UPDATE: Campbell Soup Posts 30% Drop In FQ1 Earnings, Lowers Outlook

Campbell Soup Co CPB reported a 30% drop in its fiscal first-quarter earnings and lowered its forecast for the year. Campbell now projects full-year adjusted earnings of $2.53 to $2.58 per share on sales growth of 4% to 5%. Campbell's quarterly profit fell to $172 million, or $0.54 per share, from $245 million, or $0.78 per share, in the year-ago period. Excluding one-time items, its earnings from continuing operations came in at $0.66 per share. Its sales dropped 1.8% to $2.17 billion. However, analysts were expecting earnings of $0.86 per share on sales of $2.29 billion. Campbell shares declined 5.74% to $39.41 in pre-market trading.