Campbell Soup Co. reduces revenue forecast

Cans of Campbell's Chicken Noodle Soup are posed in San Diego. Campbell Soup Co. on Tuesday, Nov. 19, 2013 said its quarterly profit fell 30 percent as U.S. sales of soups and V8 beverage declined. A recall of its recently acquired Plum Organics products also hurt results and the company cut its outlook for the year. (AP Photo/Gregory Bull, File)
Cans of Campbell's Chicken Noodle Soup are posed in San Diego. Campbell Soup Co. on Tuesday, Nov. 19, 2013 said its quarterly profit fell 30 percent as U.S. sales of soups and V8 beverage declined. A recall of its recently acquired Plum Organics products also hurt results and the company cut its outlook for the year. (AP Photo/Gregory Bull, File)
Posted: May 21, 2014

Because of weaker-than-expected sales in the first nine months of its fiscal year, Campbell Soup Co. reduced its outlook for full-year revenue growth Monday.

The Camden company, whose brands include Chunky soups and Pepperidge Farm breads, said it now expects revenue from continuing operations to increase 3 percent, down from the previous range of 4 percent to 5 percent.

Campbell's revenues for the three months ended April 27 were $1.97 billion, up slightly from $1.96 billion in the comparable period a year ago. Net income was $184 million, up 1.7 percent from $181 million the year before.

The most recent quarter included an $18 million pre-tax charge for lump-sum pension distribution related to the closure of Campbell's Sacramento, Calif., factory.

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