Financial News
B&G Foods (BGS) Reports Q3: Everything You Need To Know Ahead Of Earnings
Packaged foods company B&G Foods (NYSE:BGS) will be announcing earnings results tomorrow after market hours. Here’s what you need to know.
B&G Foods beat analysts’ revenue expectations by 2% last quarter, reporting revenues of $444.6 million, down 5.3% year on year. Despite the top line beat, it was a mixed quarter for the company, with a miss of analysts’ earnings estimates.
Is B&G Foods a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting B&G Foods’s revenue to decline 6.2% year on year to $471.4 million, a further deceleration from the 4.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.20 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. B&G Foods has missed Wall Street’s revenue estimates four times over the last two years.
Looking at B&G Foods’s peers in the shelf-stable food segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Mondelez delivered year-on-year revenue growth of 4%, meeting analysts’ expectations, and Utz reported a revenue decline of 1.7%, in line with consensus estimates. Mondelez’s stock price was unchanged after the results, while Utz was up 7.1%.
Read our full analysis of Mondelez’s results here and Utz’s results here.
Investors in the shelf-stable food segment have had steady hands going into earnings, with share prices flat over the last month. B&G Foods is up 4.9% during the same time and is heading into earnings with an average analyst price target of $8.86 (compared to the current share price of $8.62).
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