| --- | --- | --- | |------------------------------------------|-------------------------------------------------------------|-------------------------------------------| | | | | | (Address of principal executive offices) | | (Zip Code) | | | Registrant's telephone number, including area code: | (973) 401-6500 | | | Securities registered pursuant to Section 12(b) of the Act: | | | Title of each class | Trading Symbol | Name of each exchange on which registered | | Common Stock, par value $0.01 per | BGS | N ...

B&G Foods, Inc. (NYSE:BGS) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET Michael Bauer - Director, Corporate Strategy and Business Development Casey Keller - President, Chief Executive Officer and Director Bruce Wacha - Executive Vice President of Finance and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Company Participants Michael Lavery - Piper Sandler Nik Modi - RBC Capital Markets David Palmer - Evercore ISI Operator I would now like to turn the call over to ...

Financial Data and Key Metrics Changes - In Q1 2023, the company generated net sales of $511.8 million and adjusted EBITDA of $82.4 million, with adjusted EBITDA as a percentage of net sales at 16.1%, reflecting a 240 basis point increase from Q1 2022 [17][38] - Adjusted EBITDA increased by $9.4 million or 12.9% compared to Q1 2022, while adjusted diluted earnings per share were $0.27, down from $0.29 last year [18][37] - The pro forma net debt to adjusted EBITDA ratio improved to 7.2x, down from 7.64x at the end of Q4 2022, with a target to reduce leverage below 7x by year-end [17][19] Business Line Data and Key Metrics Changes - The spices and seasonings business saw a 9.6% increase in net sales, driven by growth in brands like DASH and Spice Islands [17][38] - Crisco net sales decreased by $6.7 million or 8.4% compared to the prior year, but increased by 24.8% compared to Q1 2021, indicating a significant impact from pricing strategies [37][38] - Green Giant's net sales were down approximately $9.9 million or 7.3% in Q1 2023, although profitability improved due to pricing initiatives [37][38] Market Data and Key Metrics Changes - The company experienced a mixed performance across its portfolio, with Colabor girl showing a 31% increase in net sales, while other brands like Ortega saw declines [38] - Inflationary pressures have moderated, with key commodities like soybeans and corn showing price declines compared to mid-2022 highs [37][38] - The company noted that the pricing strategy for Crisco is designed to protect gross profit dollars, with a 60-day lag in pricing adjustments based on market conditions [7][30] Company Strategy and Development Direction - The company is actively reshaping its portfolio, having divested the Back to Nature brand to focus on core areas and reduce debt [17][19] - The transition to four business units is progressing well, aimed at clarifying portfolio focus and enhancing management accountability [17][19] - Future growth is expected to be driven by pricing and cost-saving initiatives, with a cautious outlook for 2023 amid ongoing economic volatility [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2023, expecting continued recovery in margins and performance driven by pricing actions and improved service levels [17][19] - The company anticipates that Q2 will show similar improvements to Q1, while Q3 may see more modest gains compared to 2022 [18][19] - Management acknowledged the unpredictable nature of the current economic environment and the potential impact of inflation and consumer behavior on future performance [18][19] Other Important Information - The company generated $69.5 million in net cash from operations in Q1 2023, a significant increase from $25.2 million in the prior year [18] - Selling, general, and administrative expenses decreased slightly, reflecting improved operational efficiency [37][38] - The company plans to provide more specific information on business unit performance later in the year [3][19] Q&A Session Summary Question: Insights on Crisco pass-through pricing mechanics - Management explained that the pricing strategy for Crisco is aligned with market costs to protect gross profit dollars, with adjustments made quarterly based on input costs [6][7] Question: Outlook for pricing and volume in Q2 - Management indicated that Q1 is likely the peak for pricing, with expectations for a decrease in Q2 and Q3 as input costs decline [9][10] Question: Context on Green Giant margins - Management noted that Green Giant's gross profit margin improved significantly, although specific figures were not disclosed [3][23] Question: Further asset sales considerations - Management stated that they are always evaluating the portfolio for potential divestitures, focusing on alignment with strategic goals [33][34]

B&G Foods, Inc. (NYSE:BGS) Q4 2022 Earnings Conference Call February 28, 2023 4:30 PM ET Company Participants Sarah Jarolem - Senior Director of Corporate Strategy and Business Development Casey Keller - President, Chief Executive Officer and Director Bruce Wacha - Executive Vice President of Finance and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Capital Hale Holden - Barclays Capital David Palmer - Evercore ISI Michael Lavery - Piper Sandler Robert Moskow - Credit Suisse R ...

Table of Contents Income Tax Expense Estimates and Policies Pension Expense - 38 - The following table sets forth the percentages of net sales represented by selected items for fiscal 2022 and fiscal 2021 reflected in our consolidated statements of operations. The comparisons of financial results are not necessarily indicative of future results: Fiscal 2022 Fiscal 2021 Gross Profit. Our gross profit is equal to our net sales less cost of goods sold. The primary components of our cost of goods sold are cost ...

Financial Data and Key Metrics Changes - Net sales increased by 2.6% year-over-year to $528.4 million in Q3 2022, with adjusted EBITDA of $80.2 million and adjusted diluted earnings per share of $0.31, down from $0.55 in the prior year [17][30]. - Adjusted EBITDA margin improved to 15.2% compared to 11.3% in Q2 2022, although it decreased from 18.7% in Q3 2021 [28][30]. - Gross profit was $105.8 million, representing 20% of net sales, a slight decrease from 20.5% in Q3 2021 [23][24]. Business Line Data and Key Metrics Changes - Crisco's net sales increased by 38.3% to $27.3 million in Q3 2022, with year-to-date sales up 32.9% [18]. - Clabber Girl's net sales rose by 26.6% in Q3 2022, while Cream of Wheat increased by 20.4% [19]. - Green Giant's net sales decreased by 12.6% in Q3 2022, attributed to exiting low-margin businesses and pricing elasticity [21][22]. Market Data and Key Metrics Changes - The spices and seasonings business saw a decline of 6.5% in Q3 2022, although this was an improvement from a 9.5% decline in the first half of the year [20]. - Customer service and fill rates improved to over 93% by the end of Q3, with expectations to reach 94% to 95% in Q4 [9]. Company Strategy and Development Direction - The company is focusing on divesting non-core businesses, including the Back to Nature brand, to improve portfolio focus and reduce debt [12][43]. - A new business unit structure has been implemented to enhance accountability and decision-making, with expectations for improved sales and margin performance [13][42]. - The company plans to take a more surgical approach to pricing in 2023, targeting specific commodities experiencing inflation [10]. Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary pressures are expected to continue but at a lower rate of 4% to 5% in 2023, with a focus on managing cash flow and reducing debt [11][41]. - The company anticipates stronger Q4 performance, with net sales growth projected in the mid-single digits and adjusted EBITDA expected to be at or above last year [9][31]. - Management expressed confidence in recovering distribution in key accounts and improving customer fill rates [9][34]. Other Important Information - The dividend payout rate has been revised from $1.90 to $0.76 per share annually, reflecting the current cash flow environment [40]. - A non-cash impairment charge of $103.6 million was recorded for the Back to Nature brand during Q3 2022 [43]. Q&A Session Summary Question: Pricing contribution and volume impact - Management indicated that volume declines were not solely due to pricing elasticity, with significant impacts from supply chain disruptions and strategic business exits [48][52]. Question: Dividend rate and capital spending - Management confirmed that the new dividend rate reflects current cash flows and working capital needs, with a focus on optimizing debt repayment [60][39]. Question: Back to Nature sales and margin - The Back to Nature brand has generated approximately $50 million in sales, but management believes it is not a long-term fit for the company [62]. Question: Shelf space and competitive response - Management stated that most lost shelf space is being regained, with ongoing efforts to restore distribution and improve sales in the spices and seasonings category [80].

B&G Foods, Inc. (NYSE:BGS) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET Company Participants Sarah Jarolem – Senior Director of Corporate Strategy and Business Development Casey Keller – Chief Executive Officer Bruce Wacha – Chief Financial Officer Conference Call Participants Andrew Lazar – Barclays Karru Martinson – Jefferies William Reuter – Bank of America Carla Casella – JPMorgan Robert Moskow – Credit Suisse David Palmer – Evercore Connor Rattigan – Consumer Edge Operator Good day and we ...

B&G Foods, Inc. (NYSE:BGS) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET Company Participants Sarah Jarolem - Senior Director, Corporate Strategy and Business Development Casey Keller - Chief Executive Officer Bruce Wacha - Chief Financial Officer Conference Call Participants William Reuter - Bank of America Michael Lavery - Piper Sandler Carla Casella - JPMorgan Karru Martinson - Jefferies Robert Moskow - Credit Suisse Eric Larson - Seaport Research Partners Ken Zaslow - Bank of Montreal Operator ...

Financial Data and Key Metrics Changes - The company achieved record first quarter net sales of $505.1 million, a 12.4% increase from Q1 2020 [6][9] - Adjusted EBITDA for the quarter was $92.9 million, a 15.2% increase compared to the prior year [8][12] - Adjusted diluted earnings per share increased to $0.52, up 13% from $0.46 in Q1 2020 [13][28] Business Line Data and Key Metrics Changes - Base business net sales, excluding the Crisco acquisition, were approximately $447 million, virtually flat with a 0.6% decline compared to Q1 2020 [7][10] - Spices & Seasonings net sales increased by $30 million or 41.2% for the quarter, reflecting strong consumer demand [14][15] - Green Giant net sales decreased by $25.9 million or 16.4% compared to the prior year quarter due to supply constraints [19][20] Market Data and Key Metrics Changes - U.S. base business net sales were up 2.1%, while international base business net sales were down 31.8% [7] - E-commerce retail sales grew by over 60% to $50 million in the first quarter, with expectations to reach $275 million for the full year [42][43] Company Strategy and Development Direction - The company is focused on maintaining margins amid rising costs through pricing strategies and cost-cutting initiatives [26][35] - The addition of Crisco is expected to enhance the company's baking-related product offerings, which will constitute approximately 20% of net sales [41] - The company is investing in e-commerce and marketing to adapt to changing consumer behaviors post-pandemic [45][95] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about inflationary pressures, particularly in agricultural products and freight costs, which are expected to persist [25][46] - The company anticipates a strong second half of the year, with full-year net sales expected to exceed fiscal 2019 levels for Green Giant products [20][51] - Management noted that the second quarter is expected to be the most challenging quarter of the year due to tough comparisons with the previous year [51] Other Important Information - The company is committed to corporate social responsibility initiatives, including diversity and sustainability efforts [48][50] - A new CEO, Casey Keller, is set to take over next month, bringing a strong operational background to the company [52] Q&A Session Summary Question: What skills does the new CEO bring to the company? - The new CEO has full P&L responsibility experience and a strong understanding of operations, which aligns with the company's focus on margin and cash flow [54][55] Question: What is the expected inflation for the year? - Inflation is expected to remain in low single digits for the first part of the year, but there are uncertainties regarding commodity prices in the latter part [56][58] Question: How is the company positioned for input costs? - The company is assuming elevated costs throughout the year but plans to manage these through pricing and cost-saving measures [78][80] Question: What is the outlook for the foodservice business? - The foodservice business has shown recovery, but the pace of recovery will depend on government restrictions and consumer behavior [71] Question: How does the company view the current M&A landscape? - The company is being patient with acquisitions, waiting for valuations to return to more realistic levels post-COVID-19 [72] Question: What are the company's cost reduction efforts focused on? - Cost reduction efforts are primarily focused on manufacturing and distribution efficiencies, not on headcount reductions [92][93]

B&G Foods, Inc. (NYSE:BGS) Q4 2020 Earnings Conference Call March 2, 2021 4:30 PM ET Company Participants David Wenner - Interim President and CEO Bruce Wacha - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Tim Perz - Stephens, Inc. Brian Holland - D.A. Davidson William Reuter - Bank of America Ken Zaslow - Bank of Montreal David Palmer - Evercore ISI Karru Martinson - Jefferies Operator Good day. And welcome to the B&G Foods Fourth Quarter and Fiscal 2020 Earnings Call. Today ...