B&G Foods Reports Financial Results for Second Quarter 2026
Summary
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Second Quarter of 2026 |
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First Two Quarters of 2026 |
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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 |
|
Q2 2025 |
|
Amount |
|
First 2Q 2025 |
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Net Sales |
|
$ |
383.3 |
|
|
(9.7 |
)% |
|
$ |
792.2 |
|
|
(6.8 |
)% |
Base Business Net Sales (1) |
|
$ |
346.3 |
|
|
(2.9 |
)% |
|
$ |
711.4 |
|
|
0.0 |
% |
Diluted EPS |
|
$ |
(0.05 |
) |
|
58.3 |
% |
|
$ |
(0.45 |
) |
|
(309.1 |
)% |
Adj. Diluted EPS (1) |
|
$ |
0.06 |
|
|
50.0 |
% |
|
$ |
0.14 |
|
|
75.0 |
% |
Net Loss |
|
$ |
(4.0 |
) |
|
59.3 |
% |
|
$ |
(36.5 |
) |
|
(308.7 |
)% |
Adj. Net Income (1) |
|
$ |
4.9 |
|
|
70.6 |
% |
|
$ |
11.7 |
|
|
84.9 |
% |
Adj. EBITDA (1) |
|
$ |
60.4 |
|
|
4.2 |
% |
|
$ |
118.0 |
|
|
0.8 |
% |
Guidance for Full Year Fiscal 2026
-
Net sales reaffirmed at a range of
$1.735 billion $1.775 billion -
Adjusted EBITDA reaffirmed at a range of
$275.0 million $290.0 million -
Adjusted diluted earnings per share reaffirmed at a range of
$0.575 $0.675
“Our second quarter results reflect the discipline we have brought to reshaping B&G Foods’ portfolio. Following the divestiture of our Green Giant
Financial Results for the Second Quarter of 2026
Net sales for the second quarter of 2026 decreased
Net sales of the Company’s Green Giant
Base business net sales for the second quarter of 2026 decreased
For the second quarter of 2026, gross profit was
Selling, general and administrative expenses decreased
Net interest expense increased
The Company had a net loss of
The Company’s adjusted net income for the second quarter of 2026 was
Adjusted EBITDA was
Financial Results for First Two Quarters of 2026
Net sales for the first two quarters of 2026 decreased
Net sales of the Company’s Green Giant
Base business net sales for the first two quarters of 2026 increased
For the first two quarters of 2026, gross profit was
Selling, general and administrative expenses decreased
During the first two quarters of 2026, the Company recognized a loss on sale of assets of
Net interest expense increased
The Company had a net loss of
The Company’s adjusted net income for the first two quarters of 2026 was
For the first two quarters of 2026, 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, Cream of Wheat, College Inn, Maple Grove Farms,
Frozen & Vegetables — primarily includes (1) the Company’s frozen vegetable manufacturing operations 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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Second Quarter Ended |
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|
|
|
|
First Two Quarters Ended |
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|
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July 4,
|
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June 28,
|
|
|
$ Change |
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|
% Change |
|
|
July 4,
|
|
June 28,
|
|
|
$ Change |
|
% Change |
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Specialty segment net sales |
|
$ |
128,934 |
|
$ |
134,859 |
|
$ |
(5,925 |
) |
|
|
(4.4 |
)% |
|
|
$ |
259,701 |
|
$ |
269,259 |
|
$ |
(9,558 |
) |
|
(3.5 |
)% |
Specialty segment adjusted expenses |
|
|
105,204 |
|
|
102,209 |
|
|
2,995 |
|
|
|
2.9 |
% |
|
|
|
209,867 |
|
|
203,089 |
|
|
6,778 |
|
|
3.3 |
% |
Specialty segment adjusted EBITDA |
|
$ |
23,730 |
|
$ |
32,650 |
|
$ |
(8,920 |
) |
|
|
(27.3 |
)% |
|
|
$ |
49,834 |
|
$ |
66,170 |
|
$ |
(16,336 |
) |
|
(24.7 |
)% |
The decrease in Specialty segment net sales for the second quarter and first two quarters of 2026 was primarily due to a decrease in volumes in the Specialty portfolio and the divestiture of the Don Pepino business, which generated
The decrease in Specialty segment adjusted EBITDA for the second quarter and first two quarters of 2026 was primarily due to higher oil input costs for the Crisco brand, the Don Pepino divestiture and a decline in volumes.
Meals Segment Results
Meals segment results were as follows (dollars in thousands):
|
|
Second Quarter Ended |
|
|
|
|
|
|
|
|
First Two Quarters Ended |
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|
|
|
|
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July 4,
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|
June 28,
|
|
|
$ Change |
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|
% Change |
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|
July 4,
|
|
June 28,
|
|
|
$ Change |
|
% Change |
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Meals segment net sales |
|
$ |
110,523 |
|
$ |
104,079 |
|
$ |
6,444 |
|
|
6.2 |
% |
|
|
$ |
217,605 |
|
$ |
210,221 |
|
$ |
7,384 |
|
|
3.5 |
% |
Meals segment adjusted expenses |
|
|
84,709 |
|
|
78,334 |
|
|
6,375 |
|
|
8.1 |
% |
|
|
|
171,847 |
|
|
159,502 |
|
|
12,345 |
|
|
7.7 |
% |
Meals segment adjusted EBITDA |
|
$ |
25,814 |
|
$ |
25,745 |
|
$ |
69 |
|
|
0.3 |
% |
|
|
$ |
45,758 |
|
$ |
50,719 |
|
$ |
(4,961 |
) |
|
(9.8 |
)% |
The increase in Meals segment net sales for the second quarter and first two quarters of 2026 was primarily due to the College Inn and Kitchen Basics acquisition, which contributed
The increase in Meals segment adjusted EBITDA in the second quarter of 2026 was primarily due to the increase in Meals segment net sales, primarily attributable to the College Inn and Kitchen Basics acquisition. The decrease in Meals segment adjusted EBITDA in the first two quarters of 2026 was primarily due to an increase in certain raw material costs and manufacturing expenses. Meals segment adjusted EBITDA was also impacted by increases in trade spending and direct marketing expenses for certain brands. These incremental costs were offset in part by an increase in overall net pricing for the Meals segment and the impact of product mix, and the College Inn and Kitchen Basics acquisition.
Frozen & Vegetables Segment Results
Frozen & Vegetables segment results were as follows (dollars in thousands):
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|
Second Quarter Ended |
|
|
|
|
|
|
|
|
First Two Quarters Ended |
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|
|
|
|
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|
|
July 4,
|
|
June 28,
|
|
|
$ Change |
|
|
% Change |
|
|
July 4,
|
|
June 28,
|
|
|
$ Change |
|
% Change |
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Frozen & Vegetables segment net sales |
|
$ |
47,191 |
|
|
$ |
88,989 |
|
|
$ |
(41,798 |
) |
|
|
(47.0 |
)% |
|
|
$ |
118,223 |
|
$ |
182,108 |
|
|
$ |
(63,885 |
) |
|
(35.1 |
)% |
Frozen & Vegetables segment adjusted expenses |
|
|
48,393 |
|
|
|
91,719 |
|
|
|
(43,326 |
) |
|
|
(47.2 |
)% |
|
|
|
114,841 |
|
|
186,311 |
|
|
|
(71,470 |
) |
|
(38.4 |
)% |
Frozen & Vegetables segment adjusted EBITDA |
|
$ |
(1,202 |
) |
|
$ |
(2,730 |
) |
|
$ |
1,528 |
|
|
|
(56.0 |
)% |
|
|
$ |
3,382 |
|
$ |
(4,203 |
) |
|
$ |
7,585 |
|
|
(180.5 |
)% |
The decrease in Frozen & Vegetables segment net sales for the second quarter and first two quarters of 2026 was primarily due to the Green Giant
The increase in Frozen & Vegetables segment adjusted EBITDA for the second quarter and first two quarters of 2026 was primarily due to the Green Giant
Spices & Flavor Solutions Segment Results
Spices & Flavor Solutions segment results were as follows (dollars in thousands):
|
|
Second Quarter Ended |
|
|
|
|
|
|
|
|
First Two Quarters Ended |
|
|
|
|
|
||||||||||||
|
|
July 4,
|
|
June 28,
|
|
|
$ Change |
|
|
% Change |
|
|
July 4,
|
|
June 28,
|
|
|
$ Change |
|
% Change |
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Spices & Flavor Solutions segment net sales |
|
$ |
96,627 |
|
$ |
96,498 |
|
$ |
129 |
|
|
|
0.1 |
% |
|
|
$ |
196,682 |
|
$ |
188,239 |
|
$ |
8,443 |
|
|
4.5 |
% |
Spices & Flavor Solutions segment adjusted expenses |
|
|
65,519 |
|
|
72,379 |
|
|
(6,860 |
) |
|
|
(9.5 |
)% |
|
|
|
135,855 |
|
|
137,851 |
|
|
(1,996 |
) |
|
(1.4 |
)% |
Spices & Flavor Solutions segment adjusted EBITDA |
|
$ |
31,108 |
|
$ |
24,119 |
|
$ |
6,989 |
|
|
|
29.0 |
% |
|
|
$ |
60,827 |
|
$ |
50,388 |
|
$ |
10,439 |
|
|
20.7 |
% |
The increase in Spices & Flavor Solutions segment net sales for the first two quarters of 2026 was primarily due to an increase in net pricing and strong growth in the foodservice and private label channels. Spices & Flavor Solutions segment net sales for the second quarter of 2026 were slightly higher due to an increase in net pricing and the continued growth in the foodservice and private label channels, partially offset by declines in the retail channel.
The increase in Spices & Flavor Solutions segment adjusted EBITDA for the second quarter and first two quarters of 2026 was primarily due to an increase in net pricing, tariff refunds that were received from the
Full Year Fiscal 2026 Guidance
B&G Foods reaffirmed its net sales guidance for fiscal 2026 at a range of
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, August 11, 2026 to discuss second quarter 2026 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 excluding (1) the net sales from acquisitions until the net sales from such acquisitions are included in both comparable periods, (2) net sales of discontinued or divested brands, and (3) net sales from the Company’s Green Giant
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 second quarter and first two quarters of 2026 and 2025, 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) income, 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 |
|
(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 Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including B&G, B&M, Bear Creek, College Inn, Cream of Wheat, Crisco, Dash, Kitchen Basics, Las Palmas, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.
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 the remainder of fiscal 2026 and beyond. 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 U.S. tariffs imposed or threatened to be imposed on China, Canada and Mexico and other countries and retaliatory actions taken or threatened to be taken by such countries); the effects of rising costs for and/or decreases in supply of the Company’s commodities, ingredients, packaging, other raw materials, distribution and labor; crude oil prices and their impact on distribution, packaging and energy costs; the Company’s ability to successfully implement sales price increases and cost-saving measures to offset any cost increases; intense competition, changes in consumer preferences, demand for the Company’s products and local economic and market conditions; the Company’s continued ability to promote brand equity successfully, to anticipate and respond to new consumer trends, to develop new products and markets, to broaden brand portfolios in order to compete effectively with lower priced products and in markets that are consolidating at the retail and manufacturing levels and to improve productivity; the ability of the Company and its supply chain partners to continue to operate manufacturing facilities, distribution centers and other work locations without material disruption, and to procure ingredients, packaging and other raw materials when needed despite disruptions in the supply chain or labor shortages; the impact pandemics or disease outbreaks, may have on the Company’s business, including among other things, the Company’s supply chain, manufacturing operations or workforce and customer and consumer demand for the Company’s products; the Company’s ability to recruit and retain senior management and a highly skilled and diverse workforce at the Company’s corporate offices, manufacturing facilities and other work locations despite a very tight labor market and changing employee expectations as to fair compensation, an inclusive and diverse workplace, flexible working and other matters; the risks associated with the possible expansion of the Company’s business through acquisitions or reduction in size through divestitures; the Company’s possible inability to successfully complete divestitures of non-core businesses, including the pending divestiture of the Company’s Green Giant and Le Sieur frozen and shelf-stable business in Canada, to sharpen its focus, improve margins, reduce costs and reduce its long‑term debt, and, if completed, the Company’s possible inability to achieve the expected margin improvements, cost savings and debt reduction; the Company’s possible inability to identify new acquisitions or to integrate recent or future acquisitions, including the College Inn and Kitchen Basics acquisition, or the Company’s failure to realize anticipated revenue enhancements, cost savings or other synergies from recent or future acquisitions; the Company’s ability to successfully complete the integration of recent or future acquisitions into the Company’s enterprise resource planning (ERP) system; tax reform and legislation, including the effects of the U.S. Tax Cuts and Jobs Act and the One Big Beautiful Bill Act, and any future tax reform or legislation; the Company’s ability to access the credit markets and the Company’s borrowing costs and credit ratings, which may be influenced by credit markets generally and the credit ratings of the Company’s competitors; unanticipated expenses, including, without limitation, litigation or legal settlement expenses; the effects of currency movements of the Canadian dollar and the Mexican peso as compared to the U.S. dollar; future impairments of the Company’s goodwill, other intangible assets, and tangible assets, such as property, plant, equipment or inventory, which impairments may be triggered if operating results for any of the Company’s brands deteriorate at rates in excess of its current projections, the Company’s market capitalization declines or discount rates change, even if due to macroeconomic factors, or may be triggered by divestitures, if divestiture proceeds are less than the book value of the assets being divested; the Company’s ability to protect information systems against, or effectively respond to, a cybersecurity incident, other disruption or data leak; the Company’s ability to successfully implement the Company’s sustainability initiatives and achieve the Company’s sustainability goals, and changes to environmental laws and regulations; the Company’s ability to successfully adopt and utilize new technologies, such as artificial intelligence, including machine learning and generative artificial intelligence; and other factors that affect the food industry generally, including: recalls if products become adulterated or misbranded, liability if product consumption causes injury, ingredient disclosure and labeling laws and regulations and the possibility that consumers could lose confidence in the safety and quality of certain food products; competitors’ pricing practices and promotional spending levels; fluctuations in the level of the Company’s customers’ inventories and credit and other business risks related to the Company’s customers operating in a challenging economic and competitive environment; and the risks associated with third-party suppliers and co-packers, including the risk that any failure by one or more of the Company’s third-party suppliers or co-packers to comply with food safety or other laws and regulations may disrupt the Company’s supply of raw materials or certain finished goods products or injure the Company’s reputation. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in B&G Foods’ filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. B&G Foods undertakes no obligation to publicly update or revise any forward‑looking statement, whether as a result of new information, future events or otherwise.
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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|
|
|
|
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July 4, |
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January 3, |
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|
2026 |
|
2026 |
||
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
591,576 |
|
$ |
56,293 |
Trade accounts receivable, net |
|
133,278 |
|
|
140,699 |
Inventories |
|
391,368 |
|
|
420,766 |
Assets held for sale |
|
31,673 |
|
|
51,343 |
Prepaid expenses and other current assets |
|
35,462 |
|
|
53,380 |
Income tax receivable |
|
23,714 |
|
|
17,337 |
Total current assets |
|
1,207,071 |
|
|
739,818 |
|
|
|
|
|
|
Property, plant and equipment, net |
|
228,938 |
|
|
253,433 |
Operating lease right-of-use assets |
|
50,273 |
|
|
50,983 |
Goodwill |
|
548,965 |
|
|
543,812 |
Other intangible assets, net |
|
1,269,876 |
|
|
1,190,974 |
Other assets |
|
44,307 |
|
|
45,890 |
Deferred income taxes |
|
10,138 |
|
|
9,885 |
Total assets |
$ |
3,359,568 |
|
$ |
2,834,795 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Trade accounts payable |
$ |
124,769 |
|
$ |
107,669 |
Accrued expenses |
|
84,763 |
|
|
78,436 |
Current portion of operating lease liabilities |
|
15,207 |
|
|
16,697 |
Current portion of long-term debt |
|
513,810 |
|
|
4,500 |
Income tax payable |
|
726 |
|
|
343 |
Dividends payable |
|
7,722 |
|
|
15,196 |
Total current liabilities |
|
746,997 |
|
|
222,841 |
|
|
|
|
|
|
Long-term debt, net of current portion |
|
2,008,471 |
|
|
1,945,576 |
Deferred income taxes |
|
160,812 |
|
|
167,951 |
Long-term operating lease liabilities, net of current portion |
|
37,726 |
|
|
34,636 |
Other liabilities |
|
10,496 |
|
|
10,866 |
Total liabilities |
|
2,964,502 |
|
|
2,381,870 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock, |
|
— |
|
|
— |
Common stock, |
|
813 |
|
|
800 |
Additional paid-in capital |
|
— |
|
|
— |
Accumulated other comprehensive income |
|
13,077 |
|
|
15,045 |
Retained earnings |
|
381,176 |
|
|
437,080 |
Total stockholders’ equity |
|
395,066 |
|
|
452,925 |
Total liabilities and stockholders’ equity |
$ |
3,359,568 |
|
$ |
2,834,795 |
B&G Foods, Inc. and Subsidiaries |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(In thousands, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Second Quarter Ended |
|
First Two Quarters Ended |
||||||||||||
|
July 4, |
|
June 28, |
|
July 4, |
|
June 28, |
||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net sales |
$ |
383,275 |
|
|
$ |
424,425 |
|
|
$ |
792,211 |
|
|
$ |
849,827 |
|
Cost of goods sold |
|
303,640 |
|
|
|
337,443 |
|
|
|
632,687 |
|
|
|
672,758 |
|
Gross profit |
|
79,635 |
|
|
|
86,982 |
|
|
|
159,524 |
|
|
|
177,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
40,588 |
|
|
|
47,198 |
|
|
|
90,778 |
|
|
|
96,330 |
|
Amortization expense |
|
4,466 |
|
|
|
5,109 |
|
|
|
8,842 |
|
|
|
10,218 |
|
Loss on sales of assets |
|
— |
|
|
|
12,646 |
|
|
|
36,282 |
|
|
|
12,646 |
|
Operating income |
|
34,581 |
|
|
|
22,029 |
|
|
|
23,622 |
|
|
|
57,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
38,480 |
|
|
|
35,780 |
|
|
|
74,302 |
|
|
|
73,538 |
|
Other income |
|
(1,531 |
) |
|
|
(1,201 |
) |
|
|
(3,037 |
) |
|
|
(2,348 |
) |
Loss before income tax benefit |
|
(2,368 |
) |
|
|
(12,550 |
) |
|
|
(47,643 |
) |
|
|
(13,315 |
) |
Income tax expense (benefit) |
|
1,613 |
|
|
|
(2,778 |
) |
|
|
(11,118 |
) |
|
|
(4,378 |
) |
Net loss |
$ |
(3,981 |
) |
|
$ |
(9,772 |
) |
|
$ |
(36,525 |
) |
|
$ |
(8,937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
81,168 |
|
|
|
79,858 |
|
|
|
80,685 |
|
|
|
79,515 |
|
Diluted |
|
81,168 |
|
|
|
79,858 |
|
|
|
80,685 |
|
|
|
79,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
(0.05 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.11 |
) |
Diluted |
$ |
(0.05 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash dividends declared per share |
$ |
0.095 |
|
|
$ |
0.190 |
|
|
$ |
0.285 |
|
|
$ |
0.380 |
|
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) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
First Two Quarters Ended |
||||||||||||
|
|
July 4, |
|
June 28, |
|
July 4, |
|
June 28, |
||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Segment net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty |
|
$ |
128,934 |
|
|
$ |
134,859 |
|
|
$ |
259,701 |
|
|
$ |
269,259 |
|
Meals |
|
|
110,523 |
|
|
|
104,079 |
|
|
|
217,605 |
|
|
|
210,221 |
|
Frozen & Vegetables |
|
|
47,191 |
|
|
|
88,989 |
|
|
|
118,223 |
|
|
|
182,108 |
|
Spices & Flavor Solutions |
|
|
96,627 |
|
|
|
96,498 |
|
|
|
196,682 |
|
|
|
188,239 |
|
Total segment net sales |
|
|
383,275 |
|
|
|
424,425 |
|
|
|
792,211 |
|
|
|
849,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment adjusted expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty |
|
|
105,204 |
|
|
|
102,209 |
|
|
|
209,867 |
|
|
|
203,089 |
|
Meals |
|
|
84,709 |
|
|
|
78,334 |
|
|
|
171,847 |
|
|
|
159,502 |
|
Frozen & Vegetables |
|
|
48,393 |
|
|
|
91,719 |
|
|
|
114,841 |
|
|
|
186,311 |
|
Spices & Flavor Solutions |
|
|
65,519 |
|
|
|
72,379 |
|
|
|
135,855 |
|
|
|
137,851 |
|
Total segment adjusted expenses |
|
|
303,825 |
|
|
|
344,641 |
|
|
|
632,410 |
|
|
|
686,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty |
|
|
23,730 |
|
|
|
32,650 |
|
|
|
49,834 |
|
|
|
66,170 |
|
Meals |
|
|
25,814 |
|
|
|
25,745 |
|
|
|
45,758 |
|
|
|
50,719 |
|
Frozen & Vegetables |
|
|
(1,202 |
) |
|
|
(2,730 |
) |
|
|
3,382 |
|
|
|
(4,203 |
) |
Spices & Flavor Solutions |
|
|
31,108 |
|
|
|
24,119 |
|
|
|
60,827 |
|
|
|
50,388 |
|
Total segment adjusted EBITDA |
|
|
79,450 |
|
|
|
79,784 |
|
|
|
159,801 |
|
|
|
163,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unallocated corporate expenses |
|
|
19,058 |
|
|
|
21,804 |
|
|
|
41,764 |
|
|
|
45,956 |
|
Adjusted EBITDA |
|
$ |
60,392 |
|
|
$ |
57,980 |
|
|
$ |
118,037 |
|
|
$ |
117,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
$ |
14,545 |
|
|
$ |
16,716 |
|
|
$ |
29,505 |
|
|
$ |
33,554 |
|
Acquisition/divestiture-related and non-recurring expenses |
|
|
9,735 |
|
|
|
5,366 |
|
|
|
19,807 |
|
|
|
6,798 |
|
Impairment of property, plant and equipment, net |
|
|
— |
|
|
|
— |
|
|
|
172 |
|
|
|
2,994 |
|
Loss on sales of assets |
|
|
— |
|
|
|
12,646 |
|
|
|
36,282 |
|
|
|
12,646 |
|
Loss on sales and disposals of property, plant and equipment |
|
|
— |
|
|
|
22 |
|
|
|
5,612 |
|
|
|
903 |
|
Interest expense, net |
|
|
38,480 |
|
|
|
35,780 |
|
|
|
74,302 |
|
|
|
73,538 |
|
Income tax expense (benefit) |
|
|
1,613 |
|
|
|
(2,778 |
) |
|
|
(11,118 |
) |
|
|
(4,378 |
) |
Net loss |
|
$ |
(3,981 |
) |
|
$ |
(9,772 |
) |
|
$ |
(36,525 |
) |
|
$ |
(8,937 |
) |
B&G Foods, Inc. and Subsidiaries |
||||||||||||||||
Items Affecting Comparability |
||||||||||||||||
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA(1) |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
First Two Quarters Ended |
||||||||||||
|
|
July 4, |
|
June 28, |
|
July 4, |
|
June 28, |
||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net loss |
|
$ |
(3,981 |
) |
|
$ |
(9,772 |
) |
|
$ |
(36,525 |
) |
|
$ |
(8,937 |
) |
Income tax expense (benefit) |
|
|
1,613 |
|
|
|
(2,778 |
) |
|
|
(11,118 |
) |
|
|
(4,378 |
) |
Interest expense, net(2)(3) |
|
|
38,480 |
|
|
|
35,780 |
|
|
|
74,302 |
|
|
|
73,538 |
|
Depreciation and amortization |
|
|
14,545 |
|
|
|
16,716 |
|
|
|
29,505 |
|
|
|
33,554 |
|
EBITDA(1) |
|
|
50,657 |
|
|
|
39,946 |
|
|
|
56,164 |
|
|
|
93,777 |
|
Acquisition/divestiture-related and non-recurring expenses(4) |
|
|
9,735 |
|
|
|
5,366 |
|
|
|
19,807 |
|
|
|
6,798 |
|
Impairment of property, plant and equipment(5) |
|
|
— |
|
|
|
— |
|
|
|
172 |
|
|
|
2,994 |
|
Loss on sale of assets(6) |
|
|
— |
|
|
|
12,646 |
|
|
|
36,282 |
|
|
|
12,646 |
|
Loss on sales and disposals of property, plant and equipment(7) |
|
|
— |
|
|
|
22 |
|
|
|
5,612 |
|
|
|
903 |
|
Adjusted EBITDA(1) |
|
$ |
60,392 |
|
|
$ |
57,980 |
|
|
$ |
118,037 |
|
|
$ |
117,118 |
|
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) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
First Two Quarters Ended |
||||||||||||
|
|
July 4, |
|
June 28, |
|
July 4, |
|
June 28, |
||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net cash provided by operating activities |
|
$ |
34,430 |
|
|
$ |
17,823 |
|
|
$ |
58,017 |
|
|
$ |
70,568 |
|
Income tax expense (benefit) |
|
|
1,613 |
|
|
|
(2,778 |
) |
|
|
(11,118 |
) |
|
|
(4,378 |
) |
Interest expense, net(2)(3) |
|
|
38,480 |
|
|
|
35,780 |
|
|
|
74,302 |
|
|
|
73,538 |
|
Gain (loss) on extinguishment of debt(2) |
|
|
— |
|
|
|
2,073 |
|
|
|
— |
|
|
|
2,073 |
|
Impairment of property, plant and equipment(5) |
|
|
— |
|
|
|
— |
|
|
|
(172 |
) |
|
|
(2,994 |
) |
Loss on sales of assets(6) |
|
|
— |
|
|
|
(12,646 |
) |
|
|
(36,282 |
) |
|
|
(12,646 |
) |
Loss on sales and disposals of property, plant and equipment(7) |
|
|
— |
|
|
|
(22 |
) |
|
|
(5,612 |
) |
|
|
(903 |
) |
Deferred income taxes |
|
|
(2,024 |
) |
|
|
16,664 |
|
|
|
6,924 |
|
|
|
18,503 |
|
Amortization of deferred debt financing costs and bond discount |
|
|
(1,648 |
) |
|
|
(1,739 |
) |
|
|
(3,157 |
) |
|
|
(3,155 |
) |
Share-based compensation expense |
|
|
(2,941 |
) |
|
|
(3,383 |
) |
|
|
(5,778 |
) |
|
|
(6,554 |
) |
Changes in assets and liabilities, net of effects of business combinations |
|
|
(17,253 |
) |
|
|
(11,826 |
) |
|
|
(20,960 |
) |
|
|
(40,275 |
) |
EBITDA(1) |
|
|
50,657 |
|
|
|
39,946 |
|
|
|
56,164 |
|
|
|
93,777 |
|
Acquisition/divestiture-related and non-recurring expenses(4) |
|
|
9,735 |
|
|
|
5,366 |
|
|
|
19,807 |
|
|
|
6,798 |
|
Impairment of property, plant and equipment(5) |
|
|
— |
|
|
|
— |
|
|
|
172 |
|
|
|
2,994 |
|
Loss on sales of assets(6) |
|
|
— |
|
|
|
12,646 |
|
|
|
36,282 |
|
|
|
12,646 |
|
Loss on sales and disposals of property, plant and equipment(7) |
|
|
— |
|
|
|
22 |
|
|
|
5,612 |
|
|
|
903 |
|
Adjusted EBITDA(1) |
|
$ |
60,392 |
|
|
$ |
57,980 |
|
|
$ |
118,037 |
|
|
$ |
117,118 |
|
B&G Foods, Inc. and Subsidiaries |
||||||||||||||||
Items Affecting Comparability |
||||||||||||||||
Reconciliation of Net Loss to Adjusted Net Income and Adjusted Diluted Earnings per Share(8) |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
First Two Quarters Ended |
||||||||||||
|
|
July 4, |
|
June 28, |
|
July 4, |
|
June 28, |
||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net loss |
|
$ |
(3,981 |
) |
|
$ |
(9,772 |
) |
|
$ |
(36,525 |
) |
|
$ |
(8,937 |
) |
(Gain) loss on extinguishment of debt(2) |
|
|
— |
|
|
|
(2,073 |
) |
|
|
— |
|
|
|
(2,073 |
) |
Accelerated amortization of deferred debt financing costs(3) |
|
|
— |
|
|
|
299 |
|
|
|
— |
|
|
|
299 |
|
Acquisition/divestiture-related and non-recurring expenses(4) |
|
|
9,735 |
|
|
|
5,366 |
|
|
|
19,807 |
|
|
|
6,798 |
|
Impairment of property, plant and equipment, net(5) |
|
|
— |
|
|
|
— |
|
|
|
172 |
|
|
|
2,994 |
|
Loss on sales of assets(6) |
|
|
— |
|
|
|
12,646 |
|
|
|
36,282 |
|
|
|
12,646 |
|
Loss on sales and disposals of property, plant and equipment(7) |
|
|
— |
|
|
|
22 |
|
|
|
5,612 |
|
|
|
903 |
|
Tax adjustments(9) |
|
|
(73 |
) |
|
|
397 |
|
|
|
1,494 |
|
|
|
(997 |
) |
Tax effects of non-GAAP adjustments(10) |
|
|
(753 |
) |
|
|
(3,996 |
) |
|
|
(15,122 |
) |
|
|
(5,296 |
) |
Adjusted net income(8) |
|
$ |
4,928 |
|
|
$ |
2,889 |
|
|
$ |
11,720 |
|
|
$ |
6,337 |
|
Adjusted diluted earnings per share(8)(11) |
|
$ |
0.06 |
|
|
$ |
0.04 |
|
|
$ |
0.14 |
|
|
$ |
0.08 |
|
____________________ |
||
(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) income, 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. |
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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. |
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(2) |
Net interest expense for the second quarter and first two quarters of 2025 was reduced by |
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(3) |
Net interest expense for the second quarter and first two quarters of 2025 includes the accelerated amortization of deferred debt financing costs of |
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(4) |
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, including organizational restructuring expenses. |
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(5) |
The Company recorded pre-tax, non-cash impairment charges of |
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(6) |
During the first quarter of 2026, the Company recorded a loss on sale of assets of |
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(7) |
The Company recorded losses on sales and disposals of property, plant and equipment of |
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(8) |
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. |
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(9) |
During the first two quarters of 2026, the Company recorded a net discrete tax expense of |
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During the first two quarters of 2025, the Company recorded a net discrete tax benefit of |
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(10) |
Represents the tax effects of the non-GAAP adjustments listed above, assuming a tax rate of approximately |
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(11) |
The Company was in a net loss position for the second quarter and first two quarters of 2026 and the second quarter and first two quarters of 2025, 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 for those periods. |
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B&G Foods, Inc. and Subsidiaries |
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Items Affecting Comparability |
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Reconciliation of Net Sales to Base Business Net Sales(1) |
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(In thousands) |
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(Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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Second Quarter Ended |
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First Two Quarters Ended |
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|
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July 4, |
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June 28, |
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July 4, |
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June 28, |
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|
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2026 |
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2025 |
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2026 |
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2025 |
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Net sales |
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$ |
383,275 |
|
|
$ |
424,425 |
|
|
$ |
792,211 |
|
|
$ |
849,827 |
|
Net sales from acquisitions(2) |
|
|
(13,237 |
) |
|
|
— |
|
|
|
(16,104 |
) |
|
|
— |
|
Net sales from discontinued or divested brands(3) |
|
|
130 |
|
|
|
(67,917 |
) |
|
|
(32,262 |
) |
|
|
(138,649 |
) |
Net sales from Green Giant |
|
|
(23,916 |
) |
|
|
— |
|
|
|
(32,462 |
) |
|
|
— |
|
Base business net sales(1) |
|
$ |
346,252 |
|
|
$ |
356,508 |
|
|
$ |
711,383 |
|
|
$ |
711,178 |
|
____________________ |
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(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, (2) net sales of discontinued or divested brands, and (3) net sales from the Company’s Green Giant |
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(2) |
For the second quarter and first two quarters of 2026, reflects net sales from the College Inn and Kitchen Basics acquisition, for which there is no comparable period of net sales during the second quarter and first two quarters of 2025. The College Inn and Kitchen Basics acquisition was completed on March 19, 2026. |
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(3) |
For the first two quarters of 2026, reflects net sales of the Green Giant |
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(4) |
For the second quarter and first two quarters of 2026, reflects net sales of the Company’s co-manufacturing agreement with the acquirer of the Green Giant |
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B&G Foods, Inc. and Subsidiaries |
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Items Affecting Comparability |
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Reconciliation of Gross Profit to Adjusted Gross Profit and |
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Gross Profit Percentage to Adjusted Gross Profit Percentage(1) |
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(In thousands, except percentages) |
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(Unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Second Quarter Ended |
|
First Two Quarters Ended |
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|
|
July 4, |
|
June 28, |
|
July 4, |
|
June 28, |
||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Gross profit |
|
$ |
79,635 |
|
|
$ |
86,982 |
|
|
$ |
159,524 |
|
|
$ |
177,069 |
|
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold(2) |
|
|
4,042 |
|
|
|
2,090 |
|
|
|
8,713 |
|
|
|
2,606 |
|
Adjusted gross profit(1) |
|
$ |
83,677 |
|
|
$ |
89,072 |
|
|
$ |
168,237 |
|
|
$ |
179,675 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Gross profit percentage |
|
|
20.8 |
% |
|
|
20.5 |
% |
|
|
20.1 |
% |
|
|
20.8 |
% |
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold as a percentage of net sales |
|
|
1.1 |
% |
|
|
0.5 |
% |
|
|
1.1 |
% |
|
|
0.3 |
% |
Adjusted gross profit percentage(1) |
|
|
21.8 |
% |
|
|
21.0 |
% |
|
|
21.2 |
% |
|
|
21.1 |
% |
____________________ |
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(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. |
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(2) |
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold for the second quarter and first two quarters of 2026 of |
|
|
Acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold for the second quarter and first two quarters of 2025 of |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20260811589324/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.