B&G Foods slides to over two-year low on dour forecast

B&G Foods

10/11/2022 14:06

** Frozen and canned food maker B&G Foods Inc's shares  BGS.N 
drop 7.1% to $13.6 premarket - set to open at lowest level since
March 2020 if losses hold
    ** BGS lowers forecast for FY22 adj earnings to $0.9/shr -
$1.0/shr from $1.08/shr to $1.28/shr earlier; below analysts'
estimates of $1.06/shr - Refinitiv IBES data
    ** Co expects to see significant cost inflation for various
inputs due to reasons including the pandemic, Russia-Ukraine
war, supply-chain disruptions and labor shortages
    ** At least three brokerages cut PTs on the stock
    ** BGS meets estimates for Q3 adj earnings of 31 cents/shr  
    ** Eight of nine brokerages rate the stock "hold" and one
"sell"; their median PT is $14 
    ** Up to Wednesday's close, stock had fallen 52.3% YTD
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))