B&G Foods ( (BGS) ) has released its Q3 earnings. Here is a breakdown of the information B&G Foods presented to its investors.
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B&G Foods, Inc., based in Parsippany, New Jersey, is a manufacturer and distributor of branded shelf-stable and frozen foods across the United States, Canada, and Puerto Rico, with a diverse portfolio of over 50 well-known brands. In the third quarter of 2024, B&G Foods reported a decrease in net sales by 8.3% to $461.1 million, reflecting the impact of the Green Giant U.S. shelf-stable divestiture and lower unit volumes. The company experienced an increase in diluted earnings per share to $0.09, up by 108.1% from the previous year, due to the absence of significant non-cash impairment charges recorded in 2023. However, adjusted EBITDA and net income declined, primarily due to reduced base business net sales and adverse foreign currency impacts. Looking forward, B&G Foods has revised its full-year fiscal 2024 guidance, anticipating net sales between $1.920 billion and $1.950 billion and adjusted diluted earnings per share between $0.67 and $0.77, as it expects gradual improvement in sales trends into the first half of 2025.
