B&G Foods (NYSE: BGS) reported Q3 EPS of $0.74, $0.08 better than the analyst estimate of $0.66. Revenue for the quarter came in at $495.8 million versus the consensus estimate of $461.87 million.

Commenting on the results, Kenneth G. Romanzi, President and Chief Executive Officer of B&G Foods, stated, “During the quarter, B&G Foods continued to benefit from very strong demand for our products as a result of the ongoing COVID-19 pandemic. Our portfolio of brands and products are very well-suited for the stay at home, work at home, cook and eat at home world. Thanks to the tremendous efforts of our employees, to date we have been able to keep our employees safe, avoid material disruptions to our supply chain and capitalize on the unprecedented increase in demand. We expect to see continued strong demand for our products throughout the fourth quarter and into 2021.” Mr. Romanzi continued, “We are also very excited to be adding the Crisco brand of oils and shortening to our family of brands and expect to close the Crisco acquisition during the fourth quarter. Consistent with our acquisition strategy, the acquisition is expected to be immediately accretive to our earnings per share and free cash flow.”

GUIDANCE:

B&G Foods sees Q4 2020 EPS of $2.30-$2.40, versus the consensus of $2.22. B&G Foods sees Q4 2020 revenue of $1.95-1.97 billion, versus the consensus of $1.94 billion.

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