ONTARIO, Calif., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Heritage Grocers Group ("Heritage" or "HGG"), one of the leading Hispanic food retailers in the country, is pleased to announce it has named DeAnn Brunts as a member of its Board of Directors, effective immediately. With more than 30 years of executive experience in operational, strategic and financial management, Ms. Brunts is a seasoned expert in risk management and governance. Previously, she served as Chief Financial Officer of Benson Hill, Inc. (NYSE:B ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced today the release of its inaugural Corporate Social Responsibility (CSR) Report. The report outlines B&G Foods’ goals, commitments, and programs across a wide range of CSR and environmental, social and governance (ESG) issues. “The release of our first CSR Report is an important milestone in our ongoing journey to achieve our ESG mission and goals,” said Casey Keller, President and Chief Executive Officer of B&G Foods. “Our employee ...

B&G Foods, Inc. (BGS) has a successful track record of acquisition-led growth. Meanwhile, it undertakes strategic divestitures in an effort to reshape its portfolio. The shelf-stable and frozen food, and household product company is reaping benefits from strategic pricing actions. However, the company is not immune to rising expenses.Let’s delve deeper.Portfolio Refining Efforts on TrackB&G Foods is focused on undertaking prudent acquisitions to grow its brand portfolio. It acquired the Crisco brand from J. ...

Financial Data and Key Metrics Changes - Adjusted EBITDA as a percentage of net sales increased by 80 basis points to 16% compared to the previous year [5][15] - Gross profit as a percentage of net sales, excluding items affecting comparability, increased by 230 basis points to 22.7% [5][47] - Net cash from operations was $23.3 million in Q3 2023, a significant improvement from a cash use of $69.5 million in Q3 2022 [10][49] - Pro forma adjusted net leverage ratio decreased to 6.52 times from 6.74 times at the end of Q2 2023 [10][68] Business Line Data and Key Metrics Changes - Base business net sales, excluding the divested Back to Nature brand, decreased by 3% year-over-year, but were flat when excluding the Crisco brand [6][14] - Spices and seasonings net sales increased by 6.1% year-over-year, driven by strong performance in food service and member-marked businesses [7][16] - Crisco net sales declined by 16.4% year-over-year due to a 15% list price reduction [8][18] - Green Giant net sales decreased by 10.7% year-over-year, with challenges in both canned and frozen vegetable segments [19][35] Market Data and Key Metrics Changes - Customer service and fill rates improved to an average of 97% during the quarter [9] - Total inventory decreased by $79 million to $726 million compared to the end of Q3 last year [36] Company Strategy and Development Direction - The company announced the divestiture of the U.S. Green Giant canned vegetable product line to focus on higher-margin categories [11][39] - The divestiture is expected to modestly increase overall margins and reduce leverage [12][39] - The company aims to reshape its portfolio by divesting lower-margin businesses and focusing on core capabilities [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of adjusted EBITDA and margins, driven by pricing initiatives and reduced inflationary pressures [27][40] - The company expects fourth-quarter net sales to be flat to down 4% compared to the previous year, influenced by the divestiture and pricing strategies [25][51] - Management anticipates a more stable inflation environment of 1% to 2% for 2024, with limited pricing actions [100] Other Important Information - The company completed two significant financing transactions, including the issuance of $75 million in equity and $550 million in senior secured notes [50] - Year-to-date, the company has reduced net debt by over $210 million [10][68] Q&A Session All Questions and Answers Question: What are the implications of the divestiture of the Green Giant canned business? - Management indicated that the divestiture simplifies operations and improves cash flow by eliminating the need to finance high inventory levels associated with the canned business [80][115] Question: How does the company view its capital structure post-divestiture? - Management expressed confidence in the improved capital structure and indicated that the recent equity issuance and asset sales would help reduce long-term debt [64][68] Question: What are the expectations for the frozen vegetable business moving forward? - Management acknowledged the need to improve the economics of the frozen business and emphasized the importance of scaling distribution and logistics [117][119]

| --- | --- | --- | |------------------------------------------|-------------------------------------------------------------|-------------------------------------------| | | | | | (Address of principal executive offices) | | (Zip Code) | | | Registrant's telephone number, including area code: | (973) 401-6500 | | | Securities registered pursuant to Section 12(b) of the Act: | | | Title of each class | Trading Symbol | Name of each exchange on which registered | | Common Stock, par value $0.01 per | BGS | N ...

B&G Foods, Inc. (NYSE:BGS) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET Michael Bauer - Director, Corporate Strategy and Business Development Casey Keller - President, Chief Executive Officer and Director Bruce Wacha - Executive Vice President of Finance and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Company Participants Michael Lavery - Piper Sandler Nik Modi - RBC Capital Markets David Palmer - Evercore ISI Operator I would now like to turn the call over to ...

oil is now trading on the spot market in the $0.50 to $0.55 per pound range relative to the high $0.70 range in late spring 2022. Pricing. In total, pricing realization, including product mix, contributed $63.2 million in Q1 versus Q1 last year, reflecting pricing actions taken across the portfolio in 2022. We implemented new pricing actions in February to recover higher costs on tomatoes, glass and starches, specifically on pasta and taco sauces and baking powder. At this point, we expect that the vast maj ...

B&G Foods, Inc. (NYSE:BGS) Q4 2022 Earnings Conference Call February 28, 2023 4:30 PM ET Company Participants Sarah Jarolem - Senior Director of Corporate Strategy and Business Development Casey Keller - President, Chief Executive Officer and Director Bruce Wacha - Executive Vice President of Finance and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Capital Hale Holden - Barclays Capital David Palmer - Evercore ISI Michael Lavery - Piper Sandler Robert Moskow - Credit Suisse R ...

Table of Contents Income Tax Expense Estimates and Policies Pension Expense - 38 - The following table sets forth the percentages of net sales represented by selected items for fiscal 2022 and fiscal 2021 reflected in our consolidated statements of operations. The comparisons of financial results are not necessarily indicative of future results: Fiscal 2022 Fiscal 2021 Gross Profit. Our gross profit is equal to our net sales less cost of goods sold. The primary components of our cost of goods sold are cost ...

B&G Foods, Inc. (NYSE:BGS) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET Company Participants Sarah Jarolem – Senior Director of Corporate Strategy & Business Development Casey Keller – President, Chief Executive Officer and Director Bruce Wacha – Executive Vice President-Finance and Chief Financial Officer Conference Call Participants Andrew Lazar – Barclays Capital Carla Casella – JPMorgan Chase Hale Holden – Barclays Capital Karru Martinson – Jefferies William Reuter – Bank of America Eric ...