Campbell Soup Misses Third-quarter Expectations

Shares of Campbell Soup were up 1% in premarket trade Friday after Campbell reported third-quarter net income of $176 million, or 58 cents per share, down from $185 million, or 59 cents per share, in the year-earlier period. It reported adjusted earnings per share of 59 cents, below the FactSet consensus of 64 cents. It reported sales of $1.85 billion, below the FactSet consensus of $1.87 billion and below $1.87 billion in the year-earlier period. Campbell revised its guidance, saying it expects sales to fall by 1% to 0%, which was previously a gain of 0% to 1%, and adjusted earnings per share to increase by 3% to 5%. Shares of Campbell have fallen 2.6% in the past three months, compared to the S&P 500's gain of 0.6%.