UPDATE: Campbell Soup Co. stock slumps after second-quarter sales miss
Campbell Soup Co. (CPB) shares slumped nearly 1% in pre-market trade Friday after the company reported second-quarter sales that missed expectations. Earnings for the latest quarter fell to $205 million, or 33 cents per share, from $414 million, or 85 cents per share in the year-earlier period. Adjusted earnings-per-share were 91 cents, above the FactSet consensus of 88 cents. Revenue fell to $2.17 billion from $2.20 billion, below the FactSet consensus of $2.22 billion. Chief Executive Officer Denise Morrison said she was "not satisfied with our sales performance this quarter," attributing the decline to the Campbell Fresh segment, which performed below expectations. The segment, which caused troubles last year too, will take longer to recover the originally planned and is not expected to grow this fiscal year, Morrison said. Still, she said the company is confident in the growth potential of this category. Campbell shares have risen 15.4% over the last three months, compared with a 7.3% rise in the S&P 500 .
-Emma Court; 415-439-6400; AskNewswires@dowjones.com
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