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. 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 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.
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.