Campbell Soup
stock was falling after the food company issued fiscal-year earnings guidance below Wall Street expectations.
Campbell Soup
(ticker: CPB) said on Wednesday that it expects fiscal-year earnings of between $2.95 a share and $3 a share. Analysts surveyed by FactSet were expecting earnings of $3.01 a share.
Campbell Soup
said in a press release that adjusted earnings were currently tracking to the upper end of its guidance range.
The company also said it expects fiscal 2023 revenue to grow between 8.5% and 10% from the previous year, which implies sales in line with analysts’ expectations of around $9.37 billion.
The soup maker on Wednesday reported fiscal third-quarter earnings of 68 cents a share on revenue of $2.229 billion. Analysts surveyed by FactSet were expecting earnings of 65 cents a share on revenue of $2.231 billion.
“Our third-quarter results were in line with our expectations and were driven by in-market momentum, continued best-in-class supply chain execution and favorable inflation-driven net price realization, all despite the anticipated challenging comparison from the prior year’s retailer inventory rebuild,” Chief Executive Mark Clouse said in the earnings release.
Shares of
Campbell Soup
were down 7.2% to $46.98 and were on pace for their lowest close since October 2022, according to Dow Jones Market Data. The stock has fallen 18% this year.
Write to Angela Palumbo at [email protected]
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