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. manufactures, sells and distributes branded shelf-stable and frozen foods in the United States, Canada and Puerto Rico. News about BGS centers on quarterly results, dividend declarations, portfolio changes and brand activity across products such as vegetables, cooking oils, cereals, sauces, spices, seasonings, broths and stocks.
The company’s updates also cover acquisitions and divestitures within its packaged-food portfolio, including the completed addition of the College Inn and Kitchen Basics broth and stock brands. Brand-level announcements include consumer marketing for names such as Ortega, while financial releases discuss sales trends, pricing, volume, adjusted EBITDA and cash-flow measures.
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.
B&G Foods, Inc. (NYSE: BGS) will participate in the Barclays Global Consumer Staples Conference on September 8, 2022, at 9:45 a.m. Eastern Time, in Boston, MA. Investors can listen to a live webcast of the fireside chat via the investor relations section of B&G Foods' website. A replay will be available after the event. B&G Foods, headquartered 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 reported Q2 2022 net sales of $479.0 million, a 3.1% increase year-over-year, primarily driven by net pricing and product mix. However, diluted EPS fell to $0.00, a 100% decline from Q2 2021. Adjusted net income also dropped by 81% to $5.1 million, reflecting challenges from inflation and supply chain issues. The company reaffirmed its full-year sales guidance at $2.10 billion to $2.14 billion but revised adjusted EBITDA expectations downward to $300-$320 million. Overall, B&G faces continued inflation pressures despite improving sales.