Stock Alert: B&G Foods Inc. (BGS) Shares Up 23%

(RTTNews) - Shares of B&G Foods Inc. (BGS) jumped 23% on Feb. 26, and closed Wednesday's trading session at $15.75. BGS has been trading between $12.70 and $26.13 in the past one year. Trading volume surged to 7.90 million versus an average volume of 1.42 million shares.

The frozen food and household provider, on Feb. 26, reported solid Q4 results, and issued financial guidance for fiscal 2020.

The company's Q4 net income was $10.3 million, or $0.16 per share, versus $111.9 million, or $1.70 per share, last year. Adjusted net income was $17.8 million, or $0.28 per share, compared to $22.3 million, or $0.34 per share, for the fourth quarter of 2018.

Net sales increased 2.6%, to $470.2 million from $458.1 million last year, largely due to the Clabber Girl acquisition, partially offset by the Pirate Brands divestiture.

Analysts polled by Thomson Reuters expected earnings of $0.28 per share for the quarter. Analysts' estimate typically exclude certain special items.

Kenneth Romanzi, President and Chief Executive Officer of B&G Foods, said, "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."

For fiscal 2020, B&G Foods sees net sales in the range of $1.66 billion - $1.68 billion and adjusted EPS between $1.60 and $1.80. Analysts look for earnings of $1.67 per share on revenue of $1.67 billion for the period.