B&G foods disappoints on revenue and earnings in q3

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B&G foods disappoints on revenue and earnings in q3
Credit: © Reuters.

By Liz Moyer

Investing.com -- B&G Foods Inc (NYSE: BGS ) missed expectations for both revenue and adjusted earnings after volume declines and supply chain issues.

The company reported adjusted earnings per share of 31 cents on net sales of $528.4 million. Analysts had expected adjusted earnings per share of 33 cents on revenue of $533M. 

Shares fell 7.8% in after-hours trading. They are down 52% so far this year.

The company's brands include Green Giant, Ortega and Skinny Girl. B&G affirmed net sales for 2022 of $2.1B to $2.14 billion, adjusted Ebitda in a range of $290 million to $300M and adjusted EPS of 90 cents to $1.

The company said net sales for the third quarter increased 2.6% primarily because of increases in net pricing and the impact of product mix, partially offset by volume declines primarily due to price elasticity and supply chain challenges. Gross profit was $105.8M for the third quarter, or 20% of net sales.

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