Campbell Soup misses Wall Street forecasts, cuts sales outlook

Campbell Soup misses Wall Street forecasts, cuts sales outlook

File photo taken in 2015 shows a bowl of Campbell's chicken soup atop a table.

Campbells has not yet been able to resume original production levels for the protein drinks and has been "unable to execute normal promotional activity across the fresh beverage portfolio, said Morrison. Quarterly sales across the Campbell Fresh division fell 6% to $248 million, the company reported.

Similarly, quarterly sales in Campbell's traditional soups, simple meals, and beverages division fell 2% to $982 million. Declines in sales of soup and V8 beverages were partly offset by gains in Prego sauces, the company reported.

One bright report amid the declines came via 2% increase in sales for Campbell's global biscuits and snacks division, which produces Pepperidge Farm cookies and crackers and Arnott's biscuits.

Overall for the quarter, Campbell's net earnings totaled $176 million, or 58 cents a share. The consensus forecast of analysts surveyed by S&P Capital IQ had forecast earnings per share of 64 cents.

The company's stock is down 5.8% year to date.

Revenue for the quarter totaled $1.85 billion, falling short of the $1.87 billion that had been forecast by the analysts.

Citing what the company characterized as a "difficult operating environment, Campbell's made a one percentage point cut in its sales forecast, to a range of flat or negative 1%. However, Campbells raised its earnings per share forecast for the full year to $3.04 to $3.09. Morrison predicted that cost-savings efforts would offset the impact of lower sales.



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