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

B&G Foods (NYSE:BGS - Get Free Report) released its earnings results on Wednesday. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.02), Briefing.com reports. The business had revenue of $475.22 million during the quarter, compared to the consensus estimate of $480.93 million. B&G Foods had a positive return on equity of 8.68% and a negative net margin of 3.21%. The firm's revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 Down 28.3 %

BGS traded down $3.27 on Thursday, reaching $8.28. 6,823,954 shares of the company traded hands, compared to its average volume of 1,043,095. The company has a market cap of $654.54 million, a price-to-earnings ratio of -9.41 and a beta of 0.70. The company has a debt-to-equity ratio of 2.42, a current ratio of 3.06 and a quick ratio of 0.89. The stock's 50 day moving average price is $11.03 and its 200-day moving average price is $10.24. B&G Foods has a 52-week low of $7.20 and a 52-week high of $15.34.

B&G Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were issued a $0.19 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.18%. B&G Foods's dividend payout ratio is -86.36%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BGS. StockNews.com raised B&G Foods from a "sell" rating to a "hold" rating in a research note on Saturday, March 9th. Piper Sandler boosted their price target on shares of B&G Foods from $8.00 to $9.00 and gave the company an "underweight" rating in a report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat.com, B&G Foods has an average rating of "Hold" and a consensus price target 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.