NEW YORK (Reuters) - Campbell Soup Co cut its full-year forecast, hurt by another winter of weak U.S. soup sales, and its shares fell 3.3 percent in premarket trade.
Campbell, the world's largest soup maker, reported weaker-than-expected quarterly sales, after aggressive advertising and promotions failed to boost sales as much as planned. The promotions also hurt profit margins.
Net income fell to $239 million, or 71 cents per share, in the fiscal second quarter, ended on January 30, down from $259 million, or 74 cents per share, a year earlier.
Analysts on average were expecting 71 cents per share, according to Thomson Reuters I/B/E/S.
Sales fell 1 percent to $2.13 billion, as U.S. soup sales fell 4 percent. Analysts were expecting $2.15 billion.
Campbell, which also makes V8 juices and Pepperidge Farm Goldfish crackers, said it expects 2011 earnings per share to fall between 1 and 3 percent, on sales expected to range from down 1 percent to up 1 percent. In November, it forecast growth of 2 percent to 4 percent for earnings and 1 percent to 3 percent for sales.
Campbell shares fell to $33.80 in premarket trade from their close at $34.94 on Thursday on the New York Stock Exchange.
(Reporting by Martinne Geller, editing by Dave Zimmerman)
