B&G Foods, Inc. (BGS) has strengthened its innovation pipeline, launching licensing seasoning and grilling blends under well-recognized brands. The company has made significant strides in reshaping its portfolio through divestitures, focusing on segments with high margins and growth potential. These steps are pivotal in aligning B&G Foods with current market trends and consumer preferences, thereby enhancing its competitive position.Shares of this Zacks Rank #3 (Hold) company have gained 5.8% in the past si ...

Shares of B&G Foods (BGS 1.32%) were moving higher today after the diversified packaged food company and dividend stock delivered solid results in its fourth-quarter earnings report.B&G also continued to reorient its portfolio around growth brands.According to data from S&P Global Market Intelligence, the stock was up 22.5% for the week as of Thursday's close. B&G makes the right movesB&G, which owns brands such as Green Giant, Ortega, Crisco, and other supermarket staples said that revenue in the fourth qu ...

B&G Foods, Inc. (BGS) posted fourth-quarter 2023 results, wherein the top and bottom lines declined year over year, while both metrics beat the Zacks Consensus Estimate.Nonetheless, management stated that results reflected solid progress, including better margins, stabilizing volumes, greater cash flows and reduced leverage. Further, the company concluded the sale of Green Giant U.S. canned vegetables during the quarter to strengthen its future portfolio.Shares of BGS rallied 5.3% in the after-market tradin ...

B&G Foods, Inc. (NYSE:BGS) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET Company Participants AJ Schwabe - Associate Corporate Strategy and Business Development Casey Keller - President, Chief Executive Officer Bruce Wacha - Executive Vice President of Finance and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays William Reuter - Bank of America Karru Martinson - Jefferies Company Connor Rattigan - Consumer Edge Research Hale Holden - Barclays David Palmer - Everco ...

For the fiscal year ended December 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number 001-32316 B&G FOODS, INC. (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exc ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.19 per share of common stock. The dividend is payable on April 30, 2024 to stockholders of record as of March 28, 2024. At the closing market price of the common stock on February 26, 2024, the current dividend rate represents an annualized yield of 8.1%. This is the 78th consecutive quarterly dividend declared by the Board of Directors since B&G Fo ...

Financial Performance - Net sales for the fourth quarter of 2023 decreased by $45.1 million, or 7.2%, to $578.1 million compared to $623.2 million for the fourth quarter of 2022[9] - Base business net sales for the fourth quarter of 2023 decreased by $13.3 million, or 2.3%, to $562.3 million from $575.6 million for the fourth quarter of 2022[5] - Fiscal 2023 net sales decreased by $100.7 million, or 4.7%, to $2,062.3 million from $2,163.0 million for fiscal 2022[21] - Total net sales for the fourth quarter of fiscal 2023 were $578.1 million, a decline from $623.2 million in the same quarter of fiscal 2022, while annual net sales decreased to $2.06 billion from $2.16 billion[62] - Base business net sales for the fourth quarter of fiscal 2023 were $562.3 million, slightly down from $575.6 million in the same quarter of the previous year, with annual base business net sales at $1.997 billion compared to $2.027 billion[62] Profitability - Adjusted EBITDA for the fourth quarter of 2023 was $86.8 million, a decrease of $6.8 million, or 7.3%, compared to $93.6 million for the fourth quarter of 2022[20] - Adjusted EBITDA for fiscal 2023 was $318.0 million, an increase of $17.0 million, or 5.7%, compared to $301.0 million for fiscal 2022, with adjusted EBITDA as a percentage of net sales at 15.4%[32] - Adjusted EBITDA for the fiscal year 2023 was $317.995 million, an increase of 5.7% from $300.963 million in the previous year[56] - Gross profit for fiscal 2023 was $455.5 million, or 22.1% of net sales, compared to $409.6 million, or 18.9% of net sales for fiscal 2022[24] - Gross profit for Q4 2023 was $125,171,000, a slight decrease from $126,078,000 in Q4 2022[64] - Total gross profit for the fiscal year 2023 was $455,521,000, an increase from $409,624,000 in fiscal year 2022[64] Income and Loss - Net income for the fourth quarter of 2023 was $2.6 million, or $0.03 per diluted share, compared to net income of $24.3 million, or $0.34 per diluted share, for the fourth quarter of 2022[17] - The company reported a net loss of $66.2 million, or $0.89 per diluted share, for fiscal 2023, compared to a net loss of $11.4 million, or $0.16 per diluted share, for fiscal 2022[31] - Net income for Q4 2023 was $2.575 million, a significant decline from $24.301 million in Q4 2022[56] - Adjusted net income for the fourth quarter of fiscal 2023 was $23.5 million, down from $28.9 million year-over-year, with adjusted diluted earnings per share at $0.30 compared to $0.40 in the prior year[58] Expenses - Selling, general and administrative expenses increased by $5.6 million, or 3.0%, to $196.0 million for fiscal 2023 from $190.4 million for fiscal 2022[26] - Net interest expense increased by $26.4 million, or 21.1%, to $151.3 million for fiscal 2023 from $124.9 million for fiscal 2022[30] - The company recorded a loss on the sale of assets of $137.7 million during fiscal 2023 related to the Green Giant U.S. shelf-stable product line[28] - The company recorded acquisition/divestiture-related and non-recurring expenses of $2.0 million in Q4 2023, primarily due to the Crisco acquisition and divestitures, compared to $3.3 million in Q4 2022[60] - Non-recurring expenses included in cost of goods sold for the fiscal year 2023 totaled $2.9 million, down from $9.1 million in fiscal year 2022[64] Future Outlook - The company anticipates adjusted EBITDA for fiscal 2024 to be in the range of $305 million to $325 million[9] - For fiscal 2024, net sales are expected to be between $1.975 billion and $2.020 billion, with adjusted EBITDA projected to be between $305 million and $325 million[33] - The company expects continued focus on integration and operational efficiency following recent acquisitions and divestitures[60] Assets and Liabilities - Total current assets decreased to $802.824 million as of December 30, 2023, from $1,018.817 million a year earlier[53] - Total liabilities decreased to $2,627.827 million as of December 30, 2023, from $2,973.443 million in the previous year[53] Conference Call - The company plans to hold a conference call to discuss fourth quarter and full year 2023 financial results on February 27, 2024[35] Risks - The company faces various risks including rising costs, competition, and supply chain disruptions that could impact future performance[42]

dontree_m/iStock via Getty Images Co-authored by Treading Softly We live in a society that believes in immediate gratification. Buy something on Amazon. Get it within two business days, sometimes even less. Many of us can remember a time when buying something from a magazine or catalog that came in the mail took weeks to receive. We couldn't even check on its status or get a firm delivery date. We were forced by a lack of technology to have a greater degree of patience and be willing to wait. I'm not going ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) today explained the tax treatment for dividends paid in 2023 on the Company’s common stock. Holders are urged to check their 2023 tax statements received from brokerage firms in order to ensure that the cash distribution information reported on such statements conforms to the information reported herein. Additional information concerning the tax treatment of dividends paid in 2023 is posted to the Investors section of B&G Foods’ website, www.bg ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced today that it intends to issue a press release with fourth quarter and fiscal year 2023 financial results after the market close on Tuesday, February 27, 2024. B&G Foods has scheduled a conference call at 4:30 p.m. ET that same day to discuss the results. Hosting the call will be Casey Keller, President and Chief Executive Officer and Bruce Wacha, Executive Vice President of Finance and Chief Financial Officer. The earnings press rele ...