Why B&G Foods Stock Fell 10% at the Open Today
Shares of packaged food company B&G Foods (NYSE: BGS) dropped a quick 10% on March 3. The big news was earnings, which had come out after the closing bell on March 2. Investors weren't pleased, though on the surface the results were pretty solid.
B&G Foods brought in $510 million worth of revenue in the fourth quarter of 2020, up 8.5% year over year. Earnings for the quarter were $0.19 per share, up nearly 19% compared to the final stanza of 2019. In the packaged food space those would normally be pretty solid numbers...even good ones. But 2020 was not a normal year, and investors were clearly looking for something more, noting that these results were below analyst estimates.
Image source: Getty Images.
Source Fool.com
