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 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.
B&G Foods, Inc. (NYSE: BGS) announced a leadership change as Kenneth G. Romanzi steps down as President and CEO effective November 15, 2020. Romanzi is leaving to pursue personal interests, with David L. Wenner appointed as Interim President and CEO. The Board will search for a permanent replacement and has established a special committee to oversee the process. Despite the transition, B&G Foods reaffirmed its fiscal 2020 financial guidance and expects to close the pending Crisco acquisition in Q4 2020. Romanzi expressed pride in the company’s achievements during his tenure.
B&G Foods, Inc. (NYSE: BGS) has declared a quarterly cash dividend of $0.475 per share, payable on February 1, 2021 to shareholders on record as of December 31, 2020. This reflects a remarkable 6.6% annualized yield at the closing market price on October 27, 2020. The latest declaration marks the 65th consecutive quarterly dividend since the company's IPO in October 2004, demonstrating ongoing confidence in its financial stability and commitment to returning value to shareholders.