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 release its first quarter 2021 financial results after market close on May 11, 2021. A conference call to discuss these results is set for 4:30 p.m. ET on the same day, hosted by Interim President and CEO David L. Wenner and Executive VP of Finance Bruce C. Wacha. The earnings press release and live audio webcast can be accessed via the investor relations section on the company’s website.
B&G Foods, Inc. (NYSE: BGS) has extended its stock repurchase program until March 15, 2022, allowing up to $50 million for share buybacks. The company will determine when and how much to repurchase based on market conditions and available cash. Currently, B&G Foods has 64,724,058 shares outstanding. Any shares repurchased will be retired, potentially enhancing shareholder value by reducing share count and improving EPS. This move reflects management's confidence in the company's financial position and its commitment to returning value to shareholders.
B&G Foods reported strong financial results for Q4 and full year 2020, driven by high product demand amid the COVID-19 pandemic.
Q4 net sales rose 8.5% to $510.2 million, while full year sales increased 18.5% to $1.97 billion. Diluted EPS for Q4 was $0.19, a rise of 18.8%, and for the full year, EPS surged 74.4% to $2.04. Adjusted EBITDA for Q4 reached $73.3 million, up 5.6%. The acquisition of Crisco on December 1, 2020, contributed significantly to sales and is expected to enhance future earnings.
B&G Foods, Inc. (NYSE: BGS) announced a quarterly cash dividend of $0.475 per share, payable on April 30, 2021, to shareholders on record by March 31, 2021. This dividend yields 6.2% based on the closing market price on March 1, 2021. The declaration marks the 66th consecutive quarterly dividend since the company's IPO in October 2004, reflecting its commitment to returning value to shareholders.
B&G Foods (NYSE: BGS) provided details on the tax treatment for dividends paid in 2020. A total of $1.90 per share was distributed, with 74.95% ($1.42408 per share) considered a taxable dividend and 25.05% ($0.47592 per share) as a return of capital. Investors are advised to review their 2020 tax statements from brokerage firms to ensure accuracy. Comprehensive information is available on B&G Foods' website under 'FAQs' and 'IRS Form 8937.' Consultation with tax advisors is recommended for individual tax implications.
B&G Foods, Inc. (NYSE: BGS) plans to release its fourth quarter and fiscal year 2020 financial results post-market on March 2, 2021. A conference call will occur at 4:30 p.m. ET that day, with Interim CEO David L. Wenner and CFO Bruce C. Wacha discussing the results. Investors can access the earnings release and live audio webcast on their investor relations website. B&G Foods, based in Parsippany, NJ, operates a vast portfolio of over 50 branded shelf-stable and frozen food items across North America.
B&G Foods has announced a voluntary recall of 5.37 oz. containers of Food Club Garlic Powder due to undeclared soy in bacon-flavored bits mistakenly included in the product. This affects garlic powder with best by dates of NOV 19 22 and NOV 20 22. The recall was initiated as a precautionary measure, and no allergic reactions have been reported. While the recalled products may pose a risk to individuals with soy allergies, there is no health risk for others. Consumers can return the product for a full refund.
B&G Foods, Inc. (NYSE: BGS) has successfully closed its credit agreement refinancing, which includes a $300 million add-on tranche B term loan facility. This facility was issued at 99% of its face value, bearing interest at LIBOR plus 2.50%, maturing on October 10, 2026. Additionally, the revolving credit facility was expanded from $700 million to $800 million, with an extended maturity to December 16, 2025. Proceeds from the add-on loans are being utilized to reduce revolving credit borrowings and cover related expenses.
B&G Foods announced plans to refinance existing revolving loans with additional tranche B term loans under its senior secured credit facility. The Company intends to increase the revolver capacity and extend its maturity date. Completion of the refinancing is subject to definitive agreements and market conditions, with no guarantee of its occurrence or specific terms.
B&G Foods manufactures and distributes shelf-stable and frozen foods across the U.S., Canada, and Puerto Rico, featuring over 50 well-known brands.
B&G Foods has completed the acquisition of Crisco from The J. M. Smucker Co. for $550 million in cash. This acquisition includes a manufacturing facility in Cincinnati, Ohio. B&G expects this deal to be immediately accretive to earnings per share and free cash flow. The projected annual net sales for the acquired business in 2021 are about $270 million with adjusted EBITDA between $65 million and $70 million. The acquisition is anticipated to yield around $75 million in tax benefits and a purchase price multiple of approximately 8.1 times adjusted EBITDA.
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