Campbell Soup reported on Tuesday first-quarter revenue that missed Wall Street estimates on lower demand for soups and V8 vegetable juices, leading the company to cut its 2018 adjusted profit forecast.
Shares of the world’s largest soup maker fell 8 percent to $45.90 before the bell on Tuesday.
The company cut its fiscal 2018 adjusted profit to $2.95 to $3.02 per share from previously stated $3.04 to $3.11.
Analysts on average had expected $3.05 per share, according to Thomson Reuters I/B/E/S.
Organic sales from Campbell’s soup unit fell 9 percent in the quarter. Revenue fell 2 percent to $2.16 billion. Analysts on average had expected $2.17 billion.
Net income attributable to the company fell to $275 million, or 91 cents per share, in the first quarter ended Oct. 29, from $292 million, or 94 cents per share, a year earlier.
Excluding items, the company earned 92 cents per share, missing the analysts’ estimate of 97 cents