B&G Foods Reports Financial Results for Fourth Quarter and Full Year 2025
Key Terms
adjusted EBITDA financial
adjusted gross profit financial
net interest expense financial
impairment charges financial
assets held for sale financial
non-cash impairment charges financial
Summary
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Fourth Quarter of 2025 |
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Fiscal Year 2025 |
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(In millions, except per share data) |
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Change vs. |
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Change vs. |
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Amount |
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Q4 2024 |
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Amount |
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FY 2024 |
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Net Sales |
|
$ |
539.6 |
|
|
(2.2 |
)% |
|
$ |
1,828.7 |
|
|
(5.4 |
)% |
Base Business Net Sales (1) |
|
$ |
539.6 |
|
|
0.8 |
% |
|
$ |
1,806.1 |
|
|
(4.0 |
)% |
Diluted EPS |
|
$ |
(0.19 |
) |
|
(83.0 |
)% |
|
$ |
(0.54 |
) |
|
(83.0 |
)% |
Adj. Diluted EPS (1) |
|
$ |
0.28 |
|
|
(9.7 |
)% |
|
$ |
0.51 |
|
|
(27.1 |
)% |
Net Loss |
|
$ |
(15.2 |
) |
|
(82.8 |
)% |
|
$ |
(43.3 |
) |
|
(82.8 |
)% |
Adj. Net Income (1) |
|
$ |
22.8 |
|
|
(7.4 |
)% |
|
$ |
41.3 |
|
|
(26.0 |
)% |
Adj. EBITDA (1) |
|
$ |
84.7 |
|
|
(1.6 |
)% |
|
$ |
272.2 |
|
|
(7.9 |
)% |
Guidance for Full Year Fiscal 2026
-
Net sales range of
$1.65 5 billion$1.69 5 billion -
Adjusted EBITDA range of
$265.0 million $275.0 million -
Adjusted diluted earnings per share range of
$0.55 $0.65
Commenting on the results, Casey Keller, President and Chief Executive Officer of B&G Foods, stated, “B&G Foods’ fourth quarter earnings were largely in line with expectations, with core business trends showing further year-over-year improvement to date during the first quarter of 2026. B&G Foods also announced yesterday the divestiture of the Green Giant
Financial Results for the Fourth Quarter of 2025
Net sales for the fourth quarter of 2025 decreased
Base business net sales for the fourth quarter of 2025 increased
For the fourth quarter of 2025, gross profit was
Selling, general and administrative expenses increased
Net interest expense decreased
The Company had a net loss of
The Company’s net losses for the fourth quarters of 2025 and 2024 were primarily attributable to non-cash impairment charges. During the fourth quarter of 2025, the Company recorded pre-tax, non-cash impairment charges of (1)
The Company’s adjusted net income for the fourth quarter of 2025 was
Adjusted EBITDA was
Financial Results for Full Year Fiscal 2025
Net sales for fiscal 2025 decreased
Base business net sales for fiscal 2025 decreased
For fiscal 2025, gross profit was
Selling, general and administrative expenses increased
Net interest expense decreased
The Company had a net loss of
The Company’s net loss for fiscal 2024 was primarily attributable to: (1) pre-tax, non-cash impairment charges of
The Company’s adjusted net income for fiscal 2025 was
For fiscal 2025, adjusted EBITDA was
Segment Results(3)
The Company operates in, and reports results by, four business segments (also referred to as business units):
Specialty — includes, among others, the Crisco, Clabber Girl, Bear Creek, Polaner, Underwood, B&G, Grandma’s, New York Style, B&M, Baker’s Joy, Regina, TrueNorth, Static Guard, SugarTwin and Brer Rabbit brands. Specialty also included the Don Pepino and Sclafani brands until the Company’s divestiture of those brands on May 23, 2025.
Meals — includes, among others, the Ortega, Maple Grove Farms, Cream of Wheat,
Frozen & Vegetables — primarily includes the Green Giant brand and included the Le Sueur brand in
Spices & Flavor Solutions — includes, among others, the Dash, Spice Islands, Weber, Ac’cent, Tone’s, Trappey’s, Durkee and Wright’s brands.
Specialty Segment Results
Specialty segment results were as follows (dollars in thousands):
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Fourth Quarter Ended |
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Fiscal Year Ended |
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January 3, |
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December 28, |
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January 3, |
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December 28, |
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2026 |
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2024 |
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$ Change |
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% Change |
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2026 |
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2024 |
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$ Change |
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% Change |
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Specialty segment net sales |
|
$ |
210,191 |
|
$ |
216,732 |
|
$ |
(6,541 |
) |
|
(3.0 |
)% |
|
$ |
629,976 |
|
$ |
679,076 |
|
$ |
(49,100 |
) |
|
(7.2 |
)% |
Specialty segment adjusted expenses |
|
|
154,417 |
|
|
156,786 |
|
|
(2,369 |
) |
|
(1.5 |
)% |
|
|
470,291 |
|
|
508,939 |
|
|
(38,648 |
) |
|
(7.6 |
)% |
Specialty segment adjusted EBITDA |
|
$ |
55,774 |
|
$ |
59,946 |
|
$ |
(4,172 |
) |
|
(7.0 |
)% |
|
$ |
159,685 |
|
$ |
170,137 |
|
$ |
(10,452 |
) |
|
(6.1 |
)% |
The decrease in Specialty segment net sales for the fourth quarter of 2025 was primarily due to the Don Pepino divestiture (which negatively impacted net sales versus the fourth quarter of 2024 by
The decrease in Specialty segment adjusted EBITDA for the fourth quarter and full year 2025 was primarily due to the decrease in net sales and the impact of tariffs, offset in part by a decrease in raw material costs as a percentage of net sales in the case of fiscal 2025.
Meals Segment Results
Meals segment results were as follows (dollars in thousands):
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Fourth Quarter Ended |
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Fiscal Year Ended |
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January 3, |
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December 28, |
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January 3, |
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December 28, |
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2026 |
|
2024 |
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$ Change |
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% Change |
|
2026 |
|
2024 |
|
$ Change |
|
% Change |
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Meals segment net sales |
|
$ |
124,239 |
|
$ |
122,895 |
|
$ |
1,344 |
|
|
1.1 |
% |
|
$ |
444,426 |
|
$ |
462,397 |
|
$ |
(17,971 |
) |
|
(3.9 |
)% |
Meals segment adjusted expenses |
|
|
92,209 |
|
|
94,635 |
|
|
(2,426 |
) |
|
(2.6 |
)% |
|
|
337,830 |
|
|
361,344 |
|
|
(23,514 |
) |
|
(6.5 |
)% |
Meals segment adjusted EBITDA |
|
$ |
32,030 |
|
$ |
28,260 |
|
$ |
3,770 |
|
|
13.3 |
% |
|
$ |
106,596 |
|
$ |
101,053 |
|
$ |
5,543 |
|
|
5.5 |
% |
For the fourth quarter of 2025, the increase in Meals segment net sales was primarily due to an increase in net pricing and the impact of product mix, offset in part by lower volumes across the Meals segment in the aggregate. For fiscal 2025, the decrease in Meals segment net sales was primarily due to a decrease in volumes across the Meals business unit in the aggregate, partially offset by an increase in net pricing and the impact of product mix.
The increase in Meals segment adjusted EBITDA in the fourth quarter and full year 2025 was primarily due to the increase in net pricing and improved product mix and cost reductions in certain inputs, as well as from increased plant volumes as pertaining to in-sourcing the manufacturing of certain additional products previously outsourced, offset in part by lower net sales volumes.
Frozen & Vegetables Segment Results
Frozen & Vegetables segment results were as follows (dollars in thousands):
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Fourth Quarter Ended |
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|
|
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|
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Fiscal Year Ended |
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January 3, |
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December 28, |
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|
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January 3, |
|
December 28, |
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2026 |
|
2024 |
|
$ Change |
|
% Change |
|
2026 |
|
2024 |
|
$ Change |
|
% Change |
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Frozen & Vegetables segment net sales |
|
$ |
99,065 |
|
|
$ |
110,137 |
|
|
$ |
(11,072 |
) |
|
(10.1 |
)% |
|
$ |
358,571 |
|
|
$ |
395,785 |
|
$ |
(37,214 |
) |
|
(9.4 |
)% |
Frozen & Vegetables segment adjusted expenses |
|
|
99,533 |
|
|
|
113,412 |
|
|
|
(13,879 |
) |
|
(12.2 |
)% |
|
|
358,902 |
|
|
|
386,263 |
|
|
(27,361 |
) |
|
(7.1 |
)% |
Frozen & Vegetables segment adjusted EBITDA |
|
$ |
(468 |
) |
|
$ |
(3,275 |
) |
|
$ |
2,807 |
|
|
85.7 |
% |
|
$ |
(331 |
) |
|
$ |
9,522 |
|
$ |
(9,853 |
) |
|
(103.5 |
)% |
For the fourth quarter of 2025, the decrease in Frozen & Vegetables segment net sales was primarily due to the Le Sueur
For fiscal 2025, the decrease in Frozen & Vegetables segment net sales was primarily due to the Le Sueur
For the fourth quarter of 2025, the increase in Frozen & Vegetables segment adjusted EBITDA was primarily due to a decrease in raw material and manufacturing costs and the favorable impact of foreign currency on cost of goods, offset in part by lower net sales. For fiscal 2025, the decrease in Frozen & Vegetables segment adjusted EBITDA was primarily due to a decrease in net sales, increased trade promotions, an increase in raw material and manufacturing costs (including the impact of tariffs), the Le Sueur
Spices & Flavor Solutions Segment Results
Spices & Flavor Solutions segment results were as follows (dollars in thousands):
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Fourth Quarter Ended |
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Fiscal Year Ended |
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January 3, |
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December 28, |
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January 3, |
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December 28, |
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2026 |
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2024 |
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$ Change |
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% Change |
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2026 |
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2024 |
|
$ Change |
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% Change |
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Spices & Flavor Solutions segment net sales |
|
$ |
106,061 |
|
$ |
101,804 |
|
$ |
4,257 |
|
|
4.2 |
% |
|
$ |
395,714 |
|
$ |
395,196 |
|
$ |
518 |
|
|
0.1 |
% |
Spices & Flavor Solutions segment adjusted expenses |
|
|
82,919 |
|
|
75,781 |
|
|
7,138 |
|
|
9.4 |
% |
|
|
295,795 |
|
|
284,348 |
|
|
11,447 |
|
|
4.0 |
% |
Spices & Flavor Solutions segment adjusted EBITDA |
|
$ |
23,142 |
|
$ |
26,023 |
|
$ |
(2,881 |
) |
|
(11.1 |
)% |
|
$ |
99,919 |
|
$ |
110,848 |
|
$ |
(10,929 |
) |
|
(9.9 |
)% |
The increase in Spices & Flavor Solutions segment net sales for the fourth quarter 2025 was primarily due to an increase in net pricing and the impact of product mix, and an increase in volumes across the Spices & Flavor Solutions business unit in the aggregate. The increase in Spices & Flavor Solutions segment net sales for fiscal 2025 was primarily due to an increase in net pricing and the impact of product mix, partially offset by a decline in volumes across the Spices & Flavor Solutions business unit in the aggregate.
The decrease in Spices & Flavor Solutions segment adjusted EBITDA for the fourth quarter and full year 2025 was primarily due to the impact of tariffs, the impact of product mix, increases in raw material costs (particularly for garlic and black pepper), and the impact of unfavorable manufacturing facility absorption.
Full Year Fiscal 2026 Guidance
For fiscal 2026, net sales are expected to be
Given the uncertainty in the political economic environment and rapidly evolving negotiations regarding tariffs and retaliatory tariffs, the Company’s guidance does not reflect fully the potential impacts of recently imposed and threatened tariffs by the
B&G Foods provides earnings guidance only on a non-GAAP basis and does not provide a reconciliation of the Company’s forward-looking adjusted EBITDA and adjusted diluted earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for deferred taxes; acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on the sale of certain assets); gains and losses on extinguishment of debt; impairment of assets held for sale; impairment of intangible assets; non-recurring expenses, gains and losses; and other charges reflected in the Company’s reconciliation of historic non-GAAP financial measures, the amounts of which, based on past experience, could be material. For additional information regarding B&G Foods’ non-GAAP financial measures, see “About Non-GAAP Financial Measures and Items Affecting Comparability” below.
Conference Call
B&G Foods will hold a conference call at 4:30 p.m. ET today, March 3, 2026 to discuss fourth quarter 2025 financial results. The live audio webcast of the conference call can be accessed at www.bgfoods.com/investor-relations. A replay of the webcast will be available following the conference call through the same link.
About Non-GAAP Financial Measures and Items Affecting Comparability
“Adjusted net income” (net income (loss) adjusted for certain items that affect comparability), “adjusted diluted earnings per share” (diluted earnings (loss) per share adjusted for certain items that affect comparability), “base business net sales” (net sales without the impact of acquisitions until the acquisitions are included in both comparable periods and without the impact of discontinued or divested brands), “EBITDA” (net income (loss) before net interest expense, income taxes, and depreciation and amortization), “adjusted EBITDA” (EBITDA as adjusted for cash and non-cash acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up and gains and losses on the sale of certain assets), gains and losses on extinguishment of debt, impairment of assets held for sale, impairment of intangible assets, and non-recurring expenses, gains and losses), “segment adjusted EBITDA” (segment net sales less segment adjusted expenses), “segment adjusted expenses” (primarily includes cost of goods sold and other expenses incurred by the Company’s business segments to run day-to-day operations, excluding unallocated corporate items, depreciation and amortization, acquisition/divestiture-related and non-recurring expenses, impairment of intangible assets, goodwill and assets held for sale, gains and losses on sales of assets, interest expense, and income tax expense or benefit), “adjusted gross profit” (gross profit adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold) and “adjusted gross profit percentage” (gross profit as a percentage of net sales adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold) are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in
The Company uses non-GAAP financial measures to adjust for certain items that affect comparability. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items that affect comparability, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources.
Additional information regarding EBITDA, adjusted EBITDA, segment adjusted EBITDA and reconciliations of EBITDA, adjusted EBITDA and segment adjusted EBITDA to net loss and, in the case of EBITDA and adjusted EBITDA, to net cash provided by operating activities, is included below for the fourth quarter and full year 2025 and 2024, along with the components of EBITDA, adjusted EBITDA and segment adjusted EBITDA. Also included below are reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share and base business net sales to the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity and cash flows.
End Notes
(1) |
Please see “About Non-GAAP Financial Measures and Items Affecting Comparability” above for the definition of the non-GAAP financial measures “base business net sales,” “adjusted diluted earnings per share,” “adjusted net income ,” “EBITDA,” “adjusted EBITDA,” “segment adjusted EBITDA,” “segment adjusted expenses,” “adjusted gross profit” and “adjusted gross profit percentage,” as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms to the most comparable GAAP financial measures. |
|
(2) |
Green Giant |
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(3) |
Segment net sales, segment adjusted expenses and segment adjusted EBITDA are the primary measures used by the Company’s chief operating decision maker (CODM) to evaluate segment operating performance and to decide how to allocate resources to segments. The Company’s CODM is the Company’s chief executive officer. Segment adjusted expenses and segment adjusted EBITDA exclude unallocated corporate items, depreciation and amortization, acquisition/divestiture-related and non-recurring expenses, impairment of intangible assets, gains and losses on sales of assets, interest expense, and income tax expense or benefit. Unallocated corporate items consist of centrally managed corporate functions, including selling, marketing, procurement, centralized administrative functions, insurance, and other similar expenses not directly tied to segment operating performance. Depreciation and amortization expenses are neither maintained nor available by business segment, as the Company’s manufacturing, warehouse, and distribution activities are centrally managed. These items that are centrally managed at the corporate level, and therefore excluded from the measures of segment adjusted expenses and segment adjusted EBITDA, are reviewed by the CODM. Expenses that are managed centrally but can be attributed to a segment, such as warehousing and transportation expenses, are generally allocated to segments based on net sales. |
About B&G Foods, Inc.
Based in
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to B&G Foods’ expectations regarding net sales, adjusted EBITDA and adjusted diluted earnings per share and B&G Foods’ overall expectations for fiscal 2026 and beyond, including B&G Foods’ ability to divest brands and product lines that are non-core to B&G Foods’ long-term strategy, sharpen its focus and reduce long-term debt. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “projects,” “intends,” “anticipates,” “assumes,” “could,” “should,” “estimates,” “potential,” “seek,” “predict,” “may,” “will” or “plans” and similar references to future periods to be uncertain and forward-looking. Factors that may affect actual results include, without limitation: the Company’s substantial leverage, which may impact the Company’s ability, among other things, to fund capital expenditures, working capital needs, dividend payments and acquisitions, and to obtain refinancing or additional financing; the Company’s ability to comply with the ratios or tests under its long-term debt agreements, including the maximum consolidated leverage ratio and minimum consolidated interest coverage ratio under its credit agreement, which may be affected not only by the Company’s operating performance but also by events beyond the Company’s control, including prevailing economic, financial and industry conditions, and changes in interest rates; the effects of international trade disputes, tariffs, quotas, and other import or export restrictions on the Company’s procurement, sales and operations (including recent
B&G Foods, Inc. and Subsidiaries |
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Consolidated Balance Sheets |
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(In thousands, except share and per share data) |
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(Unaudited) |
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January 3, |
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December 28, |
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2026 |
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2024 |
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Assets |
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Current assets: |
|
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|
|
|
|
|
Cash and cash equivalents |
|
$ |
56,293 |
|
$ |
50,583 |
|
Trade accounts receivable, net |
|
|
140,699 |
|
|
172,260 |
|
Inventories |
|
|
420,766 |
|
|
511,232 |
|
Assets held for sale |
|
|
51,343 |
|
|
— |
|
Prepaid expenses and other current assets |
|
|
53,380 |
|
|
38,301 |
|
Income tax receivable |
|
|
17,337 |
|
|
9,068 |
|
Total current assets |
|
|
739,818 |
|
|
781,444 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
253,433 |
|
|
278,119 |
|
Operating lease right-of-use assets |
|
|
50,983 |
|
|
55,431 |
|
Finance lease right-of-use assets |
|
|
— |
|
|
773 |
|
Goodwill |
|
|
543,812 |
|
|
548,231 |
|
Other intangible assets, net |
|
|
1,190,974 |
|
|
1,285,946 |
|
Other assets |
|
|
45,890 |
|
|
34,788 |
|
Deferred income taxes |
|
|
9,885 |
|
|
9,320 |
|
Total assets |
|
$ |
2,834,795 |
|
$ |
2,994,052 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
107,669 |
|
$ |
113,209 |
|
Accrued expenses |
|
|
78,436 |
|
|
83,960 |
|
Current portion of operating lease liabilities |
|
|
16,697 |
|
|
17,963 |
|
Current portion of finance lease liabilities |
|
|
— |
|
|
726 |
|
Current portion of long-term debt |
|
|
4,500 |
|
|
5,625 |
|
Income tax payable |
|
|
343 |
|
|
344 |
|
Dividends payable |
|
|
15,196 |
|
|
15,038 |
|
Total current liabilities |
|
|
222,841 |
|
|
236,865 |
|
|
|
|
|
|
|
|
|
Long-term debt, net of current portion |
|
|
1,945,576 |
|
|
2,014,823 |
|
Deferred income taxes |
|
|
167,951 |
|
|
168,027 |
|
Long-term operating lease liabilities, net of current portion |
|
|
34,636 |
|
|
37,697 |
|
Other liabilities |
|
|
10,866 |
|
|
11,833 |
|
Total liabilities |
|
|
2,381,870 |
|
|
2,469,245 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
— |
|
Common stock, |
|
|
800 |
|
|
791 |
|
Additional paid-in capital |
|
|
— |
|
|
— |
|
Accumulated other comprehensive income (loss) |
|
|
15,045 |
|
|
(4,743 |
) |
Retained earnings |
|
|
437,080 |
|
|
528,759 |
|
Total stockholders’ equity |
|
|
452,925 |
|
|
524,807 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,834,795 |
|
$ |
2,994,052 |
|
B&G Foods, Inc. and Subsidiaries |
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Consolidated Statements of Operations |
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(In thousands, except per share data) |
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(Unaudited) |
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Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
||||||||
|
2026 |
|
2024 |
|
2026 |
|
2024 |
||||||||
Net sales |
$ |
539,556 |
|
|
$ |
551,568 |
|
|
$ |
1,828,687 |
|
|
$ |
1,932,454 |
|
Cost of goods sold |
|
416,821 |
|
|
|
432,881 |
|
|
|
1,429,870 |
|
|
|
1,510,504 |
|
Gross profit |
|
122,735 |
|
|
|
118,687 |
|
|
|
398,817 |
|
|
|
421,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
54,002 |
|
|
|
50,340 |
|
|
|
194,947 |
|
|
|
188,068 |
|
Amortization expense |
|
4,991 |
|
|
|
5,111 |
|
|
|
20,292 |
|
|
|
20,444 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,580 |
|
(Gain) loss on sales of assets |
|
— |
|
|
|
— |
|
|
|
(2,867 |
) |
|
|
135 |
|
Impairment of assets held for sale |
|
700 |
|
|
|
— |
|
|
|
28,500 |
|
|
|
— |
|
Impairment of intangible assets |
|
34,798 |
|
|
|
320,000 |
|
|
|
60,798 |
|
|
|
320,000 |
|
Operating income (loss) |
|
28,244 |
|
|
|
(256,764 |
) |
|
|
97,147 |
|
|
|
(177,277 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
38,796 |
|
|
|
39,648 |
|
|
|
149,631 |
|
|
|
157,447 |
|
Other income |
|
(1,201 |
) |
|
|
(1,081 |
) |
|
|
(4,750 |
) |
|
|
(4,215 |
) |
Loss before income tax expense (benefit) |
|
(9,351 |
) |
|
|
(295,331 |
) |
|
|
(47,734 |
) |
|
|
(330,509 |
) |
Income tax expense (benefit) |
|
5,827 |
|
|
|
(72,917 |
) |
|
|
(4,477 |
) |
|
|
(79,258 |
) |
Net loss |
$ |
(15,178 |
) |
|
$ |
(222,414 |
) |
|
$ |
(43,257 |
) |
|
$ |
(251,251 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
79,977 |
|
|
|
79,152 |
|
|
|
79,755 |
|
|
|
79,012 |
|
Diluted |
|
80,881 |
|
|
|
79,152 |
|
|
|
79,755 |
|
|
|
79,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
(0.19 |
) |
|
$ |
(2.81 |
) |
|
$ |
(0.54 |
) |
|
$ |
(3.18 |
) |
Diluted |
$ |
(0.19 |
) |
|
$ |
(2.81 |
) |
|
$ |
(0.54 |
) |
|
$ |
(3.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash dividends declared per share |
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
0.76 |
|
|
$ |
0.76 |
|
B&G Foods, Inc. and Subsidiaries |
||||||||||||||||
Segment Net Sales, Segment Adjusted Expenses and Segment Adjusted EBITDA and |
||||||||||||||||
Reconciliation of Segment Adjusted EBITDA to Net Loss |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Segment net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty |
|
$ |
210,191 |
|
|
$ |
216,732 |
|
|
$ |
629,976 |
|
|
$ |
679,076 |
|
Meals |
|
|
124,239 |
|
|
|
122,895 |
|
|
|
444,426 |
|
|
|
462,397 |
|
Frozen & Vegetables |
|
|
99,065 |
|
|
|
110,137 |
|
|
|
358,571 |
|
|
|
395,785 |
|
Spices & Flavor Solutions |
|
|
106,061 |
|
|
|
101,804 |
|
|
|
395,714 |
|
|
|
395,196 |
|
Total segment net sales |
|
|
539,556 |
|
|
|
551,568 |
|
|
|
1,828,687 |
|
|
|
1,932,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment adjusted expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty |
|
|
154,417 |
|
|
|
156,786 |
|
|
|
470,291 |
|
|
|
508,939 |
|
Meals |
|
|
92,209 |
|
|
|
94,635 |
|
|
|
337,830 |
|
|
|
361,344 |
|
Frozen & Vegetables |
|
|
99,533 |
|
|
|
113,412 |
|
|
|
358,902 |
|
|
|
386,263 |
|
Spices & Flavor Solutions |
|
|
82,919 |
|
|
|
75,781 |
|
|
|
295,795 |
|
|
|
284,348 |
|
Total segment adjusted expenses |
|
|
429,078 |
|
|
|
440,614 |
|
|
|
1,462,818 |
|
|
|
1,540,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty |
|
|
55,774 |
|
|
|
59,946 |
|
|
|
159,685 |
|
|
|
170,137 |
|
Meals |
|
|
32,030 |
|
|
|
28,260 |
|
|
|
106,596 |
|
|
|
101,053 |
|
Frozen & Vegetables |
|
|
(468 |
) |
|
|
(3,275 |
) |
|
|
(331 |
) |
|
|
9,522 |
|
Spices & Flavor Solutions |
|
|
23,142 |
|
|
|
26,023 |
|
|
|
99,919 |
|
|
|
110,848 |
|
Total segment adjusted EBITDA |
|
|
110,478 |
|
|
|
110,954 |
|
|
|
365,869 |
|
|
|
391,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unallocated corporate expenses |
|
|
25,803 |
|
|
|
24,875 |
|
|
|
93,669 |
|
|
|
96,147 |
|
Adjusted EBITDA |
|
$ |
84,675 |
|
|
$ |
86,079 |
|
|
$ |
272,200 |
|
|
$ |
295,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
$ |
16,099 |
|
|
$ |
16,905 |
|
|
$ |
66,223 |
|
|
$ |
68,614 |
|
Acquisition/divestiture-related and non-recurring expenses |
|
|
3,633 |
|
|
|
4,649 |
|
|
|
14,655 |
|
|
|
8,938 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,580 |
|
(Gain) loss on sales of assets |
|
|
— |
|
|
|
— |
|
|
|
(2,867 |
) |
|
|
135 |
|
Impairment of assets held for sale |
|
|
700 |
|
|
|
— |
|
|
|
28,500 |
|
|
|
— |
|
Impairment of intangible assets |
|
|
34,798 |
|
|
|
320,000 |
|
|
|
60,798 |
|
|
|
320,000 |
|
Impairment of property, plant and equipment, net |
|
|
— |
|
|
|
208 |
|
|
|
2,994 |
|
|
|
208 |
|
Interest expense, net |
|
|
38,796 |
|
|
|
39,648 |
|
|
|
149,631 |
|
|
|
157,447 |
|
Income tax expense (benefit) |
|
|
5,827 |
|
|
|
(72,917 |
) |
|
|
(4,477 |
) |
|
|
(79,258 |
) |
Net loss |
|
$ |
(15,178 |
) |
|
$ |
(222,414 |
) |
|
$ |
(43,257 |
) |
|
$ |
(251,251 |
) |
B&G Foods, Inc. and Subsidiaries |
||||||||||||||||
Items Affecting Comparability |
||||||||||||||||
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA(1) |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
||||||||
|
|
2026 |
|
2024 |
|
2026 |
|
2024 |
||||||||
Net loss |
|
$ |
(15,178 |
) |
|
$ |
(222,414 |
) |
|
$ |
(43,257 |
) |
|
$ |
(251,251 |
) |
Income tax expense (benefit) |
|
|
5,827 |
|
|
|
(72,917 |
) |
|
|
(4,477 |
) |
|
|
(79,258 |
) |
Interest expense, net(2)(3)(4) |
|
|
38,796 |
|
|
|
39,648 |
|
|
|
149,631 |
|
|
|
157,447 |
|
Depreciation and amortization |
|
|
16,099 |
|
|
|
16,905 |
|
|
|
66,223 |
|
|
|
68,614 |
|
EBITDA(1) |
|
|
45,544 |
|
|
|
(238,778 |
) |
|
|
168,120 |
|
|
|
(104,448 |
) |
Acquisition/divestiture-related and non-recurring expenses(5) |
|
|
3,633 |
|
|
|
4,649 |
|
|
|
14,655 |
|
|
|
8,938 |
|
Impairment of goodwill(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,580 |
|
Impairment of intangible assets(7) |
|
|
34,798 |
|
|
|
320,000 |
|
|
|
60,798 |
|
|
|
320,000 |
|
(Gain) loss on sales of assets(8) |
|
|
— |
|
|
|
— |
|
|
|
(2,867 |
) |
|
|
135 |
|
Impairment of property, plant and equipment, net(9) |
|
|
— |
|
|
|
208 |
|
|
|
2,994 |
|
|
|
208 |
|
Impairment of assets held for sale(10) |
700 |
— |
28,500 |
— |
||||||||||||
Adjusted EBITDA(1) |
$ |
84,675 |
|
|
$ |
86,079 |
|
|
$ |
272,200 |
|
|
$ |
295,413 |
|
|
B&G Foods, Inc. and Subsidiaries |
||||||||||||||||
Items Affecting Comparability |
||||||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to EBITDA and Adjusted EBITDA(1) |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
||||||||
|
|
2026 |
|
2024 |
|
2026 |
|
2024 |
||||||||
Net cash provided by operating activities |
|
$ |
95,446 |
|
|
$ |
80,348 |
|
|
$ |
101,396 |
|
|
$ |
130,914 |
|
Income tax expense (benefit) |
|
|
5,827 |
|
|
|
(72,917 |
) |
|
|
(4,477 |
) |
|
|
(79,258 |
) |
Interest expense, net(2)(3)(4) |
|
|
38,796 |
|
|
|
39,648 |
|
|
|
149,631 |
|
|
|
157,447 |
|
Impairment of goodwill(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(70,580 |
) |
Impairment of intangible assets(7) |
|
|
(34,798 |
) |
|
|
(320,000 |
) |
|
|
(60,798 |
) |
|
|
(320,000 |
) |
(Loss) gain on extinguishment of debt(2) |
|
|
— |
|
|
|
(188 |
) |
|
|
2,754 |
|
|
|
(2,126 |
) |
Loss on sales of property, plant and equipment |
|
|
(105 |
) |
|
|
(92 |
) |
|
|
(1,134 |
) |
|
|
(215 |
) |
Gain (loss) on sale of assets(8) |
|
|
— |
|
|
|
— |
|
|
|
2,867 |
|
|
|
(135 |
) |
Impairment of property, plant and equipment(9) |
|
|
— |
|
|
|
(208 |
) |
|
|
(2,994 |
) |
|
|
(208 |
) |
Impairment of assets held for sale(10) |
|
|
(700 |
) |
|
|
— |
|
|
|
(28,500 |
) |
|
|
— |
|
Deferred income taxes |
|
|
(11,985 |
) |
|
|
82,139 |
|
|
|
1,816 |
|
|
|
99,107 |
|
Amortization of deferred debt financing costs and bond discount/premium |
|
|
(1,483 |
) |
|
|
(1,391 |
) |
|
|
(6,420 |
) |
|
|
(5,928 |
) |
Share-based compensation expense |
|
|
(2,713 |
) |
|
|
(1,869 |
) |
|
|
(13,317 |
) |
|
|
(8,664 |
) |
Changes in assets and liabilities, net of effects of business combinations |
|
|
(42,741 |
) |
|
|
(44,248 |
) |
|
|
27,296 |
|
|
|
(4,802 |
) |
EBITDA(1) |
|
|
45,544 |
|
|
|
(238,778 |
) |
|
|
168,120 |
|
|
|
(104,448 |
) |
Acquisition/divestiture-related and non-recurring expenses(5) |
|
|
3,633 |
|
|
|
4,649 |
|
|
|
14,655 |
|
|
|
8,938 |
|
Impairment of goodwill(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,580 |
|
Impairment of intangible assets(7) |
|
|
34,798 |
|
|
|
320,000 |
|
|
|
60,798 |
|
|
|
320,000 |
|
(Gain) loss on sales of assets(8) |
|
|
— |
|
|
|
— |
|
|
|
(2,867 |
) |
|
|
135 |
|
Impairment of property, plant and equipment, net(9) |
|
|
— |
|
|
|
208 |
|
|
|
2,994 |
|
|
|
208 |
|
Impairment of assets held for sale(10) |
|
|
700 |
|
|
|
— |
|
|
|
28,500 |
|
|
|
— |
|
Adjusted EBITDA(1) |
|
$ |
84,675 |
|
|
$ |
86,079 |
|
|
$ |
272,200 |
|
|
$ |
295,413 |
|
B&G Foods, Inc. and Subsidiaries |
||||||||||||||||
Items Affecting Comparability |
||||||||||||||||
Reconciliation of Net Loss to Adjusted Net Income and Adjusted Diluted Earnings per Share(11) |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
||||||||
|
|
2026 |
|
2024 |
|
2026 |
|
2024 |
||||||||
Net loss |
|
$ |
(15,178 |
) |
|
$ |
(222,414 |
) |
|
$ |
(43,257 |
) |
|
$ |
(251,251 |
) |
Loss (gain) on extinguishment of debt(2) |
|
|
— |
|
|
|
188 |
|
|
|
(2,754 |
) |
|
|
2,126 |
|
Accelerated amortization of deferred debt financing costs(3) |
|
|
— |
|
|
|
— |
|
|
|
588 |
|
|
|
456 |
|
Debt financing costs(4) |
|
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
1,140 |
|
Acquisition/divestiture-related and non-recurring expenses(5) |
|
|
3,633 |
|
|
|
4,649 |
|
|
|
14,655 |
|
|
|
8,938 |
|
Impairment of goodwill(6) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,580 |
|
Impairment of intangible assets(7) |
|
|
34,798 |
|
|
|
320,000 |
|
|
|
60,798 |
|
|
|
320,000 |
|
(Gain) loss on sales of assets(8) |
|
|
— |
|
|
|
— |
|
|
|
(2,867 |
) |
|
|
135 |
|
Impairment of property, plant and equipment, net(9) |
|
|
— |
|
|
|
208 |
|
|
|
2,994 |
|
|
|
208 |
|
Impairment of assets held for sale(10) |
|
|
700 |
|
|
|
— |
|
|
|
28,500 |
|
|
|
— |
|
Tax adjustments(12) |
|
|
5,154 |
|
|
|
1,636 |
|
|
|
3,858 |
|
|
|
2,282 |
|
Tax effects of non-GAAP adjustments(13) |
|
|
(6,309 |
) |
|
|
(79,636 |
) |
|
|
(21,277 |
) |
|
|
(98,876 |
) |
Adjusted net income(11) |
|
$ |
22,798 |
|
|
$ |
24,631 |
|
|
$ |
41,266 |
|
|
$ |
55,738 |
|
Adjusted diluted earnings per share(11)(14) |
|
$ |
0.28 |
|
|
$ |
0.31 |
|
|
$ |
0.51 |
|
|
$ |
0.70 |
|
_________________________ |
||
(1) |
EBITDA and adjusted EBITDA are non-GAAP financial measures used by management to measure operating performance. A non-GAAP financial measure is defined as a numerical measure of the Company’s financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s consolidated balance sheets and related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity and cash flows. The Company defines EBITDA as net income (loss) before net interest expense, income taxes, and depreciation and amortization. The Company defines adjusted EBITDA as EBITDA adjusted for cash and non-cash acquisition/divestiture-related expenses, gains and losses (which may include third-party fees and expenses, integration, restructuring and consolidation expenses, amortization of acquired inventory fair value step-up, and gains and losses on the sale of certain assets); gains and losses on extinguishment of debt; impairment of assets held for sale; impairment of intangible assets; and non-recurring expenses, gains and losses. |
|
Management believes that it is useful to eliminate these items because it allows management to focus on what it deems to be a more reliable indicator of ongoing operating performance and the Company’s ability to generate cash flow from operations. The Company uses EBITDA and adjusted EBITDA in the Company’s business operations to, among other things, evaluate the Company’s operating performance, develop budgets and measure the Company’s performance against those budgets, determine employee bonuses and evaluate the Company’s cash flows in terms of cash needs. The Company also presents EBITDA and adjusted EBITDA because the Company believes they are useful indicators of the Company’s historical debt capacity and ability to service debt and because covenants in the Company’s credit agreement, the Company’s senior secured notes indenture and the Company’s senior notes indenture contain ratios based on these measures. As a result, reports used by internal management during monthly operating reviews feature the EBITDA and adjusted EBITDA metrics. However, management uses these metrics in conjunction with traditional GAAP operating performance and liquidity measures as part of its overall assessment of company performance and liquidity, and therefore does not place undue reliance on these measures as its only measures of operating performance and liquidity. |
||
EBITDA and adjusted EBITDA are not recognized terms under GAAP and do not purport to be alternatives to operating income (loss), net income (loss) or any other GAAP measure as an indicator of operating performance. EBITDA and adjusted EBITDA are not complete net cash flow measures because EBITDA and adjusted EBITDA are measures of liquidity that do not include reductions for cash payments for an entity’s obligation to service its debt, fund its working capital, capital expenditures and acquisitions and pay its income taxes and dividends. Rather, EBITDA and adjusted EBITDA are potential indicators of an entity’s ability to fund these cash requirements. EBITDA and adjusted EBITDA are not complete measures of an entity’s profitability because they do not include certain costs and expenses and gains and losses described above. Because not all companies use identical calculations, this presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. However, EBITDA and adjusted EBITDA can still be useful in evaluating the Company’s performance against the Company’s peer companies because management believes these measures provide users with valuable insight into key components of GAAP amounts. |
||
(2) |
Net interest expense for fiscal 2025 was reduced by |
|
Net interest expense for fiscal 2024 includes a loss on extinguishment of debt of |
||
(3) |
Net interest expense for fiscal 2025 includes the accelerated amortization of deferred debt financing costs of |
|
Net interest expense for fiscal 2024 includes the accelerated amortization of deferred debt financing costs of |
||
(4) |
Debt financing costs for fiscal 2024 reflects the portion of debt financing costs incurred in connection with the Company’s refinancing of the Company’s senior secured credit facility that is included in net interest expense. Of the |
|
(5) |
Acquisition/divestiture-related and non-recurring expenses primarily include acquisition, integration and divestiture-related expenses for prior and potential future acquisitions and divestitures, and non-recurring expenses. |
|
(6) |
In connection with the Company’s transition from one reportable segment to four reportable segments during the first quarter of 2024, the Company reassigned assets and liabilities, including goodwill, between four reporting units (which are the same as the Company’s reportable segments). The Company completed a goodwill impairment test, both prior to and subsequent to the change in reporting structure, comparing the fair values of the reporting units to the carrying values. The goodwill impairment test resulted in the Company recognizing pre-tax, non-cash goodwill impairment charges of |
|
(7) |
During fiscal 2025, the Company recorded pre-tax, non-cash impairment charges of |
|
During the fourth quarter of 2024, the Company recorded pre-tax, non-cash impairment charges of |
||
(8) |
During fiscal 2025, the Company recognized a net gain on sale of assets of |
|
(9) |
During the first quarter of 2025, the Company recorded pre-tax, non-cash impairment charges of |
|
(10) |
During the third quarter of 2025, the Company reclassified |
|
(11) |
Adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures used by management to measure operating performance. The Company defines adjusted net income and adjusted diluted earnings per share as net income (loss) and diluted earnings (loss) per share adjusted for certain items that affect comparability. These non-GAAP financial measures reflect adjustments to net income (loss) and diluted earnings (loss) per share to eliminate the items identified in the reconciliation above. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources. |
|
(12) |
The Company recorded a net tax adjustment expense of |
|
Tax adjustments for the fourth quarter and full year 2024 relate to return-to-provision adjustments in the |
||
(13) |
Represents the tax effects of the non-GAAP adjustments listed above, assuming a tax rate of approximately |
|
(14) |
The Company was in a net loss position for the fourth quarter and full year 2025 and the fourth quarter and full year 2024, therefore there are no potentially dilutive share-based compensation awards included in the calculation of diluted weighted average shares outstanding for those periods, as their effect would have been antidilutive. However, given that the adjustments described above resulted in adjusted net income for those periods, the dilutive impact of potentially dilutive share-based compensation awards are being included in the calculation of adjusted diluted weighted average shares outstanding and, therefore, in the calculation of adjusted diluted earnings per share. |
|
B&G Foods, Inc. and Subsidiaries |
|||||||||||||||
Items Affecting Comparability |
|||||||||||||||
Reconciliation of Net Sales to Base Business Net Sales(1) |
|||||||||||||||
(In thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|||||||||||
|
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
|||||||
|
|
2026 |
|
2024 |
|
2026 |
|
2024 |
|||||||
Net sales |
|
$ |
539,556 |
|
$ |
551,568 |
|
|
$ |
1,828,687 |
|
|
$ |
1,932,454 |
|
Net sales from discontinued or divested brands(2) |
|
|
— |
|
|
(16,382 |
) |
|
|
(22,633 |
) |
|
|
(51,475 |
) |
Base business net sales |
|
$ |
539,556 |
|
$ |
535,186 |
|
|
$ |
1,806,054 |
|
|
$ |
1,880,979 |
|
| _________________________ | ||
(1) |
Base business net sales is a non-GAAP financial measure used by management to measure operating performance. The Company defines base business net sales as the Company’s net sales excluding (1) the net sales of acquisitions until the net sales from such acquisitions are included in both comparable periods and (2) net sales of discontinued or divested brands. The portion of current period net sales attributable to recent acquisitions for which there is no corresponding period in the comparable period of the prior year is excluded. For each acquisition, the excluded period starts at the beginning of the most recent fiscal period being compared and ends on the first anniversary of the acquisition date. For discontinued or divested brands, the entire amount of net sales is excluded from each fiscal period being compared. The Company has included this financial measure because management believes it provides useful and comparable trend information regarding the results of the Company’s business without the effect of the timing of acquisitions and the effect of discontinued or divested brands. |
|
(2) |
For fiscal 2025, reflects net sales of the Le Sueur |
|
B&G Foods, Inc. and Subsidiaries |
||||||||||||
Items Affecting Comparability |
||||||||||||
Reconciliation of Gross Profit to Adjusted Gross Profit and |
||||||||||||
Gross Profit Percentage to Adjusted Gross Profit Percentage(1) |
||||||||||||
(In thousands, except percentages) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
||||||||
|
|
January 3, |
|
December 28, |
|
January 3, |
|
December 28, |
||||
|
|
2026 |
|
2024 |
|
2026 |
|
2024 |
||||
Gross profit |
|
$ |
122,735 |
|
$ |
118,687 |
|
$ |
398,817 |
|
$ |
421,950 |
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold(2) |
|
|
1,117 |
|
|
3,658 |
|
|
3,539 |
|
|
5,979 |
Adjusted gross profit(1) |
|
$ |
123,852 |
|
$ |
122,345 |
|
$ |
402,356 |
|
$ |
427,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit percentage |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold as a percentage of net sales |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross profit percentage(1) |
|
|
|
|
|
|
|
|
|
|
|
|
| _________________________ | ||
(1) |
Adjusted gross profit and adjusted gross profit percentage are non-GAAP financial measures used by management to measure operating performance. The Company defines adjusted gross profit as gross profit adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold and adjusted gross profit percentage as gross profit percentage (i.e., gross profit as a percentage of net sales) adjusted for acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold. These non-GAAP financial measures reflect adjustments to gross profit and gross profit percentage to eliminate the items identified in the reconciliation above. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Because the Company cannot predict the timing and amount of these items, management does not consider these items when evaluating the Company’s performance or when making decisions regarding allocation of resources. |
|
(2) |
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold primarily include acquisition, integration and divestiture-related expenses for prior and potential future acquisitions and divestitures, and non-recurring expenses. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303220342/en/
Investor Relations:
ICR, Inc.
Anna Kate Heller
bgfoodsIR@icrinc.com
Media Relations:
ICR, Inc.
Matt Lindberg
matthew.lindberg@icrinc.com
Source: B&G Foods, Inc.
