B&G Foods (NYSE: BGS) reported Q2 EPS of $0.41, $0.06 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $368 million versus the consensus estimate of $377.51 million.

Executive Summary (vs. year-ago quarter where applicable):

• Net sales of $368.1 million, an increase of 20.2%
• Net income of $22.1 million, a decrease of 27.1%
• Adjusted net income* of $27.6 million, a decrease of 23.4%
• Diluted earnings per share of $0.33, a decrease of 31.3%
• Adjusted diluted earnings per share* of $0.41, a decrease of 28.1%
• Adjusted EBITDA* of $78.2 million, a decrease of 8.0%
• Revised guidance for full year fiscal 2017:
  • Net sales range narrowed to $1.64 billion to $1.67 billion
  • Adjusted EBITDA range decreased to $352.5 million to $367.5 million
  • Adjusted diluted earnings per share range decreased to $2.03 to $2.17

Guidance

B&G Foods revised its guidance for full year 2017. Net sales is expected to be approximately $1.64 billion to $1.67 billion, adjusted EBITDA is expected to be approximately $352.5 million to $367.5 million and adjusted diluted earnings per share is expected to be $2.03 to $2.17.

B&G Foods provides earnings guidance only on a non-GAAP basis and does not provide a reconciliation of the Company’s forward-looking adjusted EBITDA and adjusted diluted earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for deferred taxes; loss on extinguishment of debt; acquisition-related expenses, gains and losses; intangible asset impairment charges and related asset write-offs; restructuring expenses; gains and losses on the sale of assets and other charges reflected in the Company’s reconciliation of historic non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding B&G Foods’ non-GAAP financial measures, see “About Non-GAAP Financial Measures and Items Affecting Comparability” below.

GUIDANCE:

B&G Foods sees FY2017 EPS of $2.03-$2.17, versus the consensus of $2.17. B&G Foods sees FY2017 revenue of $1.64-1.67 billion, versus the consensus of $1.65 billion.

For earnings history and earnings-related data on B&G Foods (BGS) click here.