11:23 AM EDT, 03/11/2026 (MT Newswires) -- Campbell's (CPB) on Wednesday lowered its full-year guidance after its fiscal second-quarter results fell short of expectations amid a slower-than-anticipated recovery in the snacks business.

The packaged food company now expects adjusted per-share earnings of $2.15 to $2.25 for fiscal 2026, down from its prior estimate of $2.40 to $2.55. The new guidance represents a decline of 23% to 26% year over year.

Analysts in a FactSet survey are looking for non-GAAP EPS of $2.41.

Campbell's is now guiding full-year organic net sales to decline 1% to 2%, compared with its previous expectation of a 1% drop to a 1% rise.

The updated outlook indicates a "more cautious view of the balance of the year" amid a slower-than-anticipated recovery in snacks and incremental trade investments, Chief Financial Officer Todd Cunfer said. The guidance also factors in the impact of global tariffs announced last month by President Donald Trump.

"Our updated guidance does not include any potential impact regarding the Iran conflict," he said in remarks prepared for the earnings call and published on the company's website.

Shares of Campbell's declined 7.9% in Wednesday trade, and have fallen nearly 19% since the start of the year.

Adjusted EPS for the quarter ended Feb. 1 fell to $0.51 from $0.74 a year earlier and missed the consensus of $0.57. Net sales declined 5% to $2.56 billion, below Wall Street's estimate of $2.61 billion.

"Underlying consumer demand remained relatively steady, but our reported results were pressured by two key factors: weaker-than-expected performance in snacks and storm-related shipment delays in meals (and) beverages that shifted some volume from (the second quarter) into (the third quarter)," Chief Executive Mick Beekhuizen said in prepared remarks.

Net sales declined 6% in the snacks division and 4% in the meals and beverages segment.

As the snacks business' recovery is taking longer than expected, Beekhuizen said the company is "taking focused actions to restore fresh bakery service, to sharpen our value, launch incremental innovation and improve in-market execution in salty, while continuing to build on Goldfish momentum."

"At the same time, we're accelerating enterprise cost savings to support margins and reinvestment, including $100 million of additional near-term overhead reduction initiatives that will increase efficiency and effectiveness across the organization," he said.

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