B&G Foods Earnings Miss Projections

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PARSIPPANY, N.J. (AP) — B&G Foods Inc. on Thursday reported second-quarter net income of $256,000.

On a per-share basis, the New Jersey-based company said it had net income of less than 1 cent. Earnings, adjusted for one-time gains and costs, were 7 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The food producer posted revenue of $479 million in the period, meeting Street forecasts.

B&G Foods expects full-year earnings in the range of $1.08 to $1.28 per share, with revenue in the range of $2.1 billion to $2.14 billion.

B&G Foods shares have decreased 18% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $25.33, a decrease of 9.5% in the last 12 months.

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