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]

dontree_m/iStock via Getty Images Co-authored by Treading Softly We live in a society that believes in immediate gratification. Buy something on Amazon. Get it within two business days, sometimes even less. Many of us can remember a time when buying something from a magazine or catalog that came in the mail took weeks to receive. We couldn't even check on its status or get a firm delivery date. We were forced by a lack of technology to have a greater degree of patience and be willing to wait. I'm not going ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) today explained the tax treatment for dividends paid in 2023 on the Company’s common stock. Holders are urged to check their 2023 tax statements received from brokerage firms in order to ensure that the cash distribution information reported on such statements conforms to the information reported herein. Additional information concerning the tax treatment of dividends paid in 2023 is posted to the Investors section of B&G Foods’ website, www.bg ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced today that it intends to issue a press release with fourth quarter and fiscal year 2023 financial results after the market close on Tuesday, February 27, 2024. B&G Foods has scheduled a conference call at 4:30 p.m. ET that same day to discuss the results. Hosting the call will be Casey Keller, President and Chief Executive Officer and Bruce Wacha, Executive Vice President of Finance and Chief Financial Officer. The earnings press rele ...

ONTARIO, Calif., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Heritage Grocers Group ("Heritage" or "HGG"), one of the leading Hispanic food retailers in the country, is pleased to announce it has named DeAnn Brunts as a member of its Board of Directors, effective immediately. With more than 30 years of executive experience in operational, strategic and financial management, Ms. Brunts is a seasoned expert in risk management and governance. Previously, she served as Chief Financial Officer of Benson Hill, Inc. (NYSE:B ...

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) announced today the release of its inaugural Corporate Social Responsibility (CSR) Report. The report outlines B&G Foods’ goals, commitments, and programs across a wide range of CSR and environmental, social and governance (ESG) issues. “The release of our first CSR Report is an important milestone in our ongoing journey to achieve our ESG mission and goals,” said Casey Keller, President and Chief Executive Officer of B&G Foods. “Our employee ...

B&G Foods, Inc. (BGS) has a successful track record of acquisition-led growth. Meanwhile, it undertakes strategic divestitures in an effort to reshape its portfolio. The shelf-stable and frozen food, and household product company is reaping benefits from strategic pricing actions. However, the company is not immune to rising expenses.Let’s delve deeper.Portfolio Refining Efforts on TrackB&G Foods is focused on undertaking prudent acquisitions to grow its brand portfolio. It acquired the Crisco brand from J. ...

Financial Data and Key Metrics Changes - Adjusted EBITDA as a percentage of net sales increased by 80 basis points to 16% compared to the previous year [5][15] - Gross profit as a percentage of net sales, excluding items affecting comparability, increased by 230 basis points to 22.7% [5][47] - Net cash from operations was $23.3 million in Q3 2023, a significant improvement from a cash use of $69.5 million in Q3 2022 [10][49] - Pro forma adjusted net leverage ratio decreased to 6.52 times from 6.74 times at the end of Q2 2023 [10][68] Business Line Data and Key Metrics Changes - Base business net sales, excluding the divested Back to Nature brand, decreased by 3% year-over-year, but were flat when excluding the Crisco brand [6][14] - Spices and seasonings net sales increased by 6.1% year-over-year, driven by strong performance in food service and member-marked businesses [7][16] - Crisco net sales declined by 16.4% year-over-year due to a 15% list price reduction [8][18] - Green Giant net sales decreased by 10.7% year-over-year, with challenges in both canned and frozen vegetable segments [19][35] Market Data and Key Metrics Changes - Customer service and fill rates improved to an average of 97% during the quarter [9] - Total inventory decreased by $79 million to $726 million compared to the end of Q3 last year [36] Company Strategy and Development Direction - The company announced the divestiture of the U.S. Green Giant canned vegetable product line to focus on higher-margin categories [11][39] - The divestiture is expected to modestly increase overall margins and reduce leverage [12][39] - The company aims to reshape its portfolio by divesting lower-margin businesses and focusing on core capabilities [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of adjusted EBITDA and margins, driven by pricing initiatives and reduced inflationary pressures [27][40] - The company expects fourth-quarter net sales to be flat to down 4% compared to the previous year, influenced by the divestiture and pricing strategies [25][51] - Management anticipates a more stable inflation environment of 1% to 2% for 2024, with limited pricing actions [100] Other Important Information - The company completed two significant financing transactions, including the issuance of $75 million in equity and $550 million in senior secured notes [50] - Year-to-date, the company has reduced net debt by over $210 million [10][68] Q&A Session All Questions and Answers Question: What are the implications of the divestiture of the Green Giant canned business? - Management indicated that the divestiture simplifies operations and improves cash flow by eliminating the need to finance high inventory levels associated with the canned business [80][115] Question: How does the company view its capital structure post-divestiture? - Management expressed confidence in the improved capital structure and indicated that the recent equity issuance and asset sales would help reduce long-term debt [64][68] Question: What are the expectations for the frozen vegetable business moving forward? - Management acknowledged the need to improve the economics of the frozen business and emphasized the importance of scaling distribution and logistics [117][119]

| --- | --- | --- | |------------------------------------------|-------------------------------------------------------------|-------------------------------------------| | | | | | (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 ...