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Oct 01, 2022
B&G Foods Q3 2022 Earnings Report
Net sales increased and pricing actions covered a significant portion of inflationary cost increases.
Key Takeaways
B&G Foods reported a 2.6% increase in net sales for Q3 2022, driven by pricing actions that covered roughly 80% of commodity and cost inflation. Margins improved from the previous quarter, and the company is on track for a solid fourth quarter.
Net sales increased by 2.6% to $528.4 million.
Base business net sales increased by 2.5% to $527.5 million.
Pricing actions continued to catch up to inflationary cost increases.
Margins improved from the second quarter.
Forward Guidance
B&G Foods reaffirmed its net sales guidance for full year fiscal 2022 at a range of $2.10 billion to $2.14 billion. B&G Foods revised its full year fiscal 2022 adjusted EBITDA guidance to a range of $290 million to $300 million, and adjusted diluted earnings per share to a range of $0.90 to $1.00.
Positive Outlook
- Strong consumer demand for products.
- Revenue enhancing activities including price increases
- Cost savings initiatives
- Net sales guidance for full year fiscal 2022 reaffirmed at a range of $2.10 billion to $2.14 billion.
- Adjusted EBITDA guidance revised to a range of $290 million to $300 million.
Challenges Ahead
- Significant cost inflation for inputs (ingredients, packaging, transportation, labor) due to COVID-19, war in Ukraine, climate, supply chain disruptions, and labor shortages.
- Management is not able to fully estimate the impact COVID-19, industry-wide supply chain disruptions, cost inflation and the Company’s cost inflation mitigation efforts will have on the Company’s results for the remainder of fiscal 2022 and beyond.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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