Solid Q4 Sends B&G Foods 24% Higher Wednesday
Shares of B&G Foods (NYSE: BGS), a distributor of shelf-stable and frozen foods across the U.S. (including Puerto Rico) and Canada, jumped 22% Wednesday afternoon after the company turned in a solid fourth-quarter result.
Fourth-quarter revenue checked in at $470.2 million, a 2.6% increase over the prior year and ahead of analysts' estimates calling for $466 million. Adjusted earnings per share checked in at $0.28, right in line with analyst estimates.
Said Kenneth G. Romanzi, president and CEO of B&G Foods, in a press release: "I am happy to report 2019 financial results that are consistent with our short-term and long-term plans, which are based on our goal of a stable base business with pricing and cost savings initiatives to offset inflation, complemented by net sales and earnings growth through new product innovation and accretive acquisitions."
Source Fool.com
