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Apr 03, 2021
B&G Foods Q1 2021 Earnings Report
Reported strong net sales, driven by the Crisco acquisition and strong base business net sales.
Key Takeaways
B&G Foods reported a 12.4% increase in net sales to $505.1 million for the first quarter of 2021, driven by the Crisco acquisition. Diluted earnings per share decreased 6.8% to $0.41, while adjusted diluted earnings per share increased 13.0% to $0.52. The company reaffirmed its net sales guidance for the full year fiscal 2021 at a range of $2.05 billion to $2.10 billion.
Net sales increased 12.4% to $505.1 million.
Diluted earnings per share decreased 6.8% to $0.41.
Adjusted diluted earnings per share increased 13.0% to $0.52.
Net sales guidance reaffirmed at a range of $2.05 billion to $2.10 billion.
Forward Guidance
B&G Foods reaffirmed its net sales guidance for full year fiscal 2021. Net sales are expected to be approximately $2.05 billion to $2.10 billion.
Positive Outlook
- Strong consumer demand for its products
- Expects to see commensurate elevated levels of net sales throughout the remainder of fiscal 2021.
- Initiated various revenue enhancing activities
- Initiated cost savings initiatives
- Net sales will be positively impacted by a full twelve months of ownership of the Crisco brand
Challenges Ahead
- Has seen and expects to continue to see cost inflation for various inputs, including ingredients, packaging and transportation
- There can be no assurance at this point of the ultimate effectiveness of these activities and initiatives.
- Management is not able to fully estimate the impact COVID-19, cost inflation and the Company’s cost inflation mitigation efforts will have on the Company’s results for the remainder of fiscal 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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