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Dec 31, 2022
B&G Foods Q4 2022 Earnings Report
B&G Foods' Q4 2022 performance demonstrated strong recovery with net sales increasing by 9% due to pricing actions and supply recovery, and margins improving compared to the previous year.
Key Takeaways
B&G Foods reported a strong recovery in Q4 2022, with net sales increasing by 9.0% to $623.2 million. The growth was driven by increased net pricing and product mix, which offset volume declines. Diluted EPS was $0.34, and adjusted diluted EPS was $0.40, a 2.6% increase year-over-year. The company expects continued margin recovery into fiscal year 2023.
Net sales for the fourth quarter of 2022 increased by 9.0% to $623.2 million.
Base business net sales increased by 8.9% to $622.8 million.
The company's net income was $24.3 million, or $0.34 per diluted share, for the fourth quarter of 2022.
Adjusted EBITDA increased by 10.0% to $93.6 million.
Forward Guidance
For fiscal year 2023, B&G Foods expects net sales to be in the range of $2.13 billion to $2.17 billion, adjusted EBITDA to be approximately $310 million to $330 million, and adjusted diluted earnings per share to be $0.95 to $1.15. This guidance does not include results for the Back to Nature business, which was sold effective the first business day of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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