Campbell Soup Company (NYSE:CPB) stock was down on Friday following the release of its earnings report for the fiscal second quarter of 2017.
Revenue reported by Campbell Soup Company in its fiscal second quarter of 2017 was $2.17 billion. This is down from its revenue of $2.20 billion reported in the fiscal second quarter of 2016. It was also unable to reach analysts’ revenue estimate of $2.22 billion for the fiscal second quarter of the year.
Campbell Soup Company reported earnings per share of 91 cents for its fiscal second quarter of the year. Earnings per share from the same time last year was 87 cents. Wall Street was expecting CPB to report earnings per share of 88 cents for the quarter.
During its fiscal second quarter of 2017, Campbell Soup Company reported net income of $101 million. This is a decrease from the net income of $265 million that it reported during the same period of the year prior.
“C-Fresh performance was below our expectations. The new C-Fresh management team has conducted an extensive review of the business and has determined the recovery will take longer to execute than we originally planned,” Denise Morrison, Campbell Soup Company’s President and CEO, said in a statement. “As a result, we no longer expect C-Fresh to grow this fiscal year.”
Campbell Soup Company reaffirmed its outlook for fiscal 2017 in its recent earnings report. The company is expecting earnings per share for the year to range from $3.00 to $3.09. Wall Street is expecting CPB to report earnings per share of $3.08 in fiscal 2017.
CPB stock was down 6% as of noon Friday.