Campbell's first quarter was less than 'souper'
The company reports a 30% plunge in fiscal first-quarter earnings, sending investors running for the hills.
Campbell reported a stunning 30% plunge in earnings, with EPS coming in at 54 cents. The Street had been expecting earnings of 86 cents per share. Campbell's revenue also came in below expectations, declining 2% to $2.17 billion. Analysts were looking for revenue of $2.29 billion.
Campbell was dinged by higher marketing costs, as well as a continuing decline in its core soup business.
Motley Fool analyst Taylor Muckerman believes it was a terrible quarter for Campbell soup, though he sees a small bright spot in the report: snack foods.
Campbell's sales in its international baking and snack segment actually increased 6%. But the negatives in the report easily outweigh that one hint of good news, and Campbell's sapped momentum makes it an unattractive stock.
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The apparel chain takes a hard hit after blaming the weather for its quarterly sales decline. But cold temperatures don't explain the drop in full-year sales as well.
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