Group 1 - The company is undergoing a transformation and is improving despite an elongated period of uncertainty [1] - A key focus for the company is portfolio restructuring to establish a core portfolio for long-term sustainability [1] - The company has divested several assets, including the Back to Nature cookie cracker and certain vegetable assets, to streamline operations [1]

Financial Data and Key Metrics Changes - The company experienced a tough first quarter with a decline of 9%, followed by a 4% decline in the second quarter, and a slight improvement in the third quarter with a decrease of 1% to 2% [8][9][10] - Management noted that the overall performance is improving, with consumption data showing some progress, although not as much as desired [10][12] Business Line Data and Key Metrics Changes - The Green Giant business has been a significant challenge, characterized by low margins and high working capital intensity, leading to divestitures of several assets [5][6][7] - The spices and seasonings segment is expected to show consistent top-line growth in the low single digits, with improvements noted in the third quarter [22][23] - The meals business is anticipated to grow at about 1%, with specific brands like Ortega facing competition but showing signs of recovery [25][26][60] Market Data and Key Metrics Changes - The company is observing a slow recovery in consumer behavior, with trade-down behavior and private label resurgence beginning to stabilize [14][15] - Management indicated that consumer budgets remain tight, particularly in the middle and lower segments, but there are signs of improvement in the center store category [15][16] Company Strategy and Development Direction - The company is focused on portfolio restructuring to simplify operations and concentrate on higher-margin businesses such as spices and seasonings, meals, and baking staples [7][31] - Future growth is expected to come from disciplined acquisitions in core categories, aiming for a stable growth rate of 1% on the top line and 2% on the bottom line [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery of top-line performance and the impact of cost-saving measures, including a $10 million cost challenge [52][68] - The company is closely monitoring risks related to top-line recovery and tariff impacts on pricing strategies [78][80] Other Important Information - The company has amended its senior secured revolving credit facility to temporarily increase its maximum consolidated leverage ratio, addressing concerns about net debt to EBITDA [35][36] - The long-term EBITDA margin target remains at 18% to 20%, with current margins impacted by inflation and the performance of the Green Giant segment [42][44] Q&A Session Summary Question: What is the outlook for organic sales growth? - Organic sales in the first half were down about 7%, but sequential improvement is expected in the back half of the year, aided by a 53rd week in the fourth quarter [47][48] Question: How is the company addressing leverage concerns? - The company plans to reduce net leverage to about 6x in the next twelve months through asset sales and improved operational performance [36][38] Question: What are the biggest risks and opportunities for the upcoming year? - The primary risks include the speed of top-line recovery and the implementation of pricing to cover tariff costs [78][80]

It has been about a month since the last earnings report for B&G Foods (BGS) . Shares have added about 9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is B&G Foods due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for B&G Foods, Inc. before we dive into how investors and analysts have reacted as of late.B&G Foods’ Q2 Earnings & Sales ...

Group 1 - B&G Foods, Inc. continues to face challenges in recovery efforts and strategies due to persistent inflation and tariff issues impacting growth in its remaining businesses [1] - The analyst has been involved in stock investing and macroeconomic analysis for nearly a decade, focusing on various sectors including banks, telecommunications, logistics, and hotels [1] - The analyst's experience includes trading in both the ASEAN and US markets, with a diversified portfolio across different industries and market capitalizations [1] Group 2 - The article expresses the author's personal opinions and does not involve any compensation from companies mentioned, indicating an independent analysis [2] - There is no current stock or derivative position held by the analyst in B&G Foods, but there is a potential interest in initiating a long position within the next 72 hours [2]

Core Insights - B&G Foods, Inc. reported second-quarter fiscal 2025 results with both net sales and earnings missing the Zacks Consensus Estimate, indicating year-over-year declines in both metrics [1][11] - The company anticipates sequential improvement in the second half of 2025, driven by ongoing portfolio reshaping and recent brand divestitures aimed at enhancing margins and cash flow [1] Financial Performance - Adjusted earnings were 4 cents per share, missing the Zacks Consensus Estimate of 7 cents, and down 50% from 8 cents in the prior-year quarter [2][11] - Net sales decreased 4.5% year over year to $424.4 million, falling short of the Zacks Consensus Estimate of $429 million, attributed to lower volumes, reduced net pricing, and unfavorable product mix [3][11] - Adjusted gross profit was $89.1 million, down from $93.2 million in the year-ago period, with the adjusted gross margin remaining unchanged at 21% [4] - SG&A expenses rose 9.4% to $47.2 million, influenced by higher consumer marketing costs and acquisition/divestiture-related expenses, partially offset by lower warehousing and selling expenses [5] - Adjusted EBITDA fell 9.3% to $58 million, with the adjusted EBITDA margin decreasing to 13.7% from 14.4% in the second quarter of fiscal 2024 [6] Segment Performance - Specialty segment net sales were $134.9 million, down 8% year over year, while adjusted EBITDA increased 3% to $32.7 million due to lower raw material costs [7] - Meals segment net sales were $104.1 million, down 3.5% year over year, with adjusted EBITDA rising 7.7% to $25.7 million, benefiting from improved pricing [8] - Frozen & Vegetables segment net sales were $89 million, down 2.8% year over year, resulting in an adjusted EBITDA loss of $2.7 million compared to a profit of $3.8 million in the prior year [9] - Spices & Flavor Solutions segment net sales were $96.5 million, down 2% year over year, with adjusted EBITDA declining 12.8% to $24.1 million due to higher raw material costs [10] Financial Health - As of the end of the quarter, B&G Foods had cash and cash equivalents of $54.1 million, net long-term debt of $1,984.9 million, and total shareholders' equity of $501.4 million [12] - Net cash provided by operating activities for the fiscal second quarter was $17.8 million [12] Outlook - For fiscal 2025, management revised net sales guidance to a range of $1.830 billion to $1.880 billion, down from the previous estimate of $1.860 billion to $1.910 billion [13] - Adjusted EBITDA is now expected to be between $273 million and $283 million, lower than the previous outlook of $280 million to $290 million [13] - Adjusted EPS guidance for fiscal 2025 was revised to a range of 50-60 cents, down from 55-65 cents, compared to 70 cents per share in fiscal 2024 [14]

B&G Foods (BGS -0.36%), a leading packaged-foods company known for brands like Green Giant and Crisco, released its earnings results for the second quarter of fiscal 2025 on August 4, 2025. Headline results missed analyst expectations on both revenue (GAAP) and profit (non-GAAP EPS) for Q2 FY2025. Adjusted diluted earnings per share reached $0.04, well below the non-GAAP consensus of $0.05916, while revenue (GAAP) came in at $424.4 million, below the estimated $429.0 million. Compared to the same period a y ...

Company Performance - B&G Foods reported quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.07 per share, and down from $0.08 per share a year ago, representing an earnings surprise of -42.86% [1] - The company posted revenues of $424.43 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.07%, and down from $444.59 million year-over-year [2] - Over the last four quarters, B&G Foods has not surpassed consensus EPS estimates and has topped revenue estimates only once [2] Stock Performance - B&G Foods shares have declined approximately 39.9% since the beginning of the year, contrasting with the S&P 500's gain of 6.1% [3] - The current Zacks Rank for B&G Foods is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.15 on revenues of $454 million, and for the current fiscal year, it is $0.57 on revenues of $1.87 billion [7] - The outlook for the industry, specifically the Food - Miscellaneous sector, is currently in the bottom 22% of over 250 Zacks industries, which may impact the stock's performance [8]

Financial Data and Key Metrics Changes - Q2 net sales were $424.4 million, down 4.5% year-over-year, with base business down 4.2% [6][17] - Q2 adjusted EBITDA was $58 million, a decrease of $5 million or 9.3% compared to last year [6][16] - Adjusted EBITDA as a percentage of net sales was 13.7% for the 2025 fiscal year [16][27] - Adjusted net income was $2.9 million or $0.04 per adjusted diluted share, down from $6.6 million or $0.08 per adjusted diluted share in the previous year [27] Business Line Data and Key Metrics Changes - The frozen and vegetables business unit saw a segment adjusted EBITDA decline of $6.5 million due to higher costs and trade spend [6][7] - The specialty business unit experienced an 8% decline in net sales, primarily due to lower Crisco oil pricing, but segment adjusted EBITDA improved by 3% [7][18] - Meals segment net sales declined by $3.8 million or 3.5%, but adjusted EBITDA increased by $1.8 million or 7.7% [18] - Spices and Flavor Solutions saw a slight decline in net sales of less than $2 million, with commodity costs increasing [21][22] Market Data and Key Metrics Changes - The U.S. frozen vegetables business is expected to turn profitable with an increase in segment adjusted EBITDA of $8 million to $10 million compared to last year [13] - Negative foreign exchange impacts have moderated, and a better cost environment is anticipated for the frozen and vegetables business unit [20][25] - Approximately 90% of net sales are to U.S. customers, with 80% to 85% of products sourced from the U.S., Canada, and Mexico [35] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA as a percentage of net sales approaching 20%, reduce leverage closer to five times, and improve cash flow generation [8][15] - Recent divestitures are part of a strategy to reshape the portfolio for higher margins and cash flows [10][30] - The company is committed to reducing net debt and leverage ratio over the next twelve months [36] Management's Comments on Operating Environment and Future Outlook - Management expects solid improvement in the second half of fiscal year 2025, with flat to slightly positive net sales and year-over-year growth in adjusted EBITDA [11][12] - The company anticipates a modestly softer economic environment impacting consumer spending patterns [33] - Management is optimistic about stabilizing top-line performance and managing input costs effectively [34] Other Important Information - Selling, general, and administrative expenses increased by 9.4% to $47.2 million, reflecting higher consumer marketing expenses [26] - The company generated $17.8 million in net cash from operations during Q2 2025, compared to $11.3 million in Q2 2024 [28] - The company expects to reduce pro forma net leverage ratio to less than six times by the end of the next year [36] Q&A Session Summary Question: What is the expected organic sales interpretation for the second half? - Management indicated that base business net sales are projected to be down about 1% to 2% after accounting for the 53rd week benefit [39][40] Question: How are retailers responding to pricing actions related to tariffs? - Management noted that most tariff exposure is in spices and flavor solutions, and they expect to implement pricing actions to recover tariff costs [48][50] Question: What is the EBITDA for the divested brands? - Management did not disclose EBITDA for the divested brands, as it is a sale to a private company [55] Question: What is the current leverage ratio and availability on the cash flow revolver? - The leverage ratio is approximately 6.8 times, providing a cushion of about 0.7 turns [60] Question: Are there any changes in sourcing to mitigate spice and seasoning tariffs? - Management is exploring alternative sourcing but noted that most spices are sourced from countries already subject to tariffs [66]

Financial Data and Key Metrics Changes - Q2 net sales were $424.4 million, down 4.5% year-over-year, with base business down 4.2% [6][17] - Adjusted EBITDA for Q2 was $58 million, a decrease of $5 million or 9.3% compared to the previous year [6][16] - Adjusted EBITDA as a percentage of net sales was 13.7% for the year [16][28] Business Line Data and Key Metrics Changes - The frozen and vegetables business unit saw a segment adjusted EBITDA decline of $6.5 million due to higher costs and trade spend [6][10] - The specialty business unit experienced an 8% decline in net sales, primarily due to lower Crisco oil pricing, but segment adjusted EBITDA improved by 3% [7][20] - Meals segment net sales declined by 3.5%, but adjusted EBITDA increased by 7.7% [20] - Spices and Flavor Solutions saw a slight decline in net sales, impacted by commodity cost increases [23][24] Market Data and Key Metrics Changes - The U.S. frozen vegetables business is expected to turn profitable in the second half of the year, with an increase in segment adjusted EBITDA of $8 million to $10 million [13] - Negative foreign exchange impacts have moderated, and a better cost environment is anticipated for the frozen and vegetables business unit [22][27] Company Strategy and Development Direction - The company is focused on reshaping its portfolio through divestitures to improve margins and cash flow, aiming for adjusted EBITDA as a percentage of net sales to approach 20% [8][10] - Future divestitures are expected to further focus the portfolio and reduce leverage [10][32] - The company aims to reduce leverage to six times within the next twelve months through divestiture proceeds and improved cash flow [15][39] Management's Comments on Operating Environment and Future Outlook - Management expects solid improvement in the second half of fiscal 2025, with net sales projected to be flat to slightly positive [11][36] - The company anticipates a modestly softer economic environment impacting consumer spending patterns [35][36] - Management is committed to reducing leverage and balance sheet risk while stabilizing adjusted EBITDA [15][39] Other Important Information - Selling, general and administrative expenses increased by 9.4% to $47.2 million, reflecting higher consumer marketing expenses [28] - The company generated $17.8 million in net cash from operations during Q2, an increase from $11.3 million in the prior year [30] Q&A Session Summary Question: Clarification on core business expectations - Management indicated that base business net sales are expected to be down about 1% to 2% in the second half, factoring in the benefit from the fifty-third week [42][44] Question: Impact of tariffs and pricing actions - Management noted that the majority of tariff exposure is in spices and flavor solutions, and they expect to implement pricing actions to recover tariff costs [51][53] Question: EBITDA and net debt clarification - Management confirmed that net debt was reduced to approximately $1.9 billion following recent divestitures, with proceeds around $59 million [60][61] Question: Performance of spices and flavor solutions - Management acknowledged that the spices and flavor solutions business has not met expectations, but they anticipate slight improvement in the back half of the year [67][68] Question: Future asset sales and divestitures - Management confirmed ongoing discussions with strategic buyers for potential asset sales, indicating that more announcements could be expected [77][78]

[Executive Summary & Guidance](index=1&type=section&id=executive_summary_and_guidance) This section provides an overview of B&G Foods' financial performance, strategic initiatives, and revised full-year 2025 guidance [Performance Highlights](index=1&type=section&id=performance_highlights) B&G Foods reported a decline in key financial metrics for the second quarter and first half of 2025 compared to the prior year. Net sales, diluted EPS, and adjusted EBITDA all decreased, with the company experiencing a net loss in both periods Q2 & H1 2025 Financial Summary (vs. 2024) | Metric | Q2 2025 | Q2 Change | H1 2025 | H1 Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $424.4M | (4.5)% | $849.8M | (7.6)% | | Base Business Net Sales | $422.6M | (4.2)% | $844.6M | (7.5)% | | Diluted EPS | $(0.12) | (340.0)% | $(0.11) | 76.1% | | Adjusted Diluted EPS | $0.04 | (50.0)% | $0.08 | (70.4)% | | Net Loss | $(9.8)M | (348.1)% | $(8.9)M | 75.4% | | Adjusted Net Income | $2.9M | (56.1)% | $6.3M | (69.8)% | | Adjusted EBITDA | $58.0M | (9.3)% | $117.1M | (15.7)% | [Management Commentary & Strategic Initiatives](index=1&type=section&id=management_commentary_and_strategic_initiatives) The CEO noted sequential improvement in Q2 after a challenging Q1 and expects further improvement in the second half of 2025. The company is actively reshaping its portfolio through divestitures to simplify the business, improve margins, and enhance cash flow - Management is focusing on reshaping and restructuring the company's portfolio to sharpen focus and improve financial performance[3](index=3&type=chunk) - The company completed the divestitures of the Don Pepino and Sclafani brands in Q2 and the Le Sueur brand in Q3[3](index=3&type=chunk) [Full Year 2025 Guidance](index=1&type=section&id=full_year_2025_guidance) B&G Foods has revised its full-year fiscal 2025 guidance downwards. The new guidance anticipates net sales between $1.83 billion and $1.88 billion, with adjusted diluted EPS expected to be in the range of $0.50 to $0.60 Revised Full Year 2025 Guidance | Metric | Revised Range | | :--- | :--- | | Net Sales | $1.83 billion to $1.88 billion | | Adjusted EBITDA | $273.0 million to $283.0 million | | Adjusted Diluted EPS | $0.50 to $0.60 | - The guidance does not account for potential impacts from tariffs or other trade barriers due to the uncertain political and economic environment[28](index=28&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=consolidated_financial_performance) This section details B&G Foods' consolidated financial results for the second quarter and first half of 2025, highlighting key revenue and profitability metrics [Second Quarter 2025 Financial Results](index=1&type=section&id=second_quarter_2025_financial_results) In Q2 2025, net sales fell 4.5% to $424.4 million, driven by lower volume, unfavorable pricing/mix, and foreign currency impacts. The company reported a net loss of $9.8 million, a significant decline from a $3.9 million net income in Q2 2024, primarily due to a $12.6 million loss on the sale of brands. Adjusted EBITDA also decreased by 9.3% to $58.0 million - Q2 net sales decreased by **$20.2 million (4.5%)** to **$424.4 million**, primarily due to a decrease in volume[4](index=4&type=chunk)[5](index=5&type=chunk) - Adjusted gross profit margin remained flat at **21.0%** year-over-year[6](index=6&type=chunk) - The company reported a net loss of **$9.8 million**, or **($0.12)** per diluted share, largely attributable to a **$12.6 million** loss on the sale of the Don Pepino and Sclafani brands[10](index=10&type=chunk) - Adjusted EBITDA for Q2 2025 was **$58.0 million**, a **9.3%** decrease from **$63.9 million** in Q2 2024[12](index=12&type=chunk) [First Two Quarters 2025 Financial Results](index=2&type=section&id=first_two_quarters_2025_financial_results) For the first half of 2025, net sales declined 7.6% to $849.8 million, with base business net sales down 7.5%. The company's net loss narrowed to $8.9 million from $36.3 million in the prior-year period, which had included a significant goodwill impairment charge. Adjusted EBITDA for the period fell 15.7% to $117.1 million - Net sales for the first two quarters of 2025 decreased by **$70.0 million (7.6%)** to **$849.8 million**, driven by lower volume and unfavorable pricing/mix[13](index=13&type=chunk)[14](index=14&type=chunk) - The net loss for H1 2025 was **$8.9 million**, an improvement from a **$36.3 million** loss in H1 2024. The prior year's loss was primarily due to a **$70.6 million** goodwill impairment charge[18](index=18&type=chunk) - Adjusted net income for H1 2025 was **$6.3 million**, a significant decrease from **$21.0 million** in H1 2024, mainly due to the reduction in net sales[19](index=19&type=chunk) - Adjusted EBITDA for the first two quarters of 2025 decreased by **15.7%** to **$117.1 million**[20](index=20&type=chunk) [Segment Performance Analysis](index=3&type=section&id=segment_performance_analysis) This section analyzes the financial performance of B&G Foods' key business segments, including Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions [Specialty Segment](index=3&type=section&id=specialty_segment) The Specialty segment's net sales declined 8.0% in Q2 and 10.6% in H1 2025, primarily due to decreased volumes and lower net pricing. Despite the sales drop, Q2 adjusted EBITDA increased by 3.0% to $32.7 million, benefiting from lower raw material costs Specialty Segment Performance (in thousands) | Period | Net Sales | % Change | Adj. EBITDA | % Change | | :--- | :--- | :--- | :--- | :--- | | Q2 2025 | $134,859 | (8.0)% | $32,650 | 3.0% | | H1 2025 | $269,259 | (10.6)% | $66,170 | (3.9)% | - The decrease in net sales for both Q2 and H1 was driven by lower volumes and reduced net pricing[23](index=23&type=chunk) [Meals Segment](index=4&type=section&id=meals_segment) The Meals segment saw a net sales decrease of 3.5% in Q2 and 7.8% in H1 2025, driven by lower volumes. However, adjusted EBITDA grew 7.7% in Q2 and 2.4% in H1, positively impacted by increased net pricing and favorable product mix Meals Segment Performance (in thousands) | Period | Net Sales | % Change | Adj. EBITDA | % Change | | :--- | :--- | :--- | :--- | :--- | | Q2 2025 | $104,079 | (3.5)% | $25,745 | 7.7% | | H1 2025 | $210,221 | (7.8)% | $50,719 | 2.4% | - The increase in adjusted EBITDA was primarily due to higher net pricing and improved product mix, which offset the impact of lower sales volumes[24](index=24&type=chunk) [Frozen & Vegetables Segment](index=4&type=section&id=frozen_%26_vegetables_segment) The Frozen & Vegetables segment experienced a 2.8% decline in Q2 net sales and a 7.3% decline in H1. The segment reported a significant drop in profitability, with adjusted EBITDA turning to a loss of $2.7 million in Q2 and $4.2 million in H1, driven by lower sales, increased promotions, higher costs, and tariffs Frozen & Vegetables Segment Performance (in thousands) | Period | Net Sales | % Change | Adj. EBITDA | % Change | | :--- | :--- | :--- | :--- | :--- | | Q2 2025 | $88,989 | (2.8)% | $(2,730) | (171.7)% | | H1 2025 | $182,108 | (7.3)% | $(4,203) | (136.1)% | - The sharp decrease in adjusted EBITDA was attributed to lower net sales, increased trade promotions, higher raw material and manufacturing costs, and the impact of tariffs[25](index=25&type=chunk) [Spices & Flavor Solutions Segment](index=4&type=section&id=spices_%26_flavor_solutions_segment) Net sales for the Spices & Flavor Solutions segment decreased by 2.0% in Q2 and 3.0% in H1, mainly due to volume declines. Adjusted EBITDA fell 12.8% in Q2 and 10.5% in H1, impacted by lower sales, unfavorable product mix, and increased raw material costs for items like garlic and black pepper Spices & Flavor Solutions Segment Performance (in thousands) | Period | Net Sales | % Change | Adj. EBITDA | % Change | | :--- | :--- | :--- | :--- | :--- | | Q2 2025 | $96,498 | (2.0)% | $24,119 | (12.8)% | | H1 2025 | $188,239 | (3.0)% | $50,388 | (10.5)% | - The decrease in adjusted EBITDA was primarily due to lower net sales, product mix impact, and rising costs for key raw materials such as garlic and black pepper[26](index=26&type=chunk) [Financial Statements and Reconciliations](index=10&type=section&id=financial_statements_and_reconciliations) This section presents B&G Foods' unaudited consolidated financial statements and detailed reconciliations of non-GAAP financial measures to their GAAP equivalents [Consolidated Financial Statements](index=10&type=section&id=consolidated_financial_statements) The report includes unaudited consolidated balance sheets as of June 28, 2025, and December 28, 2024, showing total assets of $2.94 billion. The consolidated statements of operations detail the company's performance for the second quarter and first half of 2025 and 2024 - Total assets decreased slightly to **$2.937 billion** as of June 28, 2025, from **$2.994 billion** at the end of fiscal 2024[44](index=44&type=chunk) - The Consolidated Statements of Operations provide a detailed breakdown of revenues, costs, and expenses leading to the net loss for the reported periods[46](index=46&type=chunk) [Reconciliation of Non-GAAP Measures](index=12&type=section&id=reconciliation_of_non-gaap_measures) The company provides detailed reconciliations for its non-GAAP financial measures to the most directly comparable GAAP measures. These include reconciliations for EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Base Business Net Sales, and Adjusted Gross Profit, which are used by management to assess ongoing operational performance - The report includes reconciliations of Net Income to EBITDA and Adjusted EBITDA, showing adjustments for items like acquisition/divestiture expenses and loss on sales of assets[48](index=48&type=chunk) - A reconciliation of Net Sales to Base Business Net Sales is provided to show performance excluding the impact of recent divestitures[57](index=57&type=chunk)[58](index=58&type=chunk) - The reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS adjusts for items such as gains on debt extinguishment, loss on asset sales, and related tax effects[53](index=53&type=chunk) [Other Information](index=5&type=section&id=other_information) This section provides context on the company's use of non-GAAP financial measures and outlines key forward-looking statements and associated risk factors [About Non-GAAP Financial Measures](index=5&type=section&id=about_non-gaap_financial_measures) The company explains its use of non-GAAP financial measures such as adjusted EBITDA, adjusted net income, and base business net sales. Management believes these metrics provide a clearer view of ongoing operating performance and allow for more meaningful period-to-period comparisons by excluding certain items that affect comparability - B&G Foods uses non-GAAP measures to allow investors to make meaningful comparisons of operating performance between periods, consistent with management's own evaluation[33](index=33&type=chunk) - Key non-GAAP measures include adjusted net income, adjusted diluted EPS, base business net sales, EBITDA, and adjusted EBITDA[32](index=32&type=chunk) [Forward-Looking Statements & Risk Factors](index=6&type=section&id=forward-looking_statements_and_risk_factors) This section contains standard cautionary language regarding forward-looking statements, including the company's financial guidance. It outlines numerous risks and uncertainties that could cause actual results to differ materially, such as substantial leverage, international trade disputes, cost inflation, intense competition, and supply chain disruptions - The press release contains forward-looking statements concerning expectations for the remainder of fiscal 2025, which are subject to various risks and uncertainties[37](index=37&type=chunk) - Key risk factors mentioned include the company's substantial leverage, effects of trade tariffs, rising commodity costs, intense competition, and potential supply chain disruptions[37](index=37&type=chunk)[39](index=39&type=chunk)