Campbell Soup Company reported fiscal Q3 EPS of $0.59, versus $0.65 last year, missing the $0.64 Capital IQ estimate. Revenue for the quarter, which ended April 30, was $1.85 billion, as compared to $1.87 billion for the year-ago period. This also fell short of the consensus, which was for revenue of $1.87 billion.
Citing headwinds including weak consumer spending and significant consumption declines industry-wide, the company has revised its fiscal 2017 sales guidance downward. Campbell now expects full-year sales to either be down 1% of unchanged versus 2016, compared to the prior estimate for sales to be unchanged to up 1%. The Street is looking for sales of $7.95 billion for the full-year, or a decrease of approximately 0% on 2016’s $7.96 billion sales figure.
The company said, however, that despite the challenges on the top line, “we expect that we will be able to offset the impact of lower sales with our ongoing cost-savings efforts, which are ahead of our expectations for the fiscal year.”