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Stock Alert: Campbell Soup Slips 7% On Quarterly Results, Outlook

Shares of processed food and snack company Campbell Soup Co. (CPB) are down 7 percent on Wednesday's trading after it reported lower third-quarter earnings, which came in below market expectations.

In the third quarter, the company reported net income of $160 million or $0.52 per share, lower than $168 million or $0.55 per share last year. Excluding items, Campbell Soup reported adjusted earnings of $168 million or $0.55 per share for the period.

Analysts had expected the company to earn $0.66 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. The company's revenue for the quarter fell 11.6 percent to $1.98 billion from $2.24 billion last year.

The company also lowered adjusted earnings and net sales guidance for the full-year 2021, to reflect lower third-quarter results and the impact of the sale of the Plum baby food and snacks business.

Currently trading at $46.03, the stock has traded between $44.53 and $54.08 during the past 52 weeks.

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