B&G Foods(BGS) - 2023 Q4 - Annual Results

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]