Wall Street Loves This 7.08% Dividend Stock and So Will Passive Income Investors  mezzotint / Shutterstock.com A by-product of both the development of urban cities and the expansion to the Pacific Coast during the 1800’s was the introduction of packaged foods. B&G Foods, Inc. (NYSE: BGS) is an American company that can trace its product history back to 1822, and its products have been a part of American culture and history through the Civil War, the inventions of cars, planes, and television, both World W ...

B&G Foods, Inc. (BGS) has enhanced its innovation pipeline by introducing the latest licensed seasoning and grilling blends under its well-known brands. The company has strategically advanced by reshaping its portfolio through divestitures, and concentrating on segments with higher margins and growth potential. These measures are crucial for aligning B&G Foods with prevailing market trends and consumer preferences, thus improving its competitive stance.The company has reinvigorated its innovation pipeline w ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value ...

B&G Foods, Inc. (BGS) has strengthened its innovation pipeline, launching licensing seasoning and grilling blends under well-recognized brands. The company has made significant strides in reshaping its portfolio through divestitures, focusing on segments with high margins and growth potential. These steps are pivotal in aligning B&G Foods with current market trends and consumer preferences, thereby enhancing its competitive position.Shares of this Zacks Rank #3 (Hold) company have gained 5.8% in the past si ...

Shares of B&G Foods (BGS 1.32%) were moving higher today after the diversified packaged food company and dividend stock delivered solid results in its fourth-quarter earnings report.B&G also continued to reorient its portfolio around growth brands.According to data from S&P Global Market Intelligence, the stock was up 22.5% for the week as of Thursday's close. B&G makes the right movesB&G, which owns brands such as Green Giant, Ortega, Crisco, and other supermarket staples said that revenue in the fourth qu ...

B&G Foods, Inc. (BGS) posted fourth-quarter 2023 results, wherein the top and bottom lines declined year over year, while both metrics beat the Zacks Consensus Estimate.Nonetheless, management stated that results reflected solid progress, including better margins, stabilizing volumes, greater cash flows and reduced leverage. Further, the company concluded the sale of Green Giant U.S. canned vegetables during the quarter to strengthen its future portfolio.Shares of BGS rallied 5.3% in the after-market tradin ...

Financial Data and Key Metrics Changes - Total net sales for fiscal 2023 were $2.062 billion, with adjusted EBITDA of $318 million, reflecting a 5.7% increase compared to fiscal 2022 [20][109] - Adjusted EBITDA as a percentage of net sales increased to 15.4% in fiscal 2023 from 13.9% in fiscal 2022 [109] - Adjusted diluted earnings per share for fiscal 2023 was $0.99, down from $0.40 in the previous year [6][20] Business Line Data and Key Metrics Changes - Net sales of Cream of Wheat were approximately $78.5 million in 2023, lower than fiscal 2022's $81.4 million but above pre-pandemic levels [3] - Ortega's net sales decreased to $147.9 million in fiscal 2023 from $154.3 million in fiscal 2022, but were up from $140.4 million in 2019 [4] - Clabber Girl's net sales increased by $8.2 million or 26.3% in Q4 2023 compared to Q4 2022, driven by both pricing and increased volumes [111] Market Data and Key Metrics Changes - The spices and seasonings business, representing approximately 18% of the portfolio, saw a 2.2% increase in net sales [134] - Green Giant's net sales, excluding the divested U.S. shelf-stable product line, decreased by $5.2 million or 4.4% [141] - Base business net sales decreased by $13.3 million or 2.3% in Q4 2023 compared to the prior year, largely due to decreased net pricing [110] Company Strategy and Development Direction - The company is focused on reshaping its portfolio through strategic divestitures, having sold Back to Nature and Green Giant U.S. canned vegetables, which were deemed non-core [99][100] - The company aims to reduce net debt and leverage through divestiture proceeds and strong excess cash flows, targeting a long-term leverage ratio of 4.5 to 5.5 times [7][135] - A new commodity-based pricing model for Crisco has been implemented to stabilize gross profit dollars amid volatile input costs [100] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilizing volumes and improving margins, despite ongoing global supply chain challenges [117] - Input cost inflation is expected to moderate to low single digits, with a focus on maintaining productivity to offset inflation [16][38] - The company anticipates slight top-line growth and low single-digit bottom-line growth for fiscal 2024, excluding divested businesses [18][146] Other Important Information - Selling, general and administrative expenses increased by 90 basis points to 9.2% in Q4 2023 compared to 8.3% in Q4 2022, driven by inflation in wages and increased management incentive accruals [5] - Net cash from operations improved significantly, increasing from $6 million in fiscal 2022 to $248 million in fiscal 2023 [133][116] - The company expects adjusted EBITDA for fiscal 2024 to be in the range of $305 million to $325 million [8] Q&A Session Summary Question: What is the outlook for base business growth in 2024? - Management expects base business growth to be roughly flat, with slight improvements anticipated in volume and pricing [11][60] Question: What factors could impede significant EBITDA margin improvement? - Management indicated that a combination of divestitures, productivity improvements, and managing input costs will be necessary to achieve margin targets of 18% to 20% [34][61] Question: How is the competitive landscape affecting pricing and volume? - Management noted that while there is pressure from private label competition, they are focused on maintaining their market position and managing pricing effectively [158] Question: What is the strategy for addressing upcoming debt maturities? - The company plans to utilize excess cash flow and proceeds from asset sales to manage debt obligations [159] Question: How is the company managing input cost inflation? - Management highlighted a new pricing model for Crisco that adjusts prices based on input costs, which has helped stabilize profit margins [100][92]

For the fiscal year ended December 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file number 001-32316 B&G FOODS, INC. (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exc ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.19 per share of common stock. The dividend is payable on April 30, 2024 to stockholders of record as of March 28, 2024. At the closing market price of the common stock on February 26, 2024, the current dividend rate represents an annualized yield of 8.1%. This is the 78th consecutive quarterly dividend declared by the Board of Directors since B&G Fo ...

Financial Performance - Net sales for the fourth quarter of 2023 decreased by $45.1 million, or 7.2%, to $578.1 million compared to $623.2 million for the fourth quarter of 2022[9] - Base business net sales for the fourth quarter of 2023 decreased by $13.3 million, or 2.3%, to $562.3 million from $575.6 million for the fourth quarter of 2022[5] - Fiscal 2023 net sales decreased by $100.7 million, or 4.7%, to $2,062.3 million from $2,163.0 million for fiscal 2022[21] - Total net sales for the fourth quarter of fiscal 2023 were $578.1 million, a decline from $623.2 million in the same quarter of fiscal 2022, while annual net sales decreased to $2.06 billion from $2.16 billion[62] - Base business net sales for the fourth quarter of fiscal 2023 were $562.3 million, slightly down from $575.6 million in the same quarter of the previous year, with annual base business net sales at $1.997 billion compared to $2.027 billion[62] Profitability - Adjusted EBITDA for the fourth quarter of 2023 was $86.8 million, a decrease of $6.8 million, or 7.3%, compared to $93.6 million for the fourth quarter of 2022[20] - Adjusted EBITDA for fiscal 2023 was $318.0 million, an increase of $17.0 million, or 5.7%, compared to $301.0 million for fiscal 2022, with adjusted EBITDA as a percentage of net sales at 15.4%[32] - Adjusted EBITDA for the fiscal year 2023 was $317.995 million, an increase of 5.7% from $300.963 million in the previous year[56] - Gross profit for fiscal 2023 was $455.5 million, or 22.1% of net sales, compared to $409.6 million, or 18.9% of net sales for fiscal 2022[24] - Gross profit for Q4 2023 was $125,171,000, a slight decrease from $126,078,000 in Q4 2022[64] - Total gross profit for the fiscal year 2023 was $455,521,000, an increase from $409,624,000 in fiscal year 2022[64] Income and Loss - Net income for the fourth quarter of 2023 was $2.6 million, or $0.03 per diluted share, compared to net income of $24.3 million, or $0.34 per diluted share, for the fourth quarter of 2022[17] - The company reported a net loss of $66.2 million, or $0.89 per diluted share, for fiscal 2023, compared to a net loss of $11.4 million, or $0.16 per diluted share, for fiscal 2022[31] - Net income for Q4 2023 was $2.575 million, a significant decline from $24.301 million in Q4 2022[56] - Adjusted net income for the fourth quarter of fiscal 2023 was $23.5 million, down from $28.9 million year-over-year, with adjusted diluted earnings per share at $0.30 compared to $0.40 in the prior year[58] Expenses - Selling, general and administrative expenses increased by $5.6 million, or 3.0%, to $196.0 million for fiscal 2023 from $190.4 million for fiscal 2022[26] - Net interest expense increased by $26.4 million, or 21.1%, to $151.3 million for fiscal 2023 from $124.9 million for fiscal 2022[30] - The company recorded a loss on the sale of assets of $137.7 million during fiscal 2023 related to the Green Giant U.S. shelf-stable product line[28] - The company recorded acquisition/divestiture-related and non-recurring expenses of $2.0 million in Q4 2023, primarily due to the Crisco acquisition and divestitures, compared to $3.3 million in Q4 2022[60] - Non-recurring expenses included in cost of goods sold for the fiscal year 2023 totaled $2.9 million, down from $9.1 million in fiscal year 2022[64] Future Outlook - The company anticipates adjusted EBITDA for fiscal 2024 to be in the range of $305 million to $325 million[9] - For fiscal 2024, net sales are expected to be between $1.975 billion and $2.020 billion, with adjusted EBITDA projected to be between $305 million and $325 million[33] - The company expects continued focus on integration and operational efficiency following recent acquisitions and divestitures[60] Assets and Liabilities - Total current assets decreased to $802.824 million as of December 30, 2023, from $1,018.817 million a year earlier[53] - Total liabilities decreased to $2,627.827 million as of December 30, 2023, from $2,973.443 million in the previous year[53] Conference Call - The company plans to hold a conference call to discuss fourth quarter and full year 2023 financial results on February 27, 2024[35] Risks - The company faces various risks including rising costs, competition, and supply chain disruptions that could impact future performance[42]