B&G Foods, Inc. manufactures, sells and distributes branded shelf-stable and frozen foods in the United States, Canada and Puerto Rico. News about BGS centers on quarterly results, dividend declarations, portfolio changes and brand activity across products such as vegetables, cooking oils, cereals, sauces, spices, seasonings, broths and stocks.
The company’s updates also cover acquisitions and divestitures within its packaged-food portfolio, including the completed addition of the College Inn and Kitchen Basics broth and stock brands. Brand-level announcements include consumer marketing for names such as Ortega, while financial releases discuss sales trends, pricing, volume, adjusted EBITDA and cash-flow measures.
B&G Foods, Inc. (NYSE: BGS) plans to release its second quarter 2022 financial results after market close on August 4, 2022. The company will hold a conference call at 4:30 p.m. ET the same day to discuss these results. CEO Casey Keller and CFO Bruce Wacha will host the call. Investors can access the earnings press release and the conference call via the investor relations section of the B&G Foods website. This announcement signals B&G Foods' commitment to transparency and engagement with its shareholders.
B&G Foods (NYSE: BGS) has amended its senior secured credit facility to allow a temporary increase in the maximum consolidated leverage ratio from 7.00 to 1.00 to 7.50 to 1.00 for the quarter ending July 2, 2022, and to 8.00 to 1.00 through September 30, 2023. During Q2 2022, the company sold 2,739,568 shares under its ATM equity program, generating $63.2 million. Since the program's inception, B&G Foods has raised $179.0 million from 6,547,627 shares sold, using proceeds for debt repayment and general corporate purposes.
B&G Foods (NYSE: BGS) announced a reorganization into four business units: Spices & Seasonings, Meals, Frozen & Vegetables, and Specialty. This restructuring aims to enhance focus, drive organic growth, and streamline operations. The company has appointed new leaders for each unit, effective August 1, 2022. CEO Casey Keller emphasized the need for a structure that supports accountability, decision-making speed, and adaptation to market conditions, including inflation and supply chain challenges. The restructuring reflects ongoing strategies to improve financial performance and capitalize on post-pandemic consumer trends.
B&G Foods, Inc. (NYSE: BGS) has declared a quarterly cash dividend of $0.475 per share, payable on August 1, 2022, to shareholders of record as of June 30, 2022. At the market price on May 17, 2022, this dividend represents an annual yield of 7.9%. This marks the 71st consecutive quarterly dividend since the company's IPO in October 2004.
B&G Foods has acquired the frozen vegetable operations of Growers Express to enhance its Green Giant brand. The deal includes inventory, equipment, and facilities in Yuma and San Luis, Arizona, adding approximately 155 employees to B&G Foods. The acquisition aims to reduce supply chain risks and costs while increasing production efficiency. It was funded through existing cash and loans, potentially leading to a slight reduction in the company's consolidated leverage ratio. Financial terms were not disclosed.
B&G Foods reported Q1 2022 net sales of $532.4 million, a 5.4% increase from Q1 2021, largely driven by pricing initiatives and elevated demand. However, diluted EPS fell to $0.34, a 17.1% drop year-over-year. Adjusted EBITDA was $77.9 million, down 16.2%, impacted by high input cost inflation and supply chain disruptions. The company raised its full-year net sales guidance to $2.10 billion - $2.14 billion, but cautioned against ongoing inflation and supply chain issues, which could affect future performance.
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B&G Foods (NYSE: BGS) has announced it will release its first quarter 2022 financial results on May 5, 2022, after market close. The company will host a conference call at 4:30 p.m. ET the same day, featuring CEO Casey Keller and CFO Bruce Wacha. Investors can access the earnings release and call via the company's investor relations website. B&G Foods, based in Parsippany, New Jersey, specializes in high-quality, branded shelf-stable and frozen foods, boasting a diverse portfolio of over 50 well-known brands.
B&G Foods (NYSE:BGS) is recalling 1,855 cases of Back to Nature Cheddalicious Cheese Flavored Crackers with a best by date of SEP 05 2022. Some boxes were mistakenly filled with animal-shaped crackers containing undeclared allergens (egg and milk). While there is no health risk for those without allergies, individuals with sensitivities may face serious reactions. No allergic reactions have been reported. The recall affects products distributed in several states, and consumers can return the product for a full refund.
B&G Foods has launched the Cinnamon Toast Crunch™ Creamy Cinnamon Spread, marking the first spreadable version of the popular breakfast cereal. Available nationwide, this new product follows the successful launch of the Cinnadust™ Seasoning Blend in 2020. The spread is versatile, designed for various culinary uses such as a topping or baking ingredient. The company aims to capitalize on consumer interest in innovative food products. For more details, visit www.ctcspread.com.