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Campbell Soup lowers annual profit forecast as costs rise

2 Min Read
(Reuters) -Campbell Soup Co on Wednesday slashed its forecast for annual earnings after the company’s quarterly results fell short of estimates, hurt by higher costs related to raw materials and transportation.
FILE PHOTO: Cans of Campbell s Soup are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS/Brendan McDermid/File Photo
The canned soupmaker’s shares fell about 6% to $46.30.
Campbell, known for Swanson broth, Prego pasta sauces and Pepperidge Farm cookies, expects higher costs to hurt margins even as it plans price hikes for later this year.
Shipping logjams globally and surging demand on the back of a resurgent U.S. economy have led food manufacturers to sacrifice their profit margin as costs rose for items across the board. ....

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