Why did BGS's Q3 earnings fall short of forecasts?

B&G Foods' Q3 earnings fell short of forecasts due to several key factors:

1. **Impact of Divestitures**: The divestiture of the Green Giant U.S. shelf-stable product line in the fourth quarter of 2023 had a significant impact on net sales. Without this product line, base business net sales decreased by 2.3% to $562.3 million. This strategic move contributed to a decline in overall net sales.
2. **Lower Unit Volumes**: There was a decrease in unit volumes across various segments, including the divested Green Giant shelf-stable products, spices & seasonings, and Clabber Girl. This reduction in volumes, partly due to pricing and product mix changes, contributed to the revenue shortfall.
3. **Foreign Currency Impact**: The company faced challenges from foreign currency headwinds, which negatively affected net sales. This issue, combined with lower net pricing, further contributed to the revenue decline.
4. **Soft Foodservice Sales**: Soft sales trends in the foodservice and industrial segments have been a challenge for the company. This trend led to a decline in net sales, as seen in the first-quarter fiscal 2024, where net sales fell by 7.1% year-on-year.

In summary, B&G Foods' Q3 earnings fell short of forecasts due to the impact of divestitures, lower unit volumes, foreign currency headwinds, and soft foodservice sales. These factors combined to create a challenging financial environment for the company during that quarter.