Campbell Soup's Q3 earnings beat estimates, but shares still fall.
Campbell Soup maintained its full-year forecasts for sales and profit despite beating quarterly earnings, causing its shares to drop by as much as 9%. The company's move to raise prices to counter the impact of higher input costs led to a 5% rise in quarterly sales, but a 7% decline in total volumes signaled that Americans were moving away to private-label products that are more affordable. Campbell expects annual net sales to grow between 8.5% and 10%, with adjusted profit of $2.95 to $3 per share.