B+G Foods: Reports Q3-2021 Financial Results

Parsippany / NJ. (bgs) B+G Foods Inc. announced financial results for the third quarter and first three quarters of 2021. Results for the third quarter of 2021 and the first three quarters of 2021 each reflect the impact of one fewer reporting week compared to the third quarter and first three quarters of 2020.

Third Quarter 2021 Summary

Summary versus Third Quarter of 2020 and versus Third Quarter 2019 for two-year annual compound growth rates, where applicable.

  • Net sales increased 3.9 percent to USD 515.0 million, driven by the Crisco acquisition, partially offset by comparisons against the extraordinary demand resulting from the Covid-19 pandemic during the third quarter of 2020 and one fewer reporting week in the third quarter of 2021.
  • Net sales and base business net sales1 for the third quarter of 2021 were 26.7 percent and 9.2 percent higher than pre-pandemic net sales and base business net sales for the third quarter of 2019. On a two-year compound annual growth basis, relative to pre-pandemic levels, third quarter net sales increased 12.6 percent and base business net sales increased 4.5 percent.
  • Diluted earnings per share decreased 55.6 percent to USD 0.32 and adjusted diluted earnings per share1 decreased 25.7 percent to USD 0.55. On a two-year compound annual growth basis, third quarter adjusted diluted earnings per share increased 1.5 percent.
  • Net income2 decreased 55.7 percent to USD 20.7 million and adjusted net income1 decreased 24.5 percent to USD 36.2 million. On a two-year compound annual growth basis, third quarter adjusted net income increased 1.8 percent.
  • Adjusted Ebitda decreased 8.1 percent to USD 96.2 million. On a two-year compound annual growth basis, third quarter adjusted Ebitda increased 5.6 percent.

Guidance for Full Year Fiscal 2021

  • Net sales guidance reaffirmed at a range of USD 2.05 billion to USD 2.10 billion.
  • Adjusted Ebitda guidance set at a range of USD 358.0 million to USD 365.0 million.

Commenting on the results, Casey Keller, President and Chief Executive Officer of B+amp;G Foods, stated, «B+amp;G Foods delivered strong performance in the third quarter, with total net sales increasing versus last year and significant base business net sales growth versus the pre-Covid 2019 period. We continue to see elevated demand for our products as consumers carry on cooking and baking at home. We also implemented pricing actions during the quarter to reflect inflation in key input costs, and remain committed to delivering solid financial performance despite industry-wide challenges with inflation and supply chain disruptions.»