B&G Foods Reports Financial Results, Announces Quarterly Earnings

B&G Foods, Inc., a Delaware-based food company listed on the New York Stock Exchange under the symbol BGS, recently released its financial results for the third quarter of 2024. In a press release issued on November 5, 2024, the company reported its financial performance for the quarter and the first three quarters of the year. The results showcased a significant impact from the divestiture of the Green Giant U.S. shelf-stable products in the previous year.

The company’s third-quarter net sales dropped by 8.3% to $461.1 million from $502.7 million in the same period in 2023. This decrease was mainly attributed to the divestiture of the Green Giant U.S. shelf-stable line, a reduction in unit volume, and negative foreign currency effects.

Base business net sales for the third quarter of 2024 decreased by 4.4% to $461.1 million from $482.4 million in the third quarter of 2023. Despite this, the company reported adjusted net income of $10.1 million, showing a decrease compared to $20.5 million in the third quarter of 2023. Adjusted earnings per share were reported at $0.13.

For the first three quarters of 2024, B&G Foods reported a 7.0% decline in net sales to $1,380.9 million from $1,484.2 million in the same period last year. Similarly, adjusted EBITDA decreased by 9.5% to $209.3 million compared to $231.2 million in the first three quarters of 2023.

Casey Keller, President and CEO of B&G Foods, expressed that the third-quarter results reflected a slower-than

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read B&G Foods’s 8K filing here.

B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.