Continued inflation pressures B&G Foods’ quarterly earnings
PARSIPPANY, NJ. — B&G Foods, Inc. net income nosedived in the recent quarter as the company experienced continued pressure from higher input and operating costs.
“Simply put, our pricing actions have not yet caught up to the higher inflation flowing into our cost of goods sold,” said Kenneth Charles Keller, president and chief executive officer of B&G Foods, during an Aug. 4 conference call with investment analysts. “Within the quarter, we saw improvement in June results after a tough April, May behind some early realization from pricing implemented in June, and we expect to see further improvements starting in mid-July with additional pricing actions across the portfolio.”
Net income for the second quarter ended July 2 plunged to $256,000, which compared with net income of $24.6 million, equal to 38¢ per share on the common stock, in the prior-year period. During the quarter, the company recorded acquisition and…