By Liz Moyer
Investing.com -- B&G Foods Inc (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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