B & G Foods Inc Stock Price, News & Analysis

B&G Foods (NYSE: BGS) will announce its first quarter 2023 financial results on Thursday, May 4, 2023, after market close. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day, hosted by Casey Keller, President and CEO, and Bruce Wacha, Executive VP and CFO. Investors can access the earnings press release and the live audio webcast via their investor relations webpage, where a replay will also be available.

B&G Foods operates in the U.S., Canada, and Puerto Rico, offering a diverse portfolio of over 50 well-known brands like B&M, Crisco, and Green Giant. The company focuses on manufacturing and distributing shelf-stable and frozen foods.

B&G Foods has launched the Girl Scout Thin Mints™ Seasoning Blend, a versatile seasoning made from dark cocoa, mint flavor, and cookie crumbles, replicating the popular Thin Mints cookie taste. The product is aimed at enhancing various meals and beverages, available nationwide at select retailers, with wider distribution expected in late spring 2023. Julie Gould, Senior Director of Brand Marketing, expresses excitement over the growing demand for flavored seasonings inspired by classic cookies. The seasoning can be used on desserts and drinks, making it a novel culinary addition.

B&G Foods reported a 9.0% increase in net sales for Q4 2022, totaling $623.2 million, driven by pricing and supply recovery. However, the company faced a net loss of $11.4 million for the fiscal year, with adjusted diluted EPS of $1.08, a decline of 42.6%. The company expects FY 2023 net sales between $2.13 billion and $2.17 billion and adjusted EBITDA of $310 million to $330 million. Factors affecting performance include inflationary costs and a 6.9% decrease in Green Giant sales. The overall outlook remains cautious as input costs and supply chain issues persist.

B&G Foods, Inc. (NYSE: BGS) has declared a quarterly cash dividend of $0.19 per share, payable on May 1, 2023, to stockholders of record as of March 31, 2023. This dividend yields an annualized rate of 6.0% based on the stock price on February 27, 2023. This marks the 74^th consecutive quarterly dividend since the company went public in October 2004. B&G Foods operates from Parsippany, New Jersey, offering a diverse range of over 50 well-known brands across the U.S., Canada, and Puerto Rico.

B&G Foods, Inc. (NYSE: BGS) provided details on the tax treatment of dividends paid in 2022, urging shareholders to verify their 2022 tax statements against the information provided. In total, B&G Foods distributed $1.90 per share, with all distributions categorized as a return of capital, meaning no taxable dividend for shareholders. This classification impacts the tax basis of the shares. The company advised shareholders to consult their tax advisors for personalized tax treatment. Additional information can be found on B&G Foods' website.

B&G Foods, Inc. (NYSE: BGS) will release its fourth quarter and fiscal year 2022 financial results on February 28, 2023, after market close. The company will host a conference call at 4:30 p.m. ET to discuss these results, led by President and CEO Casey Keller and CFO Bruce Wacha. Investors can access the earnings press release and the live audio webcast through the company’s investor relations page. B&G Foods, based in Parsippany, New Jersey, offers a diverse portfolio of over 50 well-known food brands across the U.S., Canada, and Puerto Rico.

B&G Foods has announced a voluntary recall of three cases (18 individual boxes) of Back to Nature Fudge Mint Cookies due to potential contamination with peanut, an undeclared allergen. The affected products have a “best by” date of OCT 02 2023. This recall affects only this specific date and not other varieties or sizes. No allergic reactions have been reported so far. Consumers can return the product for a full refund and can contact B&G Foods for assistance. The recall was initiated in collaboration with the FDA following the discovery of the contamination from a third-party supplier.

B&G Foods, Inc. (NYSE: BGS) has completed the sale of the Back to Nature brand to BA Brussels, LLC, a subsidiary of Barilla America, Inc., effective today. The company plans to utilize the proceeds for general corporate purposes such as repaying long-term debt and acquiring assets beneficial for its operations, as well as covering related taxes and expenses. This strategic move underscores B&G Foods' focus on strengthening its financial position and optimizing its portfolio.

B&G Foods (NYSE: BGS) has agreed to sell its Back to Nature brand to Barilla America. This decision aligns with the company’s strategy to streamline its portfolio and focus on core businesses while transitioning to a business unit structure. Expected to close in Q1 2023, the sale aims to reduce long-term debt using the proceeds. The terms of the deal remain undisclosed.