Campbell Soup Co. (CPB) on Friday reported a fiscal third-quarter loss of $393 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Camden, New Jersey-based company said it had a loss of $1.31. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 70 cents per share.
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The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The maker of canned soup, Pepperidge Farm cookies and V8 juice posted revenue of $2.13 billion in the period, which met Street forecasts.
Campbell expects full-year earnings in the range of $2.85 to $2.90 per share.
Campbell shares have declined 18 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 2 percent. The stock has decreased 32 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CPB at https://www.zacks.com/ap/CPB