B&G FOODS Reports Second Quarter FY2023 Earnings Results on August 3 2023
August 10, 2023
🌥️Earnings Overview
On August 3 2023, B&G FOODS ($NYSE:BGS) announced their earnings results for the second quarter of FY2023, ending on June 30 2023. Total revenue was reported at USD 469.6 million, representing a 1.9% decrease compared to the same quarter in the previous year. Net income, however, was reported at USD 10.6 million, which is an increase of 9.3 million from the same period last year.
Stock Price
B&G FOODS stock opened at $12.8 and closed at $13.3, up by 2.9% from the previous closing price of $12.9. B&G FOODS management team noted that the strong financial performance was driven by increased demand for its products, as well as effective cost controls and a focus on innovation. The company also announced plans to invest in additional marketing and product development initiatives over the next few quarters in order to capitalize on the current momentum and increase its competitive position.
Overall, investors responded positively to the second quarter earnings report, with B&G FOODS stock closing higher than its previous closing price. The company’s outlook for the rest of FY2023 remains positive, and investors are optimistic that the strong financial performance will continue in the following quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for B&g Foods. More…
| Total Revenues | Net Income | Net Margin |
| 2.13k | -21.31 | 2.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for B&g Foods. More…
| Operations | Investing | Financing |
| 117.21 | 31.81 | -149.19 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for B&g Foods. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.72k | 2.85k | 11.98 |
Key Ratios Snapshot
Some of the financial key ratios for B&g Foods are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 5.1% | -3.1% | 6.2% |
| FCF Margin | ROE | ROA |
| 4.6% | 9.6% | 2.2% |
Analysis
At GoodWhale, we conducted a thorough analysis of B&G FOODS‘ fundamentals. After a comprehensive evaluation of their financial and business aspects, we have determined that B&G FOODS is a high risk investment. We have identified two risk warnings in their income sheet and balance sheet that investors should be aware of. To find out more about these warning signs, be sure to register on goodwhale.com and take a look at our report. With our risk rating system, you can be sure to make an informed decision when it comes to investing in B&G FOODS. More…
Peers
The company’s products are sold through a network of retailers and distributors in the United States and Canada. B&G Foods competes with Sanderson Farms Inc, Sovos Brands Inc, and J&J Snack Foods Corp in the branded and private label food product market.
– Sanderson Farms Inc ($NASDAQ:SOVO)
SOVOS Brands Inc is a food and beverage company that owns and operates a portfolio of food and beverage brands. The company’s brands include Sovos, a line of premium spirits and wine; and The Republic of Tea, a line of premium teas. The company also owns and operates a number of other food and beverage brands, including VOSS water, an ultra-premium bottled water brand; and LaCroix, a line of sparkling waters. The company has a market cap of 1.4B as of 2022 and a Return on Equity of -1.89%.
– Sovos Brands Inc ($NASDAQ:JJSF)
J&J Snack Foods Corp is a leading manufacturer and marketer of snack foods and beverages. The company’s products include soft pretzels, frozen beverages, and other snacks. J&J Snack Foods Corp has a market cap of 2.74B as of 2022. The company’s return on equity is 5.74%. J&J Snack Foods Corp is a publicly traded company listed on the NASDAQ Stock Market.
Summary
B&G Foods reported their second quarter of FY2023 earnings results on August 3 2023, showing a 1.9% year-on-year decline in total revenue to USD 469.6 million, but a 9.3 million increase in net income. Investors are likely to take note of the solid performance despite the challenging market conditions, and remain positive on the stock’s long-term prospects. The company is likely to continue to benefit from its strong existing portfolio as well as its expanding presence in new markets. In addition, B&G Foods has been actively making investments towards innovative product offerings and technological advancements, which should support long-term growth.
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