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Jul 01, 2023
B&G Foods Q2 2023 Earnings Report
B&G Foods reported strong profit and margin recovery in the second quarter of 2023.
Key Takeaways
B&G Foods reported a decrease in net sales by 1.9% to $469.6 million, but demonstrated strong profit and margin recovery with gross profit as a percentage of net sales increasing by more than 500 basis points compared to Q2 2022. Diluted EPS was $0.15, and adjusted diluted EPS increased by 114.3% to $0.15. Net income increased significantly to $10.6 million, and adjusted EBITDA increased by 26.4% to $68.5 million.
Net sales decreased by 1.9% to $469.6 million.
Base business net sales increased slightly by 0.1% to $469.5 million.
Gross profit as a percentage of net sales increased by more than 500 basis points over Q2 2022.
Adjusted EBITDA increased by 26.4% to $68.5 million.
Forward Guidance
B&G Foods revised its net sales guidance for fiscal year 2023 to a range of $2.110 billion to $2.130 billion. The adjusted EBITDA guidance is reaffirmed at a range of $310 million to $330 million, and the adjusted diluted earnings per share guidance is reaffirmed at a range of $0.95 to $1.15.
Positive Outlook
- Net sales guidance revised to a range of $2.110 billion to $2.130 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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