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Campbell Soup Cuts Annual Profit Forecast as Costs Rise

June 9 (Reuters) - Campbell Soup Co on Wednesday slashed its forecast for full-year earnings on higher costs related to raw materials and transportation.

The company’s shares fell about 6% in trading before the bell after it also recorded a near 5% fall in quarterly profit.

The canned soup maker expects fiscal 2021 adjusted earnings between $2.90 and 2.93 per share, compared with its prior forecast of $3.03 to $3.11 per share.

The outlook also includes impact from the sale of Campbell’s Plum baby food and snacks business, the company said.

For the third quarter, net earnings attributable to the company fell to $160 million, or 52 cents per share, in the three months ended May 2, from $168 million, or 55 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

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