B&G Foods cuts earnings guidance on lower Q1 sales

US shaper B&G Foods has lowered its forecasts connected cardinal income and net metrics aft seeing its apical enactment descent by much than 10% successful the archetypal quarter.

The institution present expects nett income of betwixt $1.86bn and $1.91bn this year, down from its earlier forecast of $1.89bn to $1.95bn.

B&G Foods has changed its projection for adjusted EBITDA. It present sees that metric reaching $280m to $290m, compared to its erstwhile forecast of $290m to $300m.

The radical besides changed its forecast for its adjusted diluted net per share, which it present sees coming successful astatine $0.55 to $0.65, versus its earlier projection of $0.65 to $0.75 a share.

B&G Foods said the batch of caller forecasts bash not bespeak the imaginable impacts of the precocious imposed – oregon threatened – tariffs by the US oregon immoderate retaliatory action.

During the 4th to 29 March, the company's nett income fell 10.5% to $425.4m. B&G Foods pointed to little volumes, a alteration successful "net pricing" and "the interaction of merchandise mix".

However, B&G Foods posted an operating income of $35.8m, versus an operating nonaccomplishment of $15.6m successful the aforesaid play of 2024.

The Crisco and Ortega marque proprietor reported a nett income of $835,000, oregon $0.01 per diluted share, for the 4th arsenic against a nett nonaccomplishment of $40.2m, oregon $0.51 per diluted stock a twelvemonth ago.

In past year's first-quarter, the institution booked impairment charges of much than $70m wrong its frozen and vegetables businesses.

B&G Foods president and CEO Casey Keller said the first-quarter results reflected the “challenging situation successful the packaged foods manufacture astatine the commencement of 2025”.

Keller added January and February were “especially difficult” but nett income successful March, April, and aboriginal May person started to amusement “stabilising trends” compared with the aforesaid play past year.

Looking ahead, Keller said B&G Foods is “laser focused connected our captious priorities” specified arsenic “improving our halfway concern nett income trends, reshaping our portfolio for aboriginal maturation and higher margins, and reducing leverage done divestitures and excess currency travel to facilitate strategical acquisitions”.

“We person besides accelerated our outgo simplification efforts and expect to execute important outgo savings during the remainder of the year."

B&G Foods' stock terms closed down much than 25% astatine $4.72 yesterday (7 May).

"B&G Foods cuts net guidance connected little Q1 income " was primitively created and published by Just Food, a GlobalData owned brand.

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