Campbell's Soup reports disappointing earnings. Is this a sign of things to come?
Andy Warhol turned their products into priceless art. But now Campbell Soup has a slightly tougher time turning its products into profits.
Shares of the food company were down 6% on Tuesday after the company reported disappointing revenue and earnings numbers for the quarter.
Campbell's earnings were $0.66, much lower than the expecting number of $0.86. Revenues of $2.165 billion were $129 million below what the market anticipated. What's more the company cut its full-year earnings guidance to a range of $2.53 to $2.58 per share, versus the current estimate of $2.58. CEO Denise Morrison put it bluntly in the company's press release. "I’m disappointed in Campbell’s first-quarter performance," she said.
(Read more: Campbell Soup cuts forecast as U.S. soup sales slide)
The company claims it was partially impacted by this year's late Thanksgiving holiday, saying shipments were pushed off into the secondRead More »from This stock will burn investors: Portfolio manager