B&G Foods (NYSE:BGS) shares are on the rise today after the shelf-stable and frozen foods provider announced a better-than-anticipated set of second-quarter numbers. While revenue declined 2% year-over-year to $469.6 million, the figure still landed better than estimates by ~$5 million. Further, EPS at $0.15 too came in ahead of expectations by $0.05.
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The drop in the topline was attributable to the divestment of Back to Nature. In its base business, the company witnessed a favorable impact from higher net pricing and product mix. Additionally, the company’s gross margin also expanded by 500 basis points to 21.8% during the quarter.
Looking ahead, for full-year 2023, BGS expects net sales to hover between $2.110 billion and $2.130 billion alongside an adjusted EBITDA range of $310 million and $330 million. EPS for the year is seen landing between $0.95 and $1.15.
Overall, the Street has a $15 consensus price target on BGS alongside a Hold consensus rating. Shares of the company have now gained nearly 13.7% over the past five sessions alone.
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