B&G Foods (NYSE:BGS) Issues Earnings Results, Misses Estimates By $0.02 EPS

B&G Foods (NYSE:BGS) announced its quarterly earnings results on Wednesday. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.02), Briefing.com reports. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The company had revenue of $475.22 million during the quarter, compared to analysts’ expectations of $480.93 million. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 earnings per share. B&G Foods updated its FY24 guidance to $0.75-0.95 EPS and its FY 2024 guidance to 0.750-0.950 EPS.

B&G Foods Stock Performance

NYSE BGS traded down $0.27 during trading hours on Friday, hitting $8.01. 4,098,465 shares of the stock were exchanged, compared to its average volume of 1,023,088. B&G Foods has a 12-month low of $7.20 and a 12-month high of $15.15. The stock has a 50-day moving average of $10.96 and a 200 day moving average of $10.24. The company has a market cap of $633.19 million, a price-to-earnings ratio of -5.56 and a beta of 0.70. The company has a quick ratio of 0.89, a current ratio of 3.22 and a debt-to-equity ratio of 2.58.

B&G Foods Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 9.49%. The ex-dividend date was Wednesday, March 27th. B&G Foods’s dividend payout ratio (DPR) is presently -52.78%.

Analyst Ratings Changes

BGS has been the topic of several research reports. StockNews.com lowered B&G Foods from a “hold” rating to a “sell” rating in a report on Friday. Piper Sandler lifted their price target on B&G Foods from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 28th. Three investment analysts have rated the stock with a sell rating and one has issued a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $9.50.

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.