CAMDEN, N.J. (AP) — Campbell Soup’s first-quarter net income tumbled 30 percent on declining U.S. soup sales and rising costs.
The Camden, N.J. company fell well short of Wall Street expectations and it cut its forecast for the year because of the slow start.
Shares fell 7 percent before the opening bell Tuesday.
Campbell Soup Co. earned $172 million, or 54 cents per share. That’s down from $245 million, or 78 cents per share, a year earlier.
Excluding restructuring charges and other items, adjusted earnings from continuing operations were 66 cents per share.
Analysts polled by FactSet predicted earnings of 86 cents per share.
Revenue dipped 2 percent to $2.17 billion from $2.21 billion. Wall Street was looking for $2.29 billion in revenue.
U.S. soup sales declined 6 percent as retailers adjusted their inventory.