CPB: Campbell Soup Stock Sinks on Disappointing Guidance

But it beat quarterly profits estimates

   

CPB: Campbell Soup Stock Sinks on Disappointing Guidance

Shares of Campbell Soup (CPB) sank more than 5% after the company announced fiscal third-quarter revenue that fell short of Wall Street expectations and offered a weaker outlook for the rest of the year.

campbells soup 630 300x200 CPB: Campbell Soup Stock Sinks on Disappointing Guidance
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CPB said that it earned $184 million during the quarter, up slightly from $181 million in the prior-year period. Adjusted EPS from continuing CPB operations came in at 62 cents, topping the 59 cents that analysts had forecast, the Associated Press notes.

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However, fiscal third-quarter revenue of $1.97 billion, up 1% from the year-ago period, was less than the $2 billion that analysts had estimated. CPB said that expenses fell from $1.71 billion a year ago, to $1.68 billion during the last quarter.

CPB also lowered its outlook for fiscal 2014. It had previously anticipated a sales increase for the current fiscal year of between 4% and 5% compared to fiscal 2013, but has now cut that to about 3%.

Campbell Soup stock closed at $45.12 per share on Friday.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/05/cpb-campbell-soup-stock-sinks-disappointing-guidance/.

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