Campbell Soup Company (CPB) Stock Sinks on Q4 Miss, Sales Warning
Campbell Soup Company (NYSE:CPB) stock took a hit on Thursday following the release of its fiscal fourth quarter earnings report for 2017.
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During its fiscal fourth quarter of 2017, Campbell Soup Company reported earnings per share of 52 cents. This is up from its earnings per share of 46 cents for the same time last year. However, this was still bad news for CPB stock as it wasn’t able to reach Wall Street’s earnings per share estimate of 55 cents for the quarter.
Campbell Soup Company revenue of $1.66 billion for its fiscal fourth quarter of 2017 also wasn’t good for CPB stock. This is a drop from its revenue of $1.69 billion reported in the fiscal fourth quarter of 2016. It also came in below analysts’ revenue estimate of $1.69 billion for the quarter.
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Net earnings reported by Campbell Soup Company in its fiscal fourth quarter of 2017 was $318 million. The food company reported a net loss of $81 million during the same period of the year prior.
Campbell Soup Company’s guidance for fiscal 2018 also didn’t do CPB stock any favors on Thursday. The company is expecting its sales for the fiscal year of 2018 to be down 2% to flat compared to fiscal 2017 sales. Sales in fiscal 2017 were $7.890 billion and Wall Street is looking for sales of $8.01 billion in fiscal 2018.
Campbell Soup Company says that it is expecting earnings per share for fiscal 2018 to range from $3.04 to $3.11. However, it hasn’t provided a non-GAAP reconciliation for its fiscal 2018 guidance. Analysts are looking for earnings per share of $3.19 in fiscal 2018.
CPB stock was down 6% as of Thursday morning and is down 22% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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