Campbell Soup Down 3% On Forecast Cut (CPB)

Campbell Soup Company CPB is down more than 3% this morning after the company cut its 2011forecast on weak soup sales. The company reported earnings of 71 cents per share on revenues of $2.13 billion. This was lighter than what Wall Street was forecasting. Wall Street expected earnings of 71 cents per share on revenues of $2.15 billion. The world's largest soup maker said that aggressive advertising and promotions did not go as planned, and hurt profit margins after failing to work. The company said it expects 2011 earnings per share to fall between 1-3% on revenues that are forecast from down 1% to up 1%. Just in November, the maker of V8 and Pepperidge Farm crackers said it expected growth of 2 percent to 4 percent for earnings and 1 percent to 3 percent for sales. At last check, shares of Campbell were off $1.20 to $33.74, a loss of 3.4%.