Campbell Soup Drops On Lower Profit, Outlook Below Estimate

(RTTNews) - Shares of Campbell Soup Company (CPB) are falling more than 6% Wednesday morning after reporting lower profit in the third quarter. Its full-year earnings outlook also came in below analysts' view.

Campbell posted a profit of $160 million or $0.53 per share in the quarter, lower than $188 million or $0.62 per share in the same quarter a year ago.

Excluding one-time items, earnings were $0.68 per share. The consensus estimate of analysts polled by Thomson-Reuters were $0.64 per share.

Quarterly sales, however, increased $2.229 billion from $2.130 billion last year.

Looking forward, the company sees adjusted EPS in the range of $2.95 - $3.00 for the full-year. The consensus estimate was for $3.01 per share.

CPB, currently at $47.36, has traded in the range of $44.37 - $57.78 in the last 1 year.