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.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.
"We expected this to be a challenging quarter ... but it was made even tougher by several additional factors," Campbell Chief Executive Officer Mark Clouse said, adding that he expects price price increases to offset some margin pressures. Campbell also struggled with production and supply disruptions due to the winter storms in Texas earlier this year.
Campbell forecast fiscal 2021 adjusted earnings between $2.90 and $2.93 per share, compared with its prior forecast of $3.03 to $3.11 per share. It expects sales to fall at least 3.0%, compared with the minimum 2.5% fall projected earlier.
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