B&G FOODS Reports Second Quarter FY2023 Earnings Results on June 30, 2023
August 19, 2023
🌥️Earnings Overview
On June 30 2023, B&G FOODS ($NYSE:BGS) announced their earnings results for the second quarter of FY2023. Total revenue for the quarter was USD 469.6 million, a decrease of 1.9% from the same quarter in the prior year. Reported net income was USD 10.6 million, an increase from 0.3 million in the same quarter the year before.
Share Price
This news was met with optimism from investors, as the company reported better than expected earnings for the quarter. The company attributed its strong performance to increased demand for its products, driven by higher consumer spending and a growing consumer base. B&G’s flagship products – canned and jarred vegetables, as well as sauces and condiments – saw especially strong sales throughout the quarter.
Additionally, the company’s cost-control measures have helped it maintain profit margins despite rising raw material prices. Overall, B&G FOODS reported a strong second quarter, and investors appear to be optimistic about the company’s future prospects. With its stock up 2.9% since its earnings announcement, this is a positive sign for the company going forward. 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 have conducted an analysis of B&G FOODS‘s wellbeing in order to assess the company’s investment risk. Based on our Risk Rating, B&G FOODS is a high risk investment. We have detected two risk warnings in the income sheet and balance sheet. To find out further details about the risk warnings, register on goodwhale.com. Our detailed analysis allows investors to make informed decisions with regards to their investments. 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
Investors are encouraged by B&G FOODS‘ strong second quarter financials for FY2023, reporting total revenue of USD 469.6 million and net income of USD 10.6 million. This is a decrease of 1.9% in revenue from the same period in the prior year but a substantial increase in net income from USD 0.3 million. This strong performance is attributed to improved cost management and cost savings from their restructuring initiatives. Although, there may be some risks due to the current uncertain economic environment, analysts remain optimistic about the company’s future.
Related Posts
Recent Posts
