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.
Ortega, a leading Mexican food brand owned by B&G Foods (NYSE: BGS), has appointed Schafer Condon Carter (SCC) as its new agency of record. SCC will lead creative efforts and develop a refreshed media plan for Ortega's product line, including America's #1 taco sauce, taco shells, kits, seasonings, and peppers. The partnership aims to enhance brand visibility and engage in-aisle Mexican food consumers through innovative marketing approaches.
The collaboration represents SCC's expansion in the food and beverage sector, following their recent appointment as Agency of Record for the U.S. Highbush Blueberry Council. The agency plans to create fresh campaigns that connect with both loyal customers and new consumers while highlighting Ortega's position as the market leader in taco sauce.
B&G Foods (NYSE: BGS) reported Q3 2024 financial results showing net sales decreased 8.3% to $461.1 million. The company posted net income of $7.5 million ($0.09 per diluted share), compared to a net loss of $82.7 million in Q3 2023. Adjusted EBITDA decreased 12.5% to $70.4 million. The company revised its fiscal 2024 guidance, projecting net sales of $1.920-1.950 billion, adjusted EBITDA of $295-305 million, and adjusted diluted EPS of $0.67-0.77. Results reflect slower recovery in sales trends and the impact of the Green Giant U.S. shelf-stable divestiture.
B&G Foods (NYSE: BGS) has announced a quarterly cash dividend of $0.19 per share of common stock. The dividend will be paid on January 30, 2025, to stockholders of record as of December 31, 2024. Based on the closing market price on October 29, 2024, this represents an annualized yield of 8.6%. This marks the company's 81st consecutive quarterly dividend since its IPO in October 2004.
B&G Foods (NYSE: BGS) announced it will release its third quarter 2024 financial results after market close on Tuesday, November 5, 2024. The company will host a conference call at 4:30 p.m. ET on the same day, featuring President and CEO Casey Keller and CFO Bruce Wacha. Investors can access the earnings release and live audio webcast through the company's investor relations website, where a replay will also be available after the call.
B&G Foods (NYSE: BGS) has announced the full redemption of its remaining $265,392,000 5.25% senior notes due 2025. The redemption will occur on October 9, 2024, at a cash price of 100% of the principal amount plus accrued and unpaid interest. The company plans to finance this redemption using revolving loans from its existing credit facility and cash on hand. After the redemption date, interest on the notes will cease to accrue, and noteholders' only remaining right will be to receive the redemption payment. The Bank of New York Mellon Trust Company, N.A., the trustee for the notes, will send redemption notices to registered holders.
B&G Foods (NYSE: BGS) has announced its participation in the Barclays Global Consumer Staples Conference on September 4, 2024, in Boston, MA. The company will engage in a fireside chat starting at 11:15 a.m. Eastern Time. Investors and interested parties can access a live webcast of the session through the investor relations section of B&G Foods' website at www.bgfoods.com/investor-relations. For those unable to attend live, a replay of the webcast will be made available after the event concludes.
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.