B&G Foods (NYSE:BGS) shares are on the rise today after the shelf-stable and frozen foods provider announced a better-than-anticipated set of second-quarter numbers. While revenue declined 2% year-over-year to $469.6 million, the figure still landed better than estimates by ~$5 million. Further, EPS at $0.15 too came in ahead of expectations by $0.05.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The drop in the topline was attributable to the divestment of Back to Nature. In its base business, the company witnessed a favorable impact from higher net pricing and product mix. Additionally, the company’s gross margin also expanded by 500 basis points to 21.8% during the quarter.
Looking ahead, for full-year 2023, BGS expects net sales to hover between $2.110 billion and $2.130 billion alongside an adjusted EBITDA range of $310 million and $330 million. EPS for the year is seen landing between $0.95 and $1.15.
Overall, the Street has a $15 consensus price target on BGS alongside a Hold consensus rating. Shares of the company have now gained nearly 13.7% over the past five sessions alone.
Read full Disclosure
