B&G Foods, Inc. announced its financial results for the third quarter of 2024 on November 5, 2024, reporting a net sales decrease of 8.3% year-over-year to $461.1 million. Base business net sales also declined by 4.4% to $461.1 million, primarily due to lower unit volume and negative foreign currency impact.
Adjusted diluted EPS for the quarter was $0.13, representing a 51.9% decrease compared to the third quarter of 2023. Adjusted EBITDA also fell by 12.5% to $70.4 million, with the adjusted EBITDA as a percentage of net sales decreasing to 15.3% from 16.0% in the prior year.
The company reported net income of $7.5 million, a significant improvement from a net loss of $82.7 million in Q3 2023, primarily due to the absence of non-cash impairment charges recorded in the prior year. CEO Casey Keller noted a slower-than-expected recovery in sales trends, consistent with the broader packaged food industry, and indicated expectations for gradual improvement into the first half of 2025.
For the first three quarters of 2024, net sales decreased 7.0% to $1,380.9 million, with adjusted EBITDA down 9.5% to $209.3 million. The company's full-year revenue guidance was approximately $1.94 billion at the midpoint, which was below analysts' estimates.
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