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Oct 02, 2021
B&G Foods Q3 2021 Earnings Report
Reported strong performance driven by Crisco acquisition, offset by COVID-19 pandemic comparisons and one less reporting week.
Key Takeaways
B&G Foods reported a 3.9% increase in net sales to $515.0 million for Q3 2021, driven by the Crisco acquisition, but diluted EPS decreased 55.6% to $0.32 and adjusted EBITDA decreased 8.1% to $96.2 million due to comparisons against extraordinary demand in Q3 2020 and industry-wide input cost inflation.
Net sales increased 3.9% to $515.0 million.
Diluted earnings per share decreased 55.6% to $0.32.
Adjusted diluted earnings per share decreased 25.7% to $0.55.
Adjusted EBITDA decreased 8.1% to $96.2 million.
Forward Guidance
B&G Foods reaffirmed its net sales guidance for full year fiscal 2021. Net sales, which will be positively impacted by a full twelve months of ownership of the Crisco brand, are expected to be approximately $2.05 billion to $2.10 billion. B&G Foods also announced adjusted EBITDA guidance for full year fiscal 2021 at a range of $358.0 million to $365.0 million.
Positive Outlook
- Strong consumer demand relative to pre-pandemic 2019.
- Initiated revenue enhancing activities.
- Initiated cost savings initiatives.
- Net sales positively impacted by Crisco brand.
- Net sales expected to be $2.05B-$2.10B
Challenges Ahead
- Significant cost inflation for various inputs.
- Unable to fully estimate the impact of COVID-19.
- Unable to fully estimate the impact of cost inflation.
- Unable to fully estimate the impact of cost inflation mitigation efforts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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