Reuters
Campbell Soup lowers annual profit forecast as costs rise
(Reuters) -Campbell Soup Co 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. Shipping logjams globally and surging demand on the back of a resurgent U.S. economy have led food manufacturers to sacrifice their profit margin as costs rose for items across the board.
