B&G Foods Shares Plummet 14% Following Disappointing Q3 Results

NEW YORK - B&G Foods, Inc. (NYSE: BGS) shares fell 14% after reporting third-quarter results that missed analyst expectations. Both earnings and revenue fell short of forecasts.
The packaged food company reported adjusted earnings of $0.13 per share for the third quarter, significantly below the expected $0.20. Revenue came in at $461.1 million, also missing the consensus estimate of $473.8 million.
B&G Foods' third-quarter revenue decreased by 8.3% year-over-year. This decline was primarily attributable to the divestiture of the Green Giant U.S. shelf-stable product line and lower unit sales volumes. Excluding the divested brands, core business net sales decreased by 4.4% compared to the same period last year.
Adjusted EBITDA for the third quarter was $70.4 million, down 12.5% year-over-year. The company cited a slower-than-expected recovery in sales trends, consistent with the general challenges facing the packaged food sector on retail shelves.
President and CEO Casey Keller stated, "B&G Foods' third-quarter results reflected a slower recovery in sales trends than anticipated, consistent with the packaged food sector on store shelves. As consumer reactions to high prices in food categories subside, we expect trends to gradually improve and stabilize by the first half of 2025."
B&G Foods has revised its guidance for the full year 2024 downward. The company now expects net sales of $1.92 to $1.95 billion and adjusted earnings of $0.67 to $0.77 per share. Both ranges fall below the current analyst consensus estimates.