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Shares of the company, which also sells Pepperidge Farm snacks
and Prego pasta sauce, fell as much as 5.16 percent to $54
before the bell on Friday.
The company said it expects sales to be flat to down 1 percent
compared with its prior forecast of flat to up 1 percent.
Campbell, however, raised its adjusted profit forecast for the
year to $3.04-$3.09 per share from $3.00-$3.09 per share.
Net income attributable to the company fell to $176 million, or
58 cents per share, in the third quarter ended April 30, from
$185 million, or 59 cents per share, a year earlier.
The company incurred pretax charges related to cost-savings
initiatives of $7 million, or 1 cent per share.
Excluding certain items, the company earned 59 cents per share,
missing analysts' average estimate of 64 cents per share,
according to Thomson Reuters I/B/E/S.
Net sales fell to $1.85 billion from $1.87 billion. Analysts on
average had expected $1.87 billion.
Organic sales dipped 1 percent, reflecting higher promotional
spending and low demand for its products in its Americas simple
meals and beverages business, which sells its namesake soups and
V8 vegetable juices.
The company said it continued to face product constraints in its
Campbell fresh unit, following last year's voluntary recall of
Protein Plus beverages.
(Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina
D'Couto)
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