Welcome to our dedicated page for B & G Foods news (Ticker: BGS), a resource for investors and traders seeking the latest updates and insights on B & G Foods stock.
B&G Foods, Inc. (NYSE: BGS) is a Parsippany, New Jersey based packaged food manufacturer that regularly issues news on its branded shelf‑stable and frozen food portfolio, financial performance and corporate transactions. The company manufactures, sells and distributes branded foods across the United States, Canada and Puerto Rico, and its announcements often reference well‑known brands such as B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria.
News about B&G Foods commonly includes earnings releases and segment results, where the company discusses net sales, base business net sales, adjusted EBITDA and other financial metrics for its Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions segments. These updates are typically furnished to the Securities and Exchange Commission via Form 8‑K and accompanied by detailed commentary on factors such as volume, pricing, product mix, raw material costs, foreign currency impacts and impairment charges.
Investors following BGS news can also expect transaction‑related announcements. B&G Foods has reported divestitures such as the sale of the Le Sueur U.S. shelf‑stable vegetable brand to McCall Farms and an agreement to sell the Green Giant and Le Sieur frozen and shelf‑stable vegetable product lines in Canada to Nortera Foods. It has also announced an agreement to acquire the broth and stock business of Del Monte Foods Corporation II Inc. and its affiliates, including the College Inn and Kitchen Basics brands, subject to Bankruptcy Court approval and other conditions.
Additional news items include updates on capital structure and credit agreements, such as amendments to its revolving credit facility and repurchases of senior notes, as well as dividend declarations and executive appointments. For example, the company has highlighted its long history of consecutive quarterly dividends since its initial public offering and has announced changes in executive leadership roles. Monitoring this news stream helps readers understand how B&G Foods manages its brand portfolio, finances and strategic direction over time.
B&G Foods, Inc. (NYSE: BGS) will present at the Barclays Global Consumer Staples Conference on September 8, 2021, starting at 3:20 p.m. Eastern Time. Interested parties can access a live webcast via the company’s investor relations site. A replay will be available after the event. Headquartered in Parsippany, New Jersey, B&G Foods specializes in producing and distributing a variety of high-quality, branded shelf-stable and frozen foods in the U.S., Canada, and Puerto Rico.
B&G Foods (NYSE: BGS) announced the sale of its Portland, Maine manufacturing facility to the Institute for Digital Engineering and Life Sciences. Manufacturing for brands like B&M and Underwood will transition to third-party co-manufacturers. This move aims to enhance productivity and reduce costs. The sale triggers a multi-employer pension plan withdrawal liability of $14.1 million, to be paid over 20 years. Despite these changes, B&G does not expect production disruptions.
B&G Foods announced it has filed a prospectus supplement with the SEC for an "at-the-market" (ATM) equity offering program, potentially offering up to 7,500,000 shares of common stock. The proceeds will be utilized for general corporate purposes, including paying down long-term debt or acquisitions. Leading financial institutions, including BofA Securities and Barclays, will act as sales agents for the offering. The sales methods include ordinary brokers’ transactions and private negotiations, with variable pricing. The offering is conducted under SEC regulations and involves inherent risks.
B&G Foods reported Q2 2021 results with net sales decreasing 9.4% to $464.4 million year-over-year, impacted by elevated demand from the prior year. Base business sales fell 20.8%, yet were 25.1% above pre-pandemic levels from Q2 2019. Diluted EPS decreased 45.7% to $0.38. Adjusted EBITDA dropped 18.3% to $83.8 million, affected by input cost inflation. The company reaffirmed its full-year net sales guidance of $2.05 billion to $2.10 billion. CEO Casey Keller mentioned inflation and ongoing brand integration as challenges.
B&G Foods declared a quarterly cash dividend of $0.475 per share, payable on November 1, 2021, to shareholders of record as of September 30, 2021. This dividend represents an annualized yield of 6.6% based on the stock's closing price on August 3, 2021. Notably, this marks the 68th consecutive quarterly dividend since the company's IPO in October 2004, reflecting a strong commitment to returning value to shareholders.
B&G Foods, Inc. (NYSE: BGS) will release its second quarter 2021 financial results on August 5, 2021, after market close. The company has scheduled a conference call at 4:30 p.m. ET on the same day, hosted by CEO Casey Keller and CFO Bruce Wacha, to discuss the results. Interested parties can access the earnings press release and a live audio webcast of the call on their investor relations website. A replay will be available afterward.
B&G Foods (NYSE: BGS) has declared a quarterly cash dividend of $0.475 per share, payable on July 30, 2021 to shareholders of record as of June 30, 2021. This announcement marks the 67th consecutive quarterly dividend since its IPO in October 2004. At the closing market price on May 18, 2021, the dividend yields an annualized rate of 6.5%, demonstrating the company's commitment to returning value to shareholders.
B&G Foods has appointed Kenneth C. "Casey" Keller as President and CEO, effective June 14, 2021. Keller succeeds David L. Wenner, who will remain on the Board of Directors. Keller, previously CEO of JDE Peet’s NV, has extensive experience in the food and beverage sector, having led significant mergers and expansions. His appointment aims to enhance B&G Foods' growth strategy, with a focus on organic and acquisition growth, along with corporate social responsibility initiatives. Keller expressed enthusiasm for joining B&G Foods and enhancing stakeholder value.
B&G Foods reported a 12.4% increase in net sales to $505.1 million for Q1 2021 due to the Crisco acquisition, despite a 6.8% decline in diluted earnings per share to $0.41. Adjusted diluted earnings per share rose 13.0% to $0.52, and adjusted net income climbed 16.7% to $34.1 million. However, base business sales were nearly flat, indicating challenges against high prior year comparisons. The company reaffirmed its full-year guidance of $2.05 billion to $2.10 billion in net sales, despite anticipated ongoing cost inflation.
B&G Foods has expanded the retail availability of the Cinnamon Toast Crunch™ Cinnadust™ Seasoning Blend, which gained popularity after its successful launch in club stores in September 2020. Now available nationwide in over 4,300 grocery stores, the seasoning blend comes in two new sizes: 3.5oz ($2.99) and 6.5oz ($4.99), alongside the original 13.75oz bottle. This versatile seasoning captures the essence of the beloved cereal and can be used in various culinary applications.
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