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B&G Foods Holdings Up 18.88% To $11.18 After Earnings Beat

Wednesday, February 28, 2024 02:03 PM | InvestorsObserver Analysts

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B&G Foods Holdings Up 18.88% To $11.18 After Earnings Beat

B&G Foods Inc (BGS) reported better than expected earnings this afternoon for Q4 2023.

B&G Foods Holdings's earnings came in at an EPS of $0.3 per share, 3.00% higher than estimates for an EPS of $0.29 per share. The firm's earnings are down 25% since reporting $0.4 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $578.1 million. That represents a 7.24% decrease in revenues from the year-ago report and is 1.17% higher than consensus estimates set at $571.4 million.

The stock is up 18.88% to $11.18 after the report.

B&G Foods Holdings's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Sell on the stock prior to the report.

Trading in the five days leading up to the report earned B&G Foods Holdings a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 26. Meanwhile, the average Wall Street analyst rated the stock a Sell.

B&G Foods Inc is an American packaged-food manufacturer. The company sells its products in United States, Canada, and Puerto Rico. The company's main brands are: Ac'cent, B&G, B&M, Baker's Joy, Bear Creek Country Kitchens, Cary's, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Durkee, Emeril's, Grandma's Molasses, MacDonald's, Mama Mary's, Maple Grove Farms, Regina, Sa-son, Sclafani, Smart Puffs, Spice Islands, Spring Tree, and Wright's. The company distributes its products through multiple channels to supermarkets, wholesalers, mass merchants, warehouse clubs, and foodservice distributors, among others.

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