B & G Foods Inc Stock Price, News & Analysis

B&G Foods (NYSE: BGS) reported financial results for Q2 2024, highlighting the impact of the Green Giant U.S. shelf-stable divestiture. Key figures include net sales of $444.6 million, a 5.3% decline from Q2 2023, and a net income of $3.9 million, down 62.7%. Adjusted EBITDA decreased by 6.6% to $63.9 million. The first two quarters saw net sales of $919.8 million, a 6.3% decline, and a net loss of $36.3 million primarily due to a $70.6 million goodwill impairment charge.

In segment results, Specialty net sales fell by 4.7%, Meals by 5.5%, Frozen & Vegetables by 15%, while Spices & Flavor Solutions increased by 4.9%. The company revised its full-year 2024 guidance with net sales expected to range between $1.945 billion and $1.970 billion, adjusted EBITDA between $300 million and $315 million, and adjusted EPS between $0.70 and $0.90.

B&G Foods (NYSE: BGS) has declared a regular quarterly cash dividend of $0.19 per share of common stock. The dividend will be paid on October 30, 2024, to stockholders of record as of September 30, 2024. Based on the closing market price on July 30, 2024, this dividend rate represents an annualized yield of 8.8%. This marks the 80th consecutive quarterly dividend declared by B&G Foods since its initial public offering in October 2004, demonstrating a consistent commitment to shareholder returns.

B&G Foods (NYSE: BGS) has announced its upcoming second quarter 2024 earnings release and conference call. The company plans to issue a press release with financial results after market close on Tuesday, August 6, 2024. A conference call is scheduled for 4:30 p.m. ET on the same day to discuss the results. Casey Keller, President and CEO, and Bruce Wacha, Executive VP of Finance and CFO, will host the call. Investors can access the earnings press release and live audio webcast at the company's investor relations website. A replay of the webcast will be available after the conference call through the same link.

B&G Foods (NYSE: BGS) has completed a $250 million tack-on offering of 8.000% senior secured notes due 2028 and a refinancing of its senior secured credit agreement. The new notes, issued at 100.5% of face value, bring the total outstanding amount to $799.3 million. Proceeds were used to repay portions of tranche B term loans and revolving credit loans. The refinancing reduced tranche B term loans from $507.3 million to $450 million and extended their maturity date to October 2029. Additionally, $175 million of revolving credit loans were prepaid, and the facility's capacity was decreased from $800 million to $475 million, with its maturity extended to December 2028. Interest rates for the new loans will be based on chosen alternative rates plus applicable margins.

B&G Foods has partnered with NYC designer Made by Alex to launch the B&G Pickleball Bag x Made by Alex. This product, designed for pickle and pickleball enthusiasts, merges the iconic B&G brand with high-fashion craftsmanship.

Crafted from Italian leather and featuring a chenille-branded patch, the bag can hold two pickleball paddles and two pickleballs. Priced at $250, it is available for purchase on Made by Alex's website.

The collaboration aims to tap into the growing popularity of pickleball and blend it with the heritage of the B&G brand, which has been a staple in New York since 1889. This partnership is expected to capture the interests of handbag, pickle, and pickleball fans alike.

Frank Rinaldi, Sr. Director of Marketing & Sales Strategy at B&G Foods, expressed enthusiasm about the product's potential to become a summer must-have, while Alex Dabagh, Founder of Made by Alex, highlighted the synergy between the two brands.

B&G Foods has announced the pricing and upsizing of its senior secured notes offering, increasing from $100 million to $250 million. These 8% notes, due in 2028, will be issued at 100.5% of their principal amount, with accrued interest from March 15, 2024. The offering is expected to close on July 12, 2024, contingent on customary conditions.

The proceeds, estimated at $247.3 million after expenses, will be used to repay part of B&G Foods' revolving credit loans and tranche B term loans. Consequently, the company will reduce its proposed tranche B term loans from $600 million to $450 million.

The notes will be guaranteed by certain domestic subsidiaries and secured by a first-priority interest in most company assets, excluding real property and some intangible assets. They will be issued under Rule 144A and Regulation S exemptions, and not registered under U.S. securities laws, making them available only to qualified institutional buyers and certain non-U.S. persons.

B&G Foods (NYSE: BGS) announced plans to offer an additional $100.0 million in 8.000% senior secured notes due 2028. This offering, subject to market conditions, will be an add-on to the senior secured notes issued on September 26, 2023. These new notes, guaranteed by certain domestic subsidiaries, will be secured by a first-priority interest in most of B&G Foods' and the guarantors' property, excluding real estate and certain intangible assets. The proceeds will be used to repay part of B&G Foods' revolving credit loans under its senior secured credit agreement and cover related fees and expenses. The notes will be offered to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S. The offering is exempt from registration under the Securities Act of 1933 and will not be registered under any state or international securities laws. There is no assurance that the offering will be completed as described.

B&G Foods (NYSE: BGS) announced plans to amend and extend the maturity date of its existing tranche B term facility under its senior secured credit facility. The company intends to upsize the tranche B term loans to refinance the existing ones and repay part of its existing revolving loans. Additionally, B&G Foods plans to reduce the size of the revolver capacity and extend the maturity date of its revolving credit facility. The refinancing depends on the completion of definitive agreements and customary closing conditions, subject to market conditions. There is no guarantee that the refinancing will occur or under specific terms.

B&G Foods (NYSE: BGS) announced a regular quarterly cash dividend of $0.19 per share.

The dividend is payable on July 30, 2024, to stockholders of record as of June 28, 2024. The current dividend rate represents an annualized yield of 7.9% at the closing market price on May 21, 2024.

This marks the 79th consecutive quarterly dividend declared by B&G Foods since its IPO in October 2004.