Campbell falls after forecasting annual sales, profit below estimates
BUZZ-Campbell falls after forecasting annual sales, profit below estimates Updates
** Shares of packaged food maker Campbell CPB.O down as much as 10.43% at $21.30
** Stock set for its worst day since May 2018, if losses hold
** Co forecasts annual sales, profit below estimates, hurt by weak demand for its pricier snacks and pantry condiments amid macroeconomic uncertainties
** Expects FY27 net sales to decline between 2% and 4% vs estimates of a 0.8% fall - data compiled by LSEG
** Sees annual adjusted EPS between $1.65 and $1.80, below estimates of $1.86
** Reports 8% fall in Q4 revenue to $2.14 billion vs estimates of a 7.6% decline to $2.15 billion
** Logs 37% decline in quarterly adjusted EPS to 39 cents
** Cuts quarterly dividend to 25 cents for Q4 from 39 cents previously to accelerate its debt-reduction efforts
** "CPB still has much to prove before investors gain more confidence, particularly given recent tracked channel trends for the company's salty snacks business," BNP Paribas Equity Research says
** As of last close, stock down ~15% YTD
(Reporting by Sanskriti Shekhar in Bengaluru)
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