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Campbell Soup lowers annual profit forecast as costs rise

2 Min Read (Reuters) -Campbell Soup Co on Wednesday slashed its forecast for annual earnings after the company’s quarterly results fell short of estimates, hurt by higher costs related to raw materials and transportation. FILE PHOTO: Cans of Campbell s Soup are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS/Brendan McDermid/File Photo The canned soupmaker’s shares fell about 6% to $46.30. Campbell, known for Swanson broth, Prego pasta sauces and Pepperidge Farm cookies, expects higher costs to hurt margins even as it plans price hikes for later this year. Shipping logjams globally and surging demand on the back of a resurgent U.S. economy have led food manufacturers to sacrifice their profit margin as costs rose for items across the board.

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Campbell Soup projects higher annual earnings as it cuts costs

By Reuters Staff 2 Min Read (Reuters) - Campbell Soup Co said on Wednesday it expects current-quarter sales to be pressured due to supply chain disruptions caused by a major winter storm and deep freeze that engulfed several U.S. states. FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid The soups and snacks maker, which benefited from rising demand for its ready-to-eat or quick-fix meals during the pandemic, said its plant in Texas, where it makes Prego pasta sauces, was closed for two weeks in December.

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Campbell Soup projects higher annual earnings as it cuts costs - Netscape Money & Business

Campbell Soup projects higher annual earnings as it cuts costs - Netscape Money & Business
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