By Liz Moyer
Investing.com — B&G Foods Inc (NYSE:) missed expectations for both revenue and adjusted earnings after volume declines and supply chain issues.
The 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.
Story Credit: investing.com