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Apr 01, 2023
B&G Foods Q1 2023 Earnings Report
B&G Foods reported a decrease in net sales but an increase in adjusted EBITDA for the first quarter of 2023, demonstrating pricing recovery against inflationary costs.
Key Takeaways
B&G Foods reported a decrease in net sales by 3.9% to $511.8 million for the first quarter of 2023, compared to $532.4 million in the same quarter of 2022. Diluted EPS was $0.05, a decrease of 85.3%. Net income decreased by 85.6% to $3.4 million. However, adjusted EBITDA increased by 12.9% to $82.4 million, reflecting pricing recovery against inflationary costs.
Net sales decreased by 3.9% to $511.8 million due to the Back to Nature divestiture, partially offset by the Yuma acquisition.
Base business net sales decreased by 1.2% to $511.4 million, driven by lower unit volume and foreign currency impact, offset by increased pricing and product mix.
Adjusted EBITDA increased by 12.9% to $82.4 million, driven by improved gross profit.
The company reaffirmed its full-year fiscal 2023 guidance for net sales, adjusted EBITDA, and adjusted diluted earnings per share.
Forward Guidance
B&G Foods reaffirmed its full year fiscal 2023 guidance.
Positive Outlook
- Net sales reaffirmed at a range of $2.13 billion to $2.17 billion.
- Adjusted EBITDA reaffirmed at a range of $310 million to $330 million.
- Adjusted diluted earnings per share reaffirmed at a range of $0.95 to $1.15.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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