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.
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 74th 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.
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.