Friday's vital data: AAPL, GE, UAL >>> READ MORE

CPB: Campbell Soup Stock Sinks on Disappointing Guidance

But it beat quarterly profits estimates


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 CPB
Source: Flickr

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.

DDS: Dillard’s Stock Rallies on Earnings Beat
DDS: Dillard’s Stock Rallies on Earnings Beat

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.

More Stocks to Watch:

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC