Campbell Soup strikes cautious note on 2014 outlook

Wed Jul 24, 2013 11:07am EDT

(Reuters) - Campbell Soup Co (CPB.N) stood by its growth forecast for 2013 on Wednesday but sounded a slightly cautious tone for next year, saying results would be affected by currency movements and a higher tax rate.

Shares of the world's largest soup maker fell 1.6 percent in morning trade. They had gained more than 35 percent so far this year.

Campbell Soup, which is meeting with analysts and investors on Wednesday, said it still expects earnings of $2.58 per share to $2.62 per share for fiscal 2013. That would reflect growth at the upper end of the 10 percent to 12 percent range for sales and the 4 percent to 6 percent range for adjusted earnings.

For fiscal 2014, Campbell said it expects higher growth in sales and earnings, helped by recent acquisitions, new products, line extensions and increased distribution.

Campbell shares were down 75 cents, or 1.6 percent, at $46.58 in morning trade.

(Reporting by Martinne Geller in New York; Editing by Gerald E. McCormick)

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