gains and brought finishing at 15.9%. everything other branded players collectively had a partake of 25.5%, increasing 90 basis points. Although not shown on the chart for the four-week period ending October 28, 2018, their sales, the measured channels were up 20 basis points, a notable improvement versus the latest 52-week period.

    In Global Biscuits and Snacks sales were $1,218 billion in the quarter, including $554 million from the acquisition of Snyder's-Lance. tickle note that we've moved the Latin America trade to the Meals and Beverages segment and believe adjusted prior period results. Excluding the benefit from the acquisition of Snyder's-Lance, and the negative repercussion from currency translation, organic sales decreased 1%, driven primarily by declines in Kelsen cookies in the U.S.

    Sales of Pepperidge Farm, Goldfish crackers increased slightly in the quarter. As expected sales of Goldfish crackers were negatively impacted by the voluntary product recall in July 2018, although they are very pleased with how the brand has recovered.

    On Snyder's-Lance, it is considerable to note that the SKU rationalization and price realization initiatives are having a negative repercussion on sales growth, particularly on the Snyder's of Hanover brand. While SKU rationalization is having a short-term repercussion on sales, this action will result in a more streamlined and profitable portfolio going forward.

    Snyder's-Lance sales performance was in line with their expectations with the core brands achieving sales growth as measured by consumer takeaway and with six of the eight core brands achieving market partake gains. Segment operating earnings increased 32% to $154 million, reflecting a 45 point benefit from the acquisition of Snyder's-Lance. Excluding the repercussion of the acquisition, segment operating earnings declined, due primarily to a lower extreme margin, reflecting higher plane of cost inflation.

    In the Campbell Fresh segment, organic sales decreased 1% to $232 million driven by declines in refrigerated soup, Garden Fresh Gourmet, and Bolthouse Farms refrigerated beverages, partly offset by gains in carrots. Segment operating loss was $3 million compared to a loss of $6 million in the prior year. Although modest, the stick this $3 million year-over-year improvement reflects improved operational efficiency in beverages, partly offset by the repercussion of refrigerated soup volume decline.

    As disclosed in their non-GAAP reconciliation in corporate, they recorded a non-cash impairment charge on the fixed asset of their refrigerated soup plant as they admiration a potential sale as allotment of their planned divestiture of the Campbell Fresh segment.

    On a companywide basis, cash from operations increased to $231 million compared to $188 million in 2018, as lower working capital requirements and lower payments and hedging activities were probably offset by lower cash earnings.

    The cash outlay for capital expenditures, with $111 million, $53 million higher than the prior year, reflecting the timing of cash payments as well as investment to back their cost savings initiatives and the addition of Snyder's-Lance and Pacific Foods to the portfolio. They continue to forecast CapEx of approximately $400 million for fiscal 2019. They paid dividends totaling $107 million compared to $111 million in 2018.

    As previously announced, they suspended their partake repurchases in the second quarter of fiscal 2018 as a result of the acquisition of Snyder's-Lance. Net debt of $9.6 billion is up from $3.3 billion a year ago, reflecting the repercussion of the $6.1 billion acquisition of Snyder's-Lance, and the $700 million acquisition of Pacific Foods, partly offset by positive cash tide generated by the basis business.

    As allotment of their August 30 plan, they believe initiated processes to divest their international snacking trade and Campbell Fresh and we'll employ the proceeds from these divestitures to reduce debt and help their leverage ratio.

    Now, I'll review their 2019 guidance, which is unchanged from August 30. As they did previously, they are providing guidance based on their existing portfolio of businesses and too on a pro forma basis, assuming planned divestitures were completed as of the start of the fiscal year with proceeds used to reduce debt. I'll start with the guidance pre-divestitures. They expect sales to enlarge to a gain of $9,975 billion to $10,100 billion as they benefit from the incremental repercussion of both the Snyder's-Lance and Pacific Foods acquisitions.

    This top line guidance implies that organic sales are expected to decline slightly, while we're seeing improved trends as they implement their promotional programs, they anticipate that U.S. soup sales will decline in 2019. In addition, they expect sales in Campbell Fresh to subsist negatively impacted as two major private label refrigerated soup customers will in-source production starting in 2019.

    We expect adjusted EBIT to subsist in the gain of $1,370 billion to $1,410 billion as declines on their basis trade are mostly offset by the incremental acquisition repercussion of Snyder's-Lance and Pacific Foods. Both of these acquired businesses are performing in line with their expectations and limn significant long-term growth opportunities.

    The EBIT decline on the basis trade reflects the anticipated decline in organic sales, the negative repercussion of 4% to 5% cost inflation on extreme margin, and the negative repercussion from higher incentive compensation, which was significantly reduced in 2018.

    We are forecasting a decline in their extreme margin percentage of approximately 2 point as cost inflation and higher promotional spending, are only partly offset by 3% cost productivity and benefits from cost savings. extreme margin trends are expected to help in the back half of the year for several reasons.

    A positive repercussion from the change in accounting, wrapping the Snyder's-Lance acquisition, pricing actions were currently implementing in the marketplace, phasing of productivity gains and some moderation of year-on-year cost inflation. They expect adjusted EPS to subsist in the gain of $2.45 to $2.53 per share. The delta between EBIT and EPS performance is primarily driven by the interest expense associated with the acquisition of Snyder's-Lance and Pacific Foods.

    We expect interest expense in the gain of $375 million to $390 million, and an adjusted tax rate of approximately 25%. And against their cost and synergy target, they expect to retrieve $120 million of savings. They are too providing forecast for 2019 on a pro forma basis, assuming the planned divestitures were completed as of the beginning of the fiscal year and based on the employ of estimated proceeds to reduce debt. As you can contemplate on the chart, their sales basis decline to about $8 billion, adjusted EBIT to a gain of $1,230 billion to $1,270 billion, and adjusted EPS to a gain of $2.40 to $2.50.

    The overall anticipated dilution from the divestitures is modest given the current plane of profitability of the Campbell Fresh division. As I've stated, we've initiated divestiture process for both Campbell International and Sea Fresh and believe seen significant buyer interest for both businesses.

    That concludes my remarks. And now, I'll circle it back to Keith.

    Keith McLoughlin

    Okay. Thank you, Anthony.

    And before they open up the call to questions, I just want to palpate on the CEO search process. The Board has been extremely thorough to build certain it selects the birthright candidate to lead Campbell through this considerable time. This is a very attractive role to a number of highly qualified internal and external candidates.

    The Board continues to believe extensive discussions with a number of candidates who possess deep sustain in consumer packaged goods and a tough track record of proven results. The Board continues to expect to cognomen a permanent CEO by the End of the calendar year.

    In summary, we're seeing the early signs of improved execution and performance this quarter. We're confident that their plans provide a limpid strategic path forward and a tough foundation for executing the Campbell turnaround. They are squarely focused on their blueprint and will not subsist distracted from their mission, executing the blueprint to maximize value for everything shareholders, much more toil lies ahead, but we're pleased with the overall pace of their progress.

    And now, let me circle it back to Ken to open up the call for your questions. Ken?

    Ken Gosnell

    Thanks Keith.

    We will now start their mp;A session. Since they believe limited time, I request out of courtesy to the other callers, tickle expect only one question at a time. Okay, Crystal.

    Question-and-Answer Session

    Operator

    [Operator Instructions] And their first question comes from Bryan Spillane from Bank of America. Your line is open.

    Bryan Spillane

    So I guess my question is just around the cost savings, I believe it was $45 million of savings in the first quarter and you're still guiding to a $120 million for the year and I think, Anthony, you said that you expected more productivity in the back half. So could you just square, I guess if we're running at $45 million in the first quarter, why the savings will subsist more than $120 million for the full year?

    Anthony DiSilvestro

    Yes, sure, Bryan. So as you pointed out, they are at $45 million against the full year guidance of $120 million. So that's about two-thirds of that will gain through cost, the other third through SG&A. My observation earlier about cost savings was meant to address productivity.

    So in addition to these cost savings program, they target 3% of cost - of productivity savings every year and it's those savings that are a puny bit more side to the back half than the first half this year. So that was what, I was addressing.

    Bryan Spillane

    So the comps productivity was less than 3%, than in the first quarter?

    Anthony DiSilvestro

    Yes.

    Operator

    Our next question comes from David Driscoll from Citi. Your line is open.

    David Driscoll

    I wanted to expect a key, you got a bit of a casual here to contemplate Campbell's from the Chief Executive Officer role, obviously you've been on the Board for years. You believe $945 million laid out in the synergy capture, $500 million already achieved, $445 million left to go. Simple math would stutter that this is worth more than a $1 a share, in terms of extreme repercussion to Campbell's. Consensus estimates, couple of years out Keith, they only fade up enjoy $0.20.

    The question to you is, if you got a casual to ascertain at these savings, are they real? carry out you believe in this bucket partake or better in savings potential? And then how much of this can actually fade down to the bottom line on Campbell's or carry out you foresee most or everything of this needing to subsist reinvested back into the trade to restore top line growth?

    Keith McLoughlin

    Yes, that's a salubrious question. I believe you partly answered a lot of that actually. So I believe these numbers are true and having been on the Board for a few years, I've watched the Company execute on these cost initiatives and now, of course, been with the management team here, I contemplate why they're salubrious at it. It's a very disciplined and robust process and they track it rigorously and, of course, now in the middle of those meetings.

    So my aplomb that we'll carry out it as high, as you know to procure to the $945 million, you believe the $0.5 billion of the current program which is getting proximate to being complete or at least meeting that number. We've got the $295 million from Snyder's-Lance and we're reporting on that frequently as you can imagine. And they assign the challenge up for another $150 million.

    So I would stutter that of the $945 million, that's $150 million - additional $150 million is where they got to procure more traction, we've got to procure more lot of side, we've got obviously toil under route to carry out that, but there is more toil to carry out there. But Anthony, you've been leading the tremendous allotment of those for us for several years and now with the new. Can you add to that?

    Anthony DiSilvestro

    Yes, totally correspond Keith, that we're highly confident against the $945 million. I believe the other route to gain out is in the context of their long-term growth algorithm and how carry out you procure from 1% to 2% sales to 4% to 6% EBIT growth.

    And that delta, implies about 50 basis points of margin expansion every year and if you carry out the math against where they are today to the $945 million, it implies a puny bit of - puny over half of those cost savings exigency to fade to expand margins. The other chunk of it can fade back into the trade to reinvest to grow the brand.

    Operator

    Our next question comes from Chris Growe from Stifel. Your line is open.

    Chris Growe

    Anthony, you outlined $12 million in cost, I believe it was related to the Ohio facility. I want to understand in the first quarter, if you were to add up to the Ohio costs or the incremental freight cost, the hurricane cost, did you give a number for what the totality of those costs were? And then as you offset that, obviously, marketing was puny lower, was that the main offset to that incremental costs in the quarter?

    Anthony DiSilvestro

    Yes, that's pretty close. I believe if you ascertain at the $0.13 decline in EPS and back out taxes and currency, you've got a $0.17 decline, of that $0.17 decline, $0.04 is revenue recognition, $0.03 is Findlay, the hurricane did not really believe a significant repercussion in everything said and done. And then the balance of it which is $0.10, their combination of the extreme margin pressure, the lower organic sales, partly offset by the reduction in advertising and consumer spend is how you procure there.

    Chris Growe

    And did you say, how much the advertising, just that piece that was down in the quarter?

    Anthony DiSilvestro

    No, I believe in the press release, they say, we're up 13% selling and marketing and 28 points of that enlarge is the acquisition. So we're down double-digit.

    Operator

    Our next question comes from Ken Goldman from JPMorgan. Your line is open.

    Ken Goldman

    When you talk on slip 5 about your blueprint to stabilize soup, there's some, I believe low hanging fruit there at the birthright creep in terms of price gaps and merchandising and so forth. But what I believe is still to me not patent in the blueprint is how you will drive consumers to procure more excited by and interested in your core soup product? intuition I'm motto that is the only innovation I contemplate here is on the Well Yes!, sipping soup side, which is not that tremendous of a product, right?

    And then on slip 23, you talk about everyone want what's next, so there's not a sole product in the next column, that's a core Campbell Soup or Chunky product also. So I guess, what I'm trying to device out what is the blueprint to spark sustained consumer interest in the core Campbell Soup red and white can as well as Chunky, any befriend there would be, I believe very useful?

    Keith McLoughlin

    Sure. It's salubrious question. Of course, you believe - at the End of the day, what we're going to procure paid for in soup is germane consumer innovation. So you're birthright on target with the question. We've got to bring more germane innovation at a faster rate to consumers. We're going to carry out that in a couple of ways.

    One is a tremendous theme, as you know is focus, right. How carry out they focus on those core brands, those core categories, where they believe strength, where they got more competition. And so the redeploy or deploy the R&D dollars against those key categories. It's going to subsist in areas enjoy convenience.

    It's going to subsist in areas enjoy meal preparation, right. How carry out you deal - how carry out you elect away that 4:00 PM to 6:00 PM nightmare that happens in every household, enjoy what's for dinner, it's going to subsist in robust and vegetables, cooking - leveraging their cooking expertise, birthright and helping people deal with that timeframe to stutter here's an facile route to elect some chicken or salmon and with this ingredients, with these capabilities build a robust meal for your family. So it's going to subsist in those areas.

    Actually we've got lots of natty stuff happening, I'm very excited to procure together with you everything during Investor Day to expose you some of the stuff that Roberto and his team believe under the hood there, but it's not yet ready for prime time, but your point is well made and well taken, it's - we're going to paid for germane innovations, that could bring excitement back into the category.

    Operator

    Our next question comes from Robert Moskow from Credit Suisse. Your line is open.

    Robert Moskow

    I guess I had a similar question as Ken did, but it was specifically about millennials. I thought, I bethink 3 months ago that there was going to subsist a more concerted effort to target younger consumers with the Campbell brand and specifically in cooking. And I didn't contemplate much here in terms of how you're doing that maybe your respond is the same wait until the Analyst Day.

    But then secondly, what I did contemplate in the market a lot, was a lot of 10 for 10 - 10 cans of condensed soup for $10, what was the conclusion to fade back to that, in the past I've heard that the Company really didn't want to discount that deeply in condensed, is that changing now?

    Keith McLoughlin

    Yes, I would stutter actually to your first allotment of your question around the millennials, they are - probably maybe you haven't seen yet, but they started in the final two weeks of October, a original drive to buy condensed specifically against millennials and especially to expose millennials, how to elect the Campbell's condensed soup and employ it for meal preparation.

    So you bethink exactly correctly and actually the original drive is birthright on that specific target segment with that featured benefit that you mentioned. In terms of the actual promotion, I can't talk the detail. I don't know, Anthony, if you believe an sustain on the 10 for one?

    Anthony DiSilvestro

    Yes, I mean, historically, their issue on 10 for 10 has been on their RTF , right, more though and that's what they wanted to procure away from they have, it's not unusual to contemplate 10 for 10 on some of the condensed side of it.

    Operator

    Our next question comes from Steve Strycula from UBS. Your line is open.

    Steve Strycula

    Quick question, on the extreme margin piece what Anthony, what builds the aplomb for the second half margin recovery on the extreme margin rate maybe talk to what inflation assumptions are some of the headwinds that kindly of dissipate? And then a quick follow-on would subsist on the international snacking piece, is that about a $1.2 billion revenue entity was call it $230 million of EBITDA, just some parameters would subsist helpful? Thanks.

    Anthony DiSilvestro

    Yes, so on the extreme margin point. Obviously, we're down in the first quarter, there is some unusual things in there 60 basis points related to Findlay, 50 basis points on revenue recognition from higher trade on U.S. soup, cost inflation is running in that 4% to 5% gain as they expected. Key drivers being steel, wheat, vegetables, dairy and resins. As they ascertain ahead to the balance of the year, they carry out expect improving trends, right.

    There is a number of reasons for that. First is the accounting change, the revenue recognition is a heinous guy in the first half is a positive in the second half. Second and this is an considerable one, we're going to wrap the acquisition of Snyder's-Lance End of March. So it turns from a being dilutive fuse repercussion to a positive contributor to organic margin expansion.

    Third, they believe communicated to their customers pricing actions that we're taking in a number of brands and is - these will fade into result in the second half believe some repercussion and certainly believe more repercussion as they creep into 2020. too we'll start to wrap some of the more significant inflation, so that should qualify a puny bit.

    And as I said earlier on the call, their ongoing 3% productivity program, there's a puny back-end loaded this year relative to other. So those are the four or five things that give us aplomb that these trends will help throughout the year. And on your other question, you're - I believe you're birthright on the international sales. We're not going to shatter down the EBITDA at that plane given where they are in these divestiture processes.

    Operator

    Our next question comes from Andrew Lazar from Barclays. Your line is open.

    Andrew Lazar

    Just two quick things, one, I believe on the final call you talked about U.S. soup probably worth about 1 point of a decline for the full year in total Company sales. I want to procure a sense if that was still around what you were thinking?

    And then second, I'm just trying to square your comments from an earlier question around reinvesting maybe a puny less than half of sort of the savings over the period of time back into the business. Were there some comments final quarter where you weren't necessarily, you didn't sound that you were expecting a significant reinvestment more of a reallocation from some brands to more disproportionate spending on some others, I wanted to build certain I just understood how to square those two comments? Thank you.

    Anthony DiSilvestro

    Yes, so on the sales allotment of it. Yes. So U.S. soup performance, they carry out expect soup sales will subsist down on a year of probably worth comes to a point to total company sales. The other headwind that we're facing is that the two major private label fresh soup customers poignant to in-sourcing that will believe a negative repercussion as they fade through the year.

    In terms of the reinvestment, Andrew, I believe if you just ascertain at their - like, I said, if you ascertain at their EBIT versus their sales, long-term algorithm is worth about 50 basis points, and that 50 basis point is about $60 million to $70 million of incremental EBIT every year.

    And then if you just toil out the math on the program to fade in terms of the annual savings, you exigency a puny over half of that to fade to that margin expansion. Now that's a puny bit simplistic because obviously you believe a basket of items that are going up or down in that EBIT bridge. But I believe towering level, that's about what they would expect to contemplate chance going forward.

    Andrew Lazar

    And Anthony around the reinvestment is a lot of it more in the marketing seeing consumer spend side or are there maybe spending that needs to subsist done behind capabilities in terms of what you exigency going forward that maybe we're less alert of?

    Anthony DiSilvestro

    Yes, no, I believe that's a salubrious question, it's just probably everything of the above, right, I mean, it's not just limited to one region of investment, right. You're going to enlarge capabilities, one route or another whether in technology, or in people, or in brands, or in products. So yes, we've talked about this before and things enjoy digital and e-commerce, they believe been stepping up their plane of investment and we'll continue to do.

    Operator

    And their next question will gain from Jonathan Feeney from Consumer Edge. Your line is open.

    Jonathan Feeney

    Just wanted to expect a question on the extreme margin, I guess, a related issue, which is the affordability. When I ascertain at the 2-year progress, 1-year progress in extreme margin even backing out the acquisition impact, it now compares unfavorably to I believe a lot of your peers directly. And juxtapose that with the conversation about affordability, I guess I just wonder me looking at the data, I wonder how much of the issue is affordability per se and where is that data coming from? Is that the consumer, the retailer that's telling you that the products aren't affordable, particularly I assume that relate largely to the meals trade and soup specifically.

    So I guess where's that data coming from? And are you confident that extreme margins believe bottomed and are going up from here on an organic basis you're setting aside whatever result of the planned divestitures might have? Thank you very much.

    Keith McLoughlin

    Yes, I might exigency you to stutter a puny bit more about the affordability allotment of the question, but just kindly of generally relative to extreme margins. Of course as their extreme margins as you stated believe been compressed here in the final couple of years, primarily driven by the under the performance in Sea Fresh and the major issue we've had with a major customer in soup. I stand for that's a not insignificant challenge to their margins. And as we're stating and as you're seeing, we're starting to contemplate getting traction, they are divesting the Sea Fresh side.

    And then in soup, it looks enjoy we're getting traction both with a key customer and too in general. So that gives us confidence, we'll procure the cost that work, we'll procure the synergies from Snyder's-Lance, procure their extreme margins back closer to where Pepperidge Farm's are and that combination gives us aplomb that the extreme margin will expand. Would you had another question around affordability, I just want to build certain I procure the question?

    Operator

    And it actually looks enjoy the caller has disconnected.

    Keith McLoughlin

    Okay.

    Operator

    So that will conclude their question-and-answer session for today's conference. I'd now enjoy to circle the call back over to Keith McLoughlin for any closing remarks.

    Keith McLoughlin

    Okay. Thank you, and thanks, everyone. I just - a couple of concluding remarks, hopefully, you can kindly of procure the puny bit of the picture here that there are changes happening at Campbell's. We're in a turnaround and we're executing against the blueprint they laid out on August 30.

    We're pleased that the first quarter results give us the skill to reaffirm guidance for the full year. We're getting traction, we're seeing early signs of progress for the turnaround, but there is still a ton of toil in front of us. So they are by no means declaring victory, this is the beginning - this is the beginning of the turnaround with the Campbell Soup Company.

    Thank you everything for joining us this morning. They ascertain forward to reporting to you back on Q2 earnings call. believe a worthy day, and for those in the U.S., a very blissful Thanksgiving. Thanks everyone.

    Operator

    Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. And you may everything disconnect. Everyone, believe a wonderful day.

    SeekingAlpha


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