Campbell Soup stock was down on Thursday following the release of its earnings report for its fiscal fourth quarter of 2018.
Campbell Soup (NYSE:CPB) reported revenue of $2.19 billion for its fiscal fourth quarter of 2018. This is better than the company’s revenue of $1.66 billion that was reported in the same period of the year prior. However, it was bad news for Campbell Soup stock by coming in below Wall Street’s revenue estimate of $2.24 billion for the quarter.
Campbell Soup notes that its revenue for the quarter was up 33%. It notes that the recent acquisition of Snyder’s-Lance and Pacific Foods was responsible for a a 36-point benefit to its revenue. While this is good news for Campbell Soup stock, there was still a decline of 3% for its organic sales.
Earnings per share reported by Campbell Soup for its fiscal fourth quarter of the year came in at 25 cents. This is a drop from the company’s earnings per share of 52 cents from its fiscal fourth quarter of 2017. Despite this fall, it still beat out analysts’ earnings per share estimate of 24 cents for the period, but wasn’t enough to keep Campbell Soup stock up today.
Campbell Soup also reported net income of $289 million for its fiscal fourth quarter of 2018. This is down from the company’s net income of $440 million that was reported during the same time last year.
Campbell Soup also provided its outlook for fiscal 2019 in its most recent earnings report. The company notes that it is planning to pursue divestitures during the year. Without them, it expects revenue to range from $9.975 billion to $10.100 billion. With divestitures it is looking at revenue between $7.925 billion and $8.050 billion. Wall Street is looking for revenue of $10.27 billion in fiscal 2019.
CPB stock was down 2% as of Thursday morning and is down 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.