B & G Foods Inc Stock Price, News & Analysis

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.

B&G Foods, Inc. (NYSE: BGS) announced a $250,000 donation to America’s Grow-a-Row, a nonprofit that provides fresh produce to those in need. This funding will enable the organization to plant, grow, and distribute 1.25 million servings of fresh fruits and vegetables across the U.S. in 2023. The partnership highlights B&G Foods' commitment to food security, local community support, and diversity in the culinary arts. Employees will also have the opportunity to volunteer in harvesting, creating a direct connection to the donation efforts.

B&G Foods reported a 2.6% increase in net sales for Q3 2022, totaling $528.4 million, driven by higher net pricing and an improved product mix. However, the company faced a net loss of $59.6 million or $0.83 per diluted share, significantly down from net income of $20.7 million in Q3 2021. Adjusted EBITDA fell 16.6% to $80.2 million. Despite these challenges, B&G reaffirmed its full-year net sales guidance at $2.10 billion to $2.14 billion, but revised adjusted EBITDA guidance to $290 million to $300 million due to ongoing inflation and supply chain issues.

B&G Foods (NYSE: BGS) announced a quarterly cash dividend of $0.19 per share, payable on January 30, 2023, to stockholders of record as of December 30, 2022. This establishes a new annual dividend rate of $0.76, reflecting a 5.0% annualized yield based on the closing stock price on November 8, 2022. This marks the company’s 73rd consecutive quarterly dividend since its IPO in October 2004. The CEO emphasized the sustainability of the new dividend rate while retaining excess cash for debt repayment and other needs.

B&G Foods, Inc. (NYSE: BGS) plans to release its Q3 2022 financial results on November 9, 2022, after market close. A conference call to discuss the 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 of Finance and CFO. Investors can access the earnings release and live audio webcast at www.bgfoods.com/investor-relations. A replay will be available post-call.

B&G Foods, Inc. (NYSE: BGS) has appointed Andrew Vogel as Executive Vice President and President of Meals, effective immediately. Mr. Vogel will report to Casey Keller, CEO, and his role includes driving organic and acquisition growth in the Meals unit, which contributes 22% to the company’s net sales. B&G Foods is transitioning to a business unit structure to enhance focus and growth opportunities. Vogel has extensive experience in P&L, operations, and strategy within the food industry.