B&G Foods Reports Disappointing Q3 Results

NEW YORK – B&G Foods, Inc. (NYSE: BGS) experienced a 14% drop in its shares following third quarter results that did not meet analyst expectations, with both earnings and revenue falling short.

The packaged foods company reported adjusted earnings per share of $0.13 for Q3, significantly less than the $0.20 expected by analysts. Revenue reached $461.1 million, missing the consensus estimate of $473.8 million.

Q3 revenue declined 8.3% YoY, mainly due to the divestment of its Green Giant U.S. shelf-stable product line and a decrease in unit volumes. Base business net sales, excluding divested brands, fell by 4.4% compared to last year.

Adjusted EBITDA dropped 12.5% YoY to $70.4 million in Q3. The company pointed to a slower recovery in sales trends, aligning with overarching challenges facing the center store packaged foods sector.

Casey Keller, President and CEO, stated, "B&G Foods' third quarter results reflected a slower than expected recovery in sales trends, consistent with the center store packaged food industry. We anticipate trends will gradually improve and stabilize into the first half of 2025 as we adapt to consumer reactions to price increases across food categories."

For the entire year of 2024, B&G Foods has revised its forecast downward. The company now projects net sales between $1.92 billion and $1.95 billion and adjusted EPS of $0.67 to $0.77, both figures falling below current analyst consensus estimates.

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