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 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.
B&G Foods, Inc. (NYSE: BGS) has declared a regular quarterly cash dividend of $0.475 per share, to be paid on October 31, 2022 to shareholders of record as of September 30, 2022. This dividend represents a 7.6% annualized yield based on the market price as of August 1, 2022. This marks the 72nd consecutive quarterly dividend since the company's IPO in October 2004.
B&G Foods has launched a new culinary product, the SNICKERS™ Shakers Seasoning Blend, designed to replicate the iconic flavors of the SNICKERS® chocolate bar. This product will be available in stores nationwide starting August 2022, following the successful TWIX™ Shakers Seasoning Blend introduced in 2021. The seasoning is crafted to enhance various dishes, including ice cream and yogurt, allowing consumers to enjoy the taste of their favorite chocolate treat in new culinary ways. The partnership with Mars underscores B&G's commitment to innovative product development.
B&G Foods, Inc. (NYSE: BGS) plans to release its second quarter 2022 financial results after market close on August 4, 2022. The company will hold a conference call at 4:30 p.m. ET the same day to discuss these results. CEO Casey Keller and CFO Bruce Wacha will host the call. Investors can access the earnings press release and the conference call via the investor relations section of the B&G Foods website. This announcement signals B&G Foods' commitment to transparency and engagement with its shareholders.
B&G Foods (NYSE: BGS) has amended its senior secured credit facility to allow a temporary increase in the maximum consolidated leverage ratio from 7.00 to 1.00 to 7.50 to 1.00 for the quarter ending July 2, 2022, and to 8.00 to 1.00 through September 30, 2023. During Q2 2022, the company sold 2,739,568 shares under its ATM equity program, generating $63.2 million. Since the program's inception, B&G Foods has raised $179.0 million from 6,547,627 shares sold, using proceeds for debt repayment and general corporate purposes.
B&G Foods (NYSE: BGS) announced a reorganization into four business units: Spices & Seasonings, Meals, Frozen & Vegetables, and Specialty. This restructuring aims to enhance focus, drive organic growth, and streamline operations. The company has appointed new leaders for each unit, effective August 1, 2022. CEO Casey Keller emphasized the need for a structure that supports accountability, decision-making speed, and adaptation to market conditions, including inflation and supply chain challenges. The restructuring reflects ongoing strategies to improve financial performance and capitalize on post-pandemic consumer trends.
B&G Foods, Inc. (NYSE: BGS) has declared a quarterly cash dividend of $0.475 per share, payable on August 1, 2022, to shareholders of record as of June 30, 2022. At the market price on May 17, 2022, this dividend represents an annual yield of 7.9%. This marks the 71st consecutive quarterly dividend since the company's IPO in October 2004.
B&G Foods has acquired the frozen vegetable operations of Growers Express to enhance its Green Giant brand. The deal includes inventory, equipment, and facilities in Yuma and San Luis, Arizona, adding approximately 155 employees to B&G Foods. The acquisition aims to reduce supply chain risks and costs while increasing production efficiency. It was funded through existing cash and loans, potentially leading to a slight reduction in the company's consolidated leverage ratio. Financial terms were not disclosed.