Campbell Soup 3Q Sales Hurt by Soft US Soup Season

Campbell Soup's fiscal third-quarter sales missed Wall Street's view, partly hindered by a weak soup season in the U.S.

Mnet 150644 Campbells Listing Image
Mnet 150645 Campbells Listing Image

CAMDEN, N.J. (AP) — Campbell Soup's fiscal third-quarter sales missed Wall Street's view, partly hindered by a weak soup season in the U.S.

Shares fell more than 2 percent in Friday premarket trading.

For the three months ended May 1, Campbell's revenue declined to $1.87 billion from $1.9 billion. That's below the $1.91 billion analysts polled by Zacks forecast.

President and CEO Denise Morrison said in a written statement that the company has also had "some challenges in V8 beverages and a weather-related disruption to its fresh carrot supply."

Campbell, which also makes Pepperidge Farm cookies, earned $185 million, or 59 cents per share, for the quarter. A year earlier the Camden, New Jersey-based company earned $179 million, or 57 cents per share.

Earnings, adjusted for one-time costs and restructuring costs, were 65 cents per share. That matched the expectations of analysts surveyed by Zacks Investment Research.

Looking ahead, Campbell Soup Co. now anticipates its full-year adjusted earnings per share to grow by 11 percent to 13 percent, or $2.93 to $3 per share. Its prior guidance was for 9 percent to 12 percent growth.

Analysts expect full-year earnings of $2.95 per share, according to FactSet.

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