FILE PHOTO: Tins of Campbell’s Tomato Soup are seen on a supermarket shelf in Seattle, Washington, U.S. February 10, 2017. REUTERS/Chris Helgren/File Photo GLOBAL BUSINESS WEEK AHEAD
September 1, 2021
(Reuters) -Campbell Soup Co forecast fiscal 2022 earnings below market estimates on Wednesday, as higher packaging, ingredients and transportation expenses eat into its profit margins.
Packaged foods makers have been wrestling with higher costs of ingredients such as wheat, edible oils and corn, while also spending heavily on freight to ease the strain on their supply chains due to the pandemic.
Campbell expects net sales to decline as much as 2% in fiscal 2022, higher than analysts’ estimate of a nearly 1% fall.
The Prego pasta sauces and Cape Cod potato chips maker expects adjusted earnings between $2.75 and $2.85 per share for fiscal 2022, compared with market estimates of $2.87, according to Refinitiv IBES.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Krishna Chandra Eluri)
Source: One America News Network
