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.
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.
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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