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Campbell Soup's quarterly sales and profit miss estimates

By Reuters

Published: 07:54 EST, 17 February 2017 | Updated: 07:54 EST, 17 February 2017

Feb 17 (Reuters) - Campbell Soup Co reported lower-than-expected quarterly sales and profit on Friday, hurt by weak demand for its V8 beverages, broth and condensed soups.

The world's largest soupmaker said revenue fell 1 percent in the Americas simple meals and beverages unit, its largest segment, which includes its namesake soup brand and Prego pasta sauces.

Sales from Campbell's fresh foods business, which accounted for about 12 percent of total revenue in the second quarter ended Jan. 29, fell 8 percent, as the company's efforts to revive from a recall of certain protein drinks and a disappointing carrot harvest last year waned.

The company, which also sells Pepperidge Farm snacks, reported a 1.4 percent fall in net sales to $2.17 billion. Analysts on average had expected $2.22 billion, according to Thomson Reuters I/B/E/S.

Net income attributable to Campbell fell to $101 million, or 33 cents per share, in the quarter, from $265 million, or 85 cents per share, a year earlier.

The company took a non-cash charge of $147 million to reduce the value of assets in its Bolthouse Farms' carrot business and a non-cash charge of $65 million in its fresh foods unit.

Excluding certain items, the company earned 91 cents per share, missing analysts' average estimate of 88 cents per share. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto)

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Larry Whyte
Larry Whyte

He is a leading authority on business trends including ‘big data’, self-employment and the social media revolution. He’s the author of the award-winning book, Marketing Shortcuts for the Self-Employed (2011, Wiley) and a regular speaker for Bloomberg TV. He has spoken about global mega trends, big data and the social media revolution at conferences and business events around the world .

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