Shares in US foods and snacks group Campbell Soup (CPB:NYSE) have fallen nearly 10% since it announced a disappointing set of third quarter earnings on 7 June.

This share price slide extends earlier pains; year-to-date its shares have fallen 18% and are currently trading around $46.Although the company reported a 5% rise in organic sales, earnings before interest and tax fell 14% to $254 million and it reaffirmed full-year fiscal 2023 guidance which disappointed investors who were looking for some sort of uplift in its outlook for this year and next. Marketing and selling expenses increased by 3% to $194 million, along with an 11% increase in administrative expenses.

Campbell Soup expects annual net sales to grow between 8.5% and 10% compared to analysts’ estimates for a rise of 9.5%, according to Refinitiv data.

Analysts at Morningstar don’t think it is all bad news for the American processed foods-to-snacks company.

They said: ‘We think Campbell’s prudent strategic focus – leveraging technology, data insights and artificial intelligence to bring consumer-valued new products to the shelf in a timely fashion while also reducing complexity, investing in automation, and optimising its supply chain and manufacturing network – has set it on a sound course.’

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