Campbell Declines Most in 2 Years on Forecast Cuts
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Campbell Soup Co., the world’s largest soup maker, fell the most in two years after cutting 2011 forecasts for profit and sales, citing intensifying competition.
Sales may drop as much as 1 percent, Campbell said today. That compared with a previous forecast of at least a 1 percent increase. Earnings will fall as much as 3 percent, or to $2.40 a share, compared with earlier predictions of a gain. Analysts had projected $2.51 on average, according to a Bloomberg survey.