Here's Why Investors Are Bailing on B&G Foods This Morning and Sending Shares 10% Lower
Shares of B&G Foods, Inc. (NYSE: BGS), a processor and seller of packed food products in the U.S. with a long list of brands, are trending 10% lower Friday as of 11:20 a.m. EDT, after the company missed analysts' consensus estimates for the second quarter.
Starting from the top, B&G Foods reported net sales of $368.1 million during the second quarter. That was a healthy 20.2% increase over the prior year, bolstered by acquisitions, but it fell well short of analysts' estimates calling for $377.07 million.
Unfortunately for investors, the bottom line didn't provide any relief. Net income decreased 27.1% to $22.1 million and adjusted earnings per share checked in with a 28.1% decline to $0.41 per share -- below analysts' estimates calling for $0.47 per share.
Source: Fool.com
B + G Foods Stock
Currently there is a rather negative sentiment for B + G Foods with 0 Buy predictions and 4 Sell predictions..
With a target price of 8 € there is a slightly negative potential of -5.77% for B + G Foods compared to the current price of 8.49 €.
