Campbell Soup Reports 14% Profit Decline

Campbell Soup Co. reported a 14% drop in its fiscal third-quarter earnings and said full-year results may miss forecasts because of weak demand for its soups. The maker of Campbell’s Soup, Pepperidge Farm cookies and crackers and V8 vegetable drinks said earnings fell to $139 million, or 32 cents a share, from $162 million, or 37 cents, a year ago. Net sales fell 7% to $1.4 billion as U.S. soup consumption fell 9%, Campbell said. Analysts had expected earnings of 31 cents, according to First Call/Thomson Financial. The decline in profit and the gloomy outlook came as little surprise to many industry analysts who had lowered earnings estimates in recent weeks after figures showed Campbell’s soup sales down sharply in the quarter. Shares of Camden, N.J.-based Campbell fell $1.19 to close at $29.25 on the NYSE.