B&G Foods (BGS) Misses Q3 EPS by 2c

B&G Foods (NYSE: BGS) reported Q3 EPS of $0.38, $0.02 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $209 million versus the consensus estimate of $218.7 million.

B&G Foods sees FY2014 EPS of $1.54-$1.60, versus the consensus of $1.56.

Commenting on the results, David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “We were very pleased with the performance of Pirate Brands during the third quarter. One of our largest and most important businesses, Pirate Brands experienced a 38.9% net sales gain for the quarter, primarily in warehouse clubs. We were equally encouraged by volume gains in our overall base business and a reduction in the rate of price declines to 26% of that seen in the first half of the year. The impairment and other charges related to last year’s Rickland Orchardsacquisition reflect obviously disappointing sales results in that brand, primarily in the warehouse club channel. However, we believe that B&G Foods’ overall business is headed in the right direction in both volume and pricing going into the fourth quarter and fiscal 2015.”

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

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