B&G Foods(US:BGS)2025-11-05 21:06Financial Performance - Net sales for Q3 2025 decreased by $21.8 million, or 4.7%, to $439.3 million compared to Q3 2024[4] - Base business net sales for Q3 2025 decreased by $11.9 million, or 2.7%, to $437.0 million, driven by a volume decrease of $12.9 million, or 2.9%[5] - The company had a net loss of $19.1 million, or $0.24 per diluted share, for Q3 2025, compared to net income of $7.5 million, or $0.09 per diluted share, for Q3 2024[12] - For the first three quarters of 2025, net sales decreased by $91.8 million, or 6.6%, to $1,289.1 million compared to the same period in 2024[14] - Adjusted net income for the first three quarters of 2025 was $18.1 million, or $0.23 per adjusted diluted share, down from $31.1 million, or $0.39 per adjusted diluted share, in the same period of 2024[23] - Net sales for the third quarter ended September 27, 2025, were $439.3 million, a decrease of 4.7% compared to $461.1 million for the same period in 2024[51] - The company reported a net loss of $19.1 million for the third quarter, compared to a net income of $7.5 million in the same quarter of the previous year[51] - Net sales for the third quarter of 2025 were $439.3 million, a decrease from $461.1 million in the same period of 2024, while net sales for the first three quarters of 2025 totaled $1.29 billion compared to $1.38 billion in 2024[63] Segment Performance - Specialty segment net sales for Q3 2025 were $150,526, a decrease of $10,465 or 6.5% compared to Q3 2024[28] - Meals segment net sales for Q3 2025 were $109,966, down $1,616 or 1.4% from Q3 2024, with adjusted EBITDA increasing by 2.7% to $23,879[29] - Frozen & Vegetables segment net sales for Q3 2025 were $77,398, a decline of $11,783 or 13.2% compared to Q3 2024, while adjusted EBITDA increased by 260.2% to $4,175[30] - Spices & Flavor Solutions segment net sales for Q3 2025 were $101,414, an increase of $2,095 or 2.1% from Q3 2024, but adjusted EBITDA decreased by 7.4% to $26,399[32] - Specialty segment net sales decreased to $150.5 million in Q3 2025 from $161.0 million in Q3 2024, a decline of 8.9%[52] - Frozen & Vegetables segment net sales fell to $77.4 million in Q3 2025, down 13.2% from $89.2 million in Q3 2024[52] Expenses and Costs - Selling, general and administrative expenses for the first three quarters of 2025 increased by $3.2 million, or 2.3%, to $140.9 million[17] - Total segment adjusted expenses for Q3 2025 were $347.1 million, down from $366.8 million in Q3 2024, a reduction of 5.4%[52] - The increase in Frozen & Vegetables segment adjusted EBITDA for Q3 2025 was primarily due to a decrease in raw material and manufacturing costs[31] - The decrease in Spices & Flavor Solutions segment adjusted EBITDA was attributed to increased raw material costs, particularly for garlic and black pepper[32] Impairments and Charges - The company recorded pre-tax, non-cash impairment charges of $26.0 million related to indefinite-lived intangible trademark assets during Q3 2025[9] - The company incurred an impairment of intangible assets amounting to $26.0 million during the third quarter[51] - The company recognized pre-tax, non-cash goodwill impairment charges of $70.6 million within its Frozen & Vegetables reporting unit during the first quarter of 2024[61] Guidance and Outlook - The company narrowed its full-year fiscal 2025 guidance for net sales to a range of $1.82 billion to $1.84 billion[7] - For fiscal 2025, the company narrowed its net sales guidance to a range of $1.82 billion to $1.84 billion and adjusted EBITDA guidance to $273.0 million to $280.0 million[33] - The company’s guidance does not fully reflect potential impacts from recently imposed tariffs and retaliatory actions by other countries[34] - Future outlook includes expectations for net sales and adjusted EBITDA to stabilize as divestitures are completed, although risks remain due to market conditions and competition[46] Cash and Assets - Total current assets increased to $816.9 million as of September 27, 2025, compared to $781.4 million at the end of 2024[49] - Cash and cash equivalents increased to $60.9 million from $50.6 million at the end of 2024[49] - Long-term debt remained stable at approximately $2.02 billion, with total liabilities at $2.47 billion as of September 27, 2025[49] Conference Call - The company will hold a conference call on November 5, 2025, to discuss Q3 2025 financial results[36]