B&G Foods (NYSE:BGS) shares are on the rise today after the shelf-stable and frozen foods provider announced a better-than-anticipated set of second-quarter numbers. While revenue declined 2% year-over-year to $469.6 million, the figure still landed better than estimates by ~$5 million. Further, EPS at $0.15 too came in ahead of expectations by $0.05.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The drop in the topline was attributable to the divestment of Back to Nature. In its base business, the company witnessed a favorable impact from higher net pricing and product mix. Additionally, the company’s gross margin also expanded by 500 basis points to 21.8% during the quarter.
Looking ahead, for full-year 2023, BGS expects net sales to hover between $2.110 billion and $2.130 billion alongside an adjusted EBITDA range of $310 million and $330 million. EPS for the year is seen landing between $0.95 and $1.15.
Overall, the Street has a $15 consensus price target on BGS alongside a Hold consensus rating. Shares of the company have now gained nearly 13.7% over the past five sessions alone.
Read full Disclosure
