B&G Foods(US:BGS)2025-05-07 12:00Financial Performance - Net sales for Q1 2025 decreased by $49.8 million, or 10.5%, to $425.4 million compared to $475.2 million in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $59.1 million, a decrease of $15.9 million, or 21.2%, from $75.0 million in Q1 2024[13] - Adjusted diluted EPS for Q1 2025 was $0.04, down 77.8% from $0.18 in Q1 2024[12] - Specialty segment net sales decreased by $20.3 million, or 13.1%, to $134.4 million in Q1 2025[16] - Meals segment net sales decreased by $13.9 million, or 11.6%, to $106.1 million in Q1 2025[17] - Frozen & Vegetables segment net sales decreased by $11.8 million, or 11.2%, to $93.1 million in Q1 2025[18] - Spices & Flavor Solutions segment net sales decreased by $3.8 million, or 4.0%, to $91.7 million in Q1 2025[19] - Net sales for the first quarter of 2025 were $425,402, a decrease of 10.5% from $475,223 in the same period of 2024[39] - Gross profit for the first quarter of 2025 was $90,087, down 17.3% from $108,881 in the first quarter of 2024[39] - Operating income for the first quarter of 2025 was $35,846, compared to a loss of $15,558 in the first quarter of 2024[39] - Adjusted EBITDA for the first quarter of 2025 was $59,138, a decline of 21.3% from $75,045 in the first quarter of 2024[41] - Net income for the first quarter of 2025 was $835, a significant improvement from a net loss of $40,239 in the first quarter of 2024[41] - Segment net sales for Specialty decreased to $134,400 from $154,729, representing a decline of 13.1% year-over-year[40] Guidance and Expectations - The company revised its full-year net sales guidance to a range of $1.86 billion to $1.91 billion[20] - The adjusted EBITDA guidance for fiscal 2025 was revised to a range of $280.0 million to $290.0 million[20] - The company expects to achieve significant cost savings during the remainder of fiscal 2025[32] Asset and Liability Management - Total current assets decreased from $781,444,000 as of December 28, 2024, to $758,259,000 as of March 29, 2025, a decline of approximately 3%[37] - Trade accounts receivable decreased from $172,260,000 to $138,391,000, representing a decrease of about 20%[37] - Cash and cash equivalents increased from $50,583,000 to $61,235,000, an increase of approximately 21%[37] - Total liabilities decreased from $2,469,245,000 to $2,440,716,000, a reduction of about 1%[37] - Long-term debt, net of current portion, decreased from $2,014,823,000 to $2,000,022,000, a decrease of approximately 1%[37] - Retained earnings decreased from $528,759,000 to $516,581,000, a decline of about 2%[37] Strategic Focus - The company is focused on improving core business net sales trends and reducing leverage through divestitures and excess cash flow[3] - The company is focused on expanding its brand portfolio and developing new products to compete effectively in the market[34] - The company aims to successfully implement sustainability initiatives and adopt new technologies, including artificial intelligence[34] Risks and Challenges - The company is facing risks related to international trade disputes and rising costs of commodities and raw materials[34] Cash Flow and Dividends - The company reported net cash provided by operating activities of $52,745, an increase from $35,122 in the first quarter of 2024[43] - Cash dividends declared per share remained stable at $0.19 for both the first quarter of 2025 and 2024[39] Non-GAAP Measures - The company uses base business net sales as a non-GAAP measure to assess operating performance, excluding sales from acquisitions and discontinued brands[49] - The company believes adjusted gross profit measures provide useful trend information by eliminating the effects of acquisitions and divestitures[51] - Management does not consider acquisition/divestiture-related expenses when evaluating performance or resource allocation decisions[51] - The company aims to provide meaningful comparisons of operating performance between periods through non-GAAP financial measures[51]