B&G Foods (NYSE:BGS) Releases FY 2024 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.750-0.950 for the period, compared to the consensus estimate of 0.860. The company issued revenue guidance of $2.0 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. B&G Foods also updated its FY24 guidance to $0.75-0.95 EPS.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BGS. Piper Sandler upped their price objective on B&G Foods from $8.00 to $9.00 and gave the company an underweight rating in a report on Wednesday, February 28th. StockNews.com raised shares of B&G Foods from a sell rating to a hold rating in a report on Saturday, March 9th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat.com, B&G Foods currently has a consensus rating of Hold and an average price target of $9.50.

B&G Foods Stock Performance

B&G Foods stock traded up $0.21 on Wednesday, hitting $11.55. The company’s stock had a trading volume of 1,408,346 shares, compared to its average volume of 977,871. The firm has a market cap of $913.04 million, a P/E ratio of -13.13 and a beta of 0.70. The company has a quick ratio of 0.89, a current ratio of 3.06 and a debt-to-equity ratio of 2.42. The company has a fifty day moving average price of $11.10 and a 200-day moving average price of $10.24. B&G Foods has a one year low of $7.20 and a one year high of $15.46.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, February 27th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.02. The company had revenue of $578.13 million for the quarter, compared to analyst estimates of $569.65 million. B&G Foods had a negative net margin of 3.21% and a positive return on equity of 8.68%. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. On average, equities analysts anticipate that B&G Foods will post 0.84 earnings per share for the current year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 6.58%. The ex-dividend date of this dividend was Wednesday, March 27th. B&G Foods’s payout ratio is -86.36%.

About B&G Foods

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.