July 20, 2016 / 8:16 PM / 3 years ago

Campbell Soup cuts sales outlook after Bolthouse Farms recall

Cans of Campbell's brand soups are seen at the Safeway store in Wheaton, Maryland February 13, 2015. REUTERS/Gary Cameron/Files

(Reuters) - Campbell Soup Co (CPB.N), the world’s largest soupmaker, said it was lowering its fiscal 2016 sales forecast to reflect the recall of its Bolthouse Farms protein drinks.

The company now expects sales to fall 2 percent to 1 percent. The company had expected sales to be flat or down up to 1 percent.

The new outlook also takes into account the impact of a major carrot customer moving to a dual source arrangement.

The Bolthouse Farms business recalled 3.8 million bottles of protein drinks due to possible spoilage last month after receiving complaints including reports of illness.

Campbell said it continued to expect 2016 adjusted profit of $2.93 to $3.00 per share, compared with analysts’ average estimate of $2.98.

The Camden, New Jersey-based company’s shares closed down 3 percent at $64.58 on Wednesday.

Reporting by Jessica Kuruthukulangara; Editing by Don Sebastian

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