Campbell Soup Company (NYSE:CPB) stock was down today following the release of its earnings report for its fiscal second quarter of 2018.
Denise Morrison, the President and CEO of Campbell Soup Company, notes that the current quarter was “disappointing” for the company. He says this is partially due to falling soup sales in the U.S. Soup sales in the region were down 7% from the same time last year.
“Campbell Fresh did not meet expectations. Sales did not recover as anticipated due in part to headwinds in the super premium juice category,” Morrison said in a statement. “Looking ahead to the spring, we expect our beverage innovation plans to drive improved beverage performance in the second half. We are committed to returning this business to profitable growth.”
Campbell Soup Company notes that revenue for its fiscal second quarter of 2018 was $2.18 billion. This is largely unchanged from its revenue of $2.17 billion from the same time period of the year prior. However, it does just beat Wall Street’s revenue estimate of $2.16 billion for the quarter.
Earnings per share reported by Campbell Soup Company for its fiscal second quarter of the year came in at $1.00. This is an increase over its earnings per share of 91 cents from its fiscal second quarter of 2017. It also comes in above analysts’ earnings per share estimate of 81 cents for the period.
Campbell Soup Company also updated its outlook for the fiscal full year of 2018 in its recent earnings report. It now expects earnings per share to range from $3.10 to $3.17 with revenue ranging from a 1% decrease to a 1% increase. Wall Street is estimating earnings per share of $2.97 on revenue of $7.87 billion for the year.
CPB stock was down 3% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.