Campbell Soup Co.'s higher soup sales were watered down by commodity hedging losses in its first fiscal quarter, as the soupmaker said Monday that profits fell 3.7 percent even as more cash-strapped consumers reached for its brands.
Shares of the Camden, N.J.-based company tumbled 8 percent as investors worried about the nation's largest soupmaker's ability to keep ahead of currency fluctuations and to translate a bigger thirst for soup into higher earnings.
The company lowered its outlook for the year on worries about currency translation, which affects companies with sizable portions of their business overseas as the U.S. …
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