B&G Foods, Inc. (NYSE: BGS) today announced financial
results for the second quarter and first two quarters of 2024.
Financial results for the second quarter and first two quarters of
2024 reflect the impact of the Green Giant U.S. shelf-stable
divestiture during the fourth quarter of 2023.
Summary
Second Quarter of 2024
First Two Quarters of
2024
(In millions, except per share
data)
Change vs.
Change vs.
Amount
Q2 2023
Amount
First 2Q 2023
Net Sales
$
444.6
(5.3
)%
$
919.8
(6.3
)%
Base Business Net Sales 1
$
444.6
(2.5
)%
$
919.9
(3.5
)%
Diluted EPS
$
0.05
(66.7
)%
$
(0.46
)
(342.1
)%
Adj. Diluted EPS 1
$
0.08
(46.7
)%
$
0.27
(34.1
)%
Net Income (Loss)
$
3.9
(62.7
)%
$
(36.3
)
(359.9
)%
Adj. Net Income 1
$
6.6
(38.7
)%
$
21.0
(29.7
)%
Adj. EBITDA 1
$
63.9
(6.6
)%
$
139.0
(7.9
)%
Guidance for Full Year Fiscal 2024
- Net sales revised to a range of $1.945 billion to $1.970
billion.
- Adjusted EBITDA revised to a range of $300 million to $315
million.
- Adjusted diluted earnings per share revised to a range of $0.70
to $0.90.
Commenting on the results, Casey Keller, President and Chief
Executive Officer of B&G Foods, stated, “B&G Foods remains
committed to execute against our long-term strategy to improve
organic growth and focus the portfolio, despite short-term weakness
in consumer packaged food demand. Second quarter results were
largely in line with expectations, showing gradual, sequential
improvement in base business net sales from the first quarter. Net
sales on the highest margin Spices & Flavor Solutions business
increased by 4.9% versus last year. As previously announced, we
recently refinanced a large portion of our long-term debt, pushing
out maturity dates several years into the future to reduce balance
sheet risk. We also continue to review and work possible
divestitures to reduce debt, increase focus on our core businesses,
and position B&G Foods for long-term organic and acquisition
growth.”
Financial Results for the Second Quarter of 2024 Net
sales for the second quarter of 2024 decreased $25.0 million, or
5.3%, to $444.6 million from $469.6 million for the second quarter
of 2023. The decrease was primarily attributable to the Green Giant
U.S. shelf-stable divestiture, a decrease in unit volume, a
decrease in net pricing and the impact of product mix. Net sales of
the Green Giant U.S. shelf-stable product line, which the Company
divested on November 8, 2023, were $13.7 million in the second
quarter of 2023.
Base business net sales for the second quarter of 2024 decreased
$11.3 million, or 2.5%, to $444.6 million from $455.9 million for
the second quarter of 2023. The decrease in base business net sales
was driven by a decrease in unit volume of $9.3 million, or 2.0% of
base business net sales, a decrease in net pricing and the impact
of product mix of $1.8 million, or 0.4%, and the negative impact of
foreign currency of $0.2 million.
Gross profit was $92.0 million for the second quarter of 2024,
or 20.7% of net sales. Adjusted gross profit(1), which excludes the
negative impact of $1.2 million of acquisition/divestiture-related
expenses and non-recurring expenses included in cost of goods sold
during the second quarter of 2024, was $93.2 million, or 21.0% of
net sales. Gross profit was $102.3 million for the second quarter
of 2023, or 21.8% of net sales. Adjusted gross profit, which
excludes the negative impact of $0.4 million of
acquisition/divestiture-related expenses and non-recurring expenses
included in cost of goods sold during the second quarter of 2023,
was $102.7 million, or 21.9% of net sales.
Selling, general and administrative expenses decreased $4.8
million, or 9.9%, to $43.1 million for the second quarter of 2024
from $47.9 million for the second quarter of 2023. The decrease was
composed of decreases in consumer marketing expenses of $3.4
million, selling expenses of $1.9 million, and warehousing expenses
of $0.1 million, partially offset by an increase in general and
administrative expenses of $0.6 million. Expressed as a percentage
of net sales, selling, general and administrative expenses improved
by 0.5 percentage points to 9.7% for the second quarter of 2024, as
compared to 10.2% for the second quarter of 2023.
Net interest expense increased $2.0 million, or 5.6%, to $37.8
million for the second quarter of 2024 from $35.8 million for the
second quarter of 2023. The increase was primarily attributable to
higher interest rates on the Company’s long-term debt during the
second quarter of 2024 compared to the second quarter of 2023, as
well as the accelerated amortization of deferred debt financing
costs of $0.5 million resulting from the Company’s prepayment of
$21.3 million aggregate principal amount of tranche B term loans
and repurchase of $0.7 million aggregate principal amount of 8.00%
senior secured notes due 2028 during the second quarter of 2024,
partially offset by a reduction in average long-term debt
outstanding during the second quarter of 2024 compared to the
second quarter of 2023 and the accelerated amortization of deferred
debt financing costs relating to long-term debt prepayments during
the second quarter of 2023.
The Company’s net income was $3.9 million, or $0.05 per diluted
share, for the second quarter of 2024, compared to net income of
$10.6 million, or $0.15 per diluted share, for the second quarter
of 2023. The decrease in net income and diluted earnings per share
were primarily attributable to the reduction of base business net
sales in the second quarter of 2024, the impact of the Green Giant
U.S. shelf-stable divestiture and the negative impact on income tax
expense of $1.0 million, or $0.01 per share, resulting from return
to provision adjustments in the U.S. and Mexico. The Company’s
adjusted net income for the second quarter of 2024 was $6.6
million, or $0.08 per adjusted diluted share, compared to adjusted
net income of $10.7 million, or $0.15 per adjusted diluted share,
for the second quarter of 2023. The Company’s diluted earnings per
share and adjusted diluted earnings per share for the second
quarter of 2024 was negatively impacted by an increase to the
weighted average shares outstanding in the second quarter of 2024
compared to the second quarter of 2023.
For the second quarter of 2024, adjusted EBITDA was $63.9
million, a decrease of $4.6 million, or 6.6%, compared to $68.5
million for the second quarter of 2023. The decrease in adjusted
EBITDA was primarily attributable to the reduction of base business
net sales in the second quarter of 2024 and the impact of the Green
Giant U.S. shelf-stable divestiture. Adjusted EBITDA as a
percentage of net sales was 14.4% for the second quarter of 2024,
compared to 14.6% for the second quarter of 2023.
Financial Results for First Two Quarters of 2024 Net
sales for the first two quarters of 2024 decreased $61.7 million,
or 6.3%, to $919.8 million from $981.5 million for the first two
quarters of 2023. The decrease was primarily attributable to the
Green Giant U.S. shelf-stable divestiture, a decrease in unit
volume, and a decrease in net pricing and the impact of product
mix. Net sales of the Green Giant U.S. shelf-stable product line,
which the Company divested on November 8, 2023, were $28.2 million
in the first two quarters of 2023.
Base business net sales for the first two quarters of 2024
decreased $33.3 million, or 3.5%, to $919.9 million from $953.2
million for the first two quarters of 2023. The decrease in base
business net sales was driven by a decrease in net pricing and the
impact of product mix of $17.2 million, or 1.8% of base business
net sales and a decrease in unit volume of $16.1 million, or
1.7%.
Gross profit was $200.9 million for the first two quarters of
2024, or 21.8% of net sales. Adjusted gross profit, which excludes
the negative impact of $2.2 million of
acquisition/divestiture-related expenses and non-recurring expenses
included in cost of goods sold during the first two quarters of
2024, was $203.1 million, or 22.1% of net sales. Gross profit was
$216.5 million for the first two quarters of 2023, or 22.1% of net
sales. Adjusted gross profit, which excludes the negative impact of
$1.1 million of acquisition/divestiture-related expenses and
non-recurring expenses included in cost of goods sold during the
first two quarters of 2023, was $217.6 million, or 22.2% of net
sales.
Selling, general and administrative expenses decreased $2.9
million, or 3.0%, to $91.7 million for the first two quarters of
2024 from $94.6 million for the first two quarters of 2023. The
decrease was composed of decreases in selling expenses of $3.0
million, consumer marketing expenses of $1.8 million, and
warehousing expenses of $0.7 million, partially offset by increases
in general and administrative expenses of $2.5 million and
acquisition/divestiture-related and non-recurring expenses of $0.1
million. Expressed as a percentage of net sales, selling, general
and administrative expenses increased by 0.4 percentage points to
10.0% for the first two quarters of 2024, as compared to 9.6% for
the first two quarters of 2023.
In connection with the Company’s transition from one reporting
segment to four reporting segments during the first quarter of
2024, the Company reassigned assets and liabilities, including
goodwill, between the reporting segments and completed a goodwill
impairment test both prior to and subsequent to the change. The
goodwill impairment test resulted in the Company recognizing
pre-tax, non-cash goodwill impairment charges of $70.6 million
within its Frozen & Vegetables reporting segment during the
first quarter of 2024.
Net interest expense increased $0.4 million, or 0.5%, to $75.6
million for the first two quarters of 2024 from $75.2 million for
the first two quarters of 2023. The increase was primarily
attributable to higher interest rates on the Company’s long-term
debt during the first two quarters of 2024 compared to the first
two quarters of 2023, as well as the accelerated amortization of
deferred debt financing costs of $0.5 million resulting from the
Company’s prepayment of $21.3 million aggregate principal amount of
tranche B term loans and repurchase of $0.7 million aggregate
principal amount of 8.00% senior secured notes due 2028 during the
second quarter of 2024, partially offset by a reduction in average
long-term debt outstanding during the first two quarters of 2024
compared to the first two quarters of 2023 and the accelerated
amortization of deferred debt financing costs relating to long-term
debt prepayments during the first two quarters of 2023.
The Company had a net loss of $36.3 million, or $0.46 per
diluted share, for the first two quarters of 2024, compared to net
income of $14.0 million, or $0.19 per diluted share, for the first
two quarters of 2023. The Company’s net loss for the first two
quarters of 2024 was primarily attributable to pre-tax, non-cash
impairment charges of $70.6 million for the impairment of goodwill
within the Company’s Frozen & Vegetables reporting segment, the
reduction of base business net sales in the first two quarters of
2024, the impact of the Green Giant U.S. shelf-stable divestiture
and the negative impact on income tax expense of $1.0 million, or
$0.01 per share, resulting from return to provision adjustments in
the U.S. and Mexico. The Company’s adjusted net income for the
first two quarters of 2024 was $21.0 million, or $0.27 per adjusted
diluted share, compared to adjusted net income of $29.8 million, or
$0.41 per adjusted diluted share, for the first two quarters of
2023. The Company’s adjusted diluted earnings per share for the
first two quarters of 2024 was negatively impacted by an increase
to the weighted average shares outstanding in the first two
quarters of 2024 compared to the first two quarters of 2023.
For the first two quarters of 2024, adjusted EBITDA was $139.0
million, a decrease of $11.8 million, or 7.9%, compared to $150.8
million for the first two quarters of 2023. The decrease in
adjusted EBITDA was primarily attributable to the reduction of base
business net sales in the first two quarters of 2024 and the impact
of the Green Giant U.S. shelf-stable divestiture. Adjusted EBITDA
as a percentage of net sales was 15.1% for the first two quarters
of 2024, compared to 15.4% for the first two quarters of 2023.
Tack-on Offering of Senior Secured Notes and Credit Agreement
Refinancing Tack-on Offering of 8.00% Senior Secured Notes Due
2028. On July 12, 2024, the Company completed its offering of an
additional $250.0 million aggregate principal amount of 8.00%
senior secured notes due 2028. The new senior secured notes were
issued at a price of 100.5% of their face value plus accrued and
unpaid interest from March 15, 2024 to, but excluding, the closing
date. The new senior secured notes constitute an additional
issuance of senior secured notes under the indenture, dated as of
September 26, 2023, governing the Company’s previously issued 8.00%
senior secured notes due 2028. Following completion of the tack-on
offering, as of August 6, 2024, approximately $799.3 million
aggregate principal amount of 8.00% senior secured notes due 2028
are outstanding.
The Company used the net proceeds of the new senior secured
notes offering to repay a portion of its tranche B term loans and
revolving credit loans under its senior secured credit agreement
and to pay related fees and expenses.
Credit Agreement Refinancing. Also on July 12, 2024, the Company
completed the refinancing and amendment of its senior secured
credit agreement. As part of the refinancing and together with a
portion of the net proceeds of the tack-on offering, the Company
reduced the aggregate principal amount of tranche B term loans
outstanding from $507.3 million to $450.0 million by replacing
$507.3 million of outstanding tranche B term loans with $450.0
million of new tranche B term loans. The Company also extended the
maturity date for the tranche B term loans from October 10, 2026 to
October 10, 2029.
As part of the refinancing, the Company also prepaid $175.0
million aggregate principal amount of revolving credit loans with a
portion of the proceeds of the tack-on offering, decreased the
revolver capacity under the senior secured credit agreement from
$800.0 million to $475.0 million aggregate principal amount, and
extended the maturity date of its revolving credit facility from
December 16, 2025 to December 16, 2028. As of August 6, 2024, $30.0
million aggregate principal amount of revolving credit loans remain
outstanding.
Segment Results(2) Historically, the Company operated in
a single industry segment. However, beginning with the first
quarter of 2024, the Company now operates in, and has begun
reporting results by, four business segments. This change stemmed
from the Company’s recent formation and the evolution of the
Company’s four business units: Specialty, Meals, Frozen &
Vegetables and Spices & Flavor Solutions, which are further
described below. Prior period segment results in this earnings
press release have been recast to reflect the change from one
single operating segment to four operating segments.
Specialty — includes, among others, the
Crisco, Clabber Girl, Bear Creek, Polaner, Underwood, B&G,
Grandma’s, New York Style, B&M, TrueNorth, Don Pepino,
Sclafani, Baker’s Joy, Regina, SugarTwin and Brer Rabbit
brands.
Meals — includes, among others, the Ortega,
Maple Grove Farms, Cream of Wheat, Victoria, Las Palmas, Mama
Mary’s, Spring Tree, McCann’s, Carey’s and Vermont Maid brands.
Frozen & Vegetables — includes the Green
Giant and Le Sueur brands.
Spices & Flavor Solutions — includes,
among others, the Dash, Weber, Spice Islands, Tone’s, Ac’cent,
Trappey’s, Durkee and Wright’s brands.
Specialty Segment Results
Specialty segment results were as follows (dollars in
thousands):
Second Quarter
First Two Quarters
Ended
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Specialty segment net sales
$
146,624
$
153,837
$
(7,213
)
(4.7
)%
$
301,353
$
316,460
$
(15,107
)
(4.8
)%
Specialty segment adjusted EBITDA
$
31,688
$
32,706
$
(1,018
)
(3.1
)%
$
68,880
$
69,190
$
(310
)
(0.4
)%
For the second quarter of 2024, the decrease in Specialty
segment net sales was primarily due to a decrease in Crisco net
pricing driven by a decrease in commodity costs coupled with a
decrease in volumes across the rest of the Specialty portfolio in
the aggregate, partially offset by an increase in Crisco volumes.
For the first two quarters of 2024, the decrease in Specialty
segment net sales was primarily due to a decrease in Crisco pricing
driven by a decrease in commodity costs coupled with a decrease in
volumes for Crisco and a decrease in volumes for the rest of the
Specialty portfolio in the aggregate. The decrease in Specialty
segment adjusted EBITDA for the second quarter and first two
quarters of 2024 was primarily due to lower volumes, partially
offset by rate improvements across key materials and freight
costs.
Meals Segment Results
Meals segment results were as follows (dollars in
thousands):
Second Quarter
First Two Quarters
Ended
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Meals segment net sales
$
107,889
$
114,143
$
(6,254
)
(5.5
)%
$
227,920
$
236,092
$
(8,172
)
(3.5
)%
Meals segment adjusted EBITDA
$
23,911
$
23,024
$
887
3.9
%
$
49,540
$
49,262
$
278
0.6
%
For the second quarter and first two quarters of 2024, the
decrease in Meals segment net sales was primarily due to a decrease
in volumes across the Meals portfolio in the aggregate, partially
offset by an increase in net pricing. The increase in Meals segment
adjusted EBITDA was primarily due to improvements in freight costs,
partially offset by a decrease in net sales, and rate increases in
other key materials.
Frozen & Vegetables Segment Results
Frozen & Vegetables segment results were as follows (dollars
in thousands):
Second Quarter
First Two Quarters
Ended
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Frozen & Vegetables segment net
sales
$
91,580
$
107,762
$
(16,182
)
(15.0
)%
$
196,467
$
233,968
$
(37,501
)
(16.0
)%
Frozen & Vegetables segment adjusted
EBITDA
$
3,808
$
10,775
$
(6,967
)
(64.7
)%
$
11,638
$
21,229
$
(9,591
)
(45.2
)%
For the second quarter and first two quarters of 2024, the
decrease in Frozen & Vegetables segment net sales was primarily
due to the Green Giant U.S. shelf-stable divestiture (which
negatively impacted net sales versus the prior year period by $13.8
million and $28.3 million, respectively), a decrease in volumes,
increased promotional trade spending, and the impact of product mix
in frozen. The decrease in Frozen & Vegetables segment adjusted
EBITDA was primarily due to the Green Giant U.S. shelf-stable
divestiture, a decrease in net sales, increases in material costs
and the negative impact of foreign currency, partially offset by
improvements in freight costs.
Spices & Flavor Solutions Segment Results
Spices & Flavor Solutions segment results were as follows
(dollars in thousands):
Second Quarter
First Two Quarters
Ended
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Spices & Flavor Solutions segment net
sales
$
98,497
$
93,895
$
4,602
4.9
%
$
194,073
$
194,931
$
(858
)
(0.4
)%
Spices & Flavor Solutions segment
adjusted EBITDA
$
27,647
$
26,113
$
1,534
5.9
%
$
56,316
$
56,793
$
(477
)
(0.8
)%
For the second quarter of 2024, the increase in Spices &
Flavor Solutions segment net sales was primarily due to increased
volumes across the Spices & Flavor Solutions portfolio in the
aggregate. The increase in Spices & Flavor Solutions segment
adjusted EBITDA was primarily due to an increase in net sales and
improvements in freight costs, partially offset by increases in
material costs. For the first two quarters of 2024, Spices &
Flavor Solutions segment net sales and segment adjusted EBITDA were
essentially flat.
Full Year Fiscal 2024 Guidance B&G Foods revised its
net sales guidance for fiscal 2024 to a range of $1.945 billion to
$1.970 billion, revised its adjusted EBITDA guidance to a range of
$300 million to $315 million, and revised its adjusted diluted
earnings per share guidance to a range of $0.70 to $0.90.
B&G Foods provides earnings guidance only on a non-GAAP
basis and does not provide a reconciliation of the Company’s
forward-looking adjusted EBITDA and adjusted diluted earnings per
share guidance to the most directly comparable GAAP financial
measures because of the inherent difficulty in forecasting and
quantifying certain amounts that are necessary for such
reconciliations, including adjustments that could be made for
deferred taxes; acquisition/divestiture-related expenses, gains and
losses (which may include third-party fees and expenses,
integration, restructuring and consolidation expenses, amortization
of acquired inventory fair value step-up and gains and losses on
the sale of certain assets); gains and losses on extinguishment of
debt; impairment of assets held for sale; impairment of intangible
assets; non-recurring expenses, gains and losses; and other charges
reflected in the Company’s reconciliation of historic non-GAAP
financial measures, the amounts of which, based on past experience,
could be material. For additional information regarding B&G
Foods’ non-GAAP financial measures, see “About Non-GAAP Financial
Measures and Items Affecting Comparability” below.
Conference Call B&G Foods will hold a conference call
at 4:30 p.m. ET today, August 6, 2024 to discuss second quarter
2024 financial results. The live audio webcast of the conference
call can be accessed at www.bgfoods.com/investor-relations. A
replay of the webcast will be available following the conference
call through the same link.
About Non-GAAP Financial Measures and Items Affecting
Comparability “Adjusted net income” (net income (loss) adjusted
for certain items that affect comparability), “adjusted diluted
earnings per share” (diluted earnings (loss) per share adjusted for
certain items that affect comparability), “base business net sales”
(net sales without the impact of acquisitions until the
acquisitions are included in both comparable periods and without
the impact of discontinued or divested brands), “EBITDA” (net
income (loss) before net interest expense, income taxes, and
depreciation and amortization), “adjusted EBITDA” (EBITDA as
adjusted for cash and non-cash acquisition/divestiture-related
expenses, gains and losses (which may include third-party fees and
expenses, integration, restructuring and consolidation expenses,
amortization of acquired inventory fair value step-up and gains and
losses on the sale of certain assets), gains and losses on
extinguishment of debt, impairment of assets held for sale,
impairment of intangible assets, and non-recurring expenses, gains
and losses), “segment adjusted EBITDA” (adjusted EBITDA for
operating segments), “adjusted gross profit” (gross profit adjusted
for acquisition/divestiture-related expenses and non-recurring
expenses included in cost of goods sold) and “adjusted gross profit
percentage” (gross profit as a percentage of net sales adjusted for
acquisition/divestiture-related expenses and non-recurring expenses
included in cost of goods sold) are “non-GAAP financial measures.”
A non-GAAP financial measure is a numerical measure of financial
performance that excludes or includes amounts so as to be different
than the most directly comparable measure calculated and presented
in accordance with generally accepted accounting principles in the
United States (GAAP) in B&G Foods’ consolidated balance sheets
and related consolidated statements of operations, comprehensive
(loss) income, changes in stockholders’ equity and cash flows.
Non-GAAP financial measures should not be considered in isolation
or as a substitute for the most directly comparable GAAP measures.
The Company’s non-GAAP financial measures may be different from
non-GAAP financial measures used by other companies.
The Company uses non-GAAP financial measures to adjust for
certain items that affect comparability. This information is
provided in order to allow investors to make meaningful comparisons
of the Company’s operating performance between periods and to view
the Company’s business from the same perspective as the Company’s
management. Because the Company cannot predict the timing and
amount of these items that affect comparability, management does
not consider these items when evaluating the Company’s performance
or when making decisions regarding allocation of resources.
Additional information regarding EBITDA, adjusted EBITDA,
segment adjusted EBITDA and reconciliations of EBITDA, adjusted
EBITDA and segment adjusted EBITDA to net income (loss) and, in the
case of EBITDA and adjusted EBITDA, to net cash provided by
operating activities, is included below for the second quarter and
first two quarters of 2024 and 2023, along with the components of
EBITDA, adjusted EBITDA and segment adjusted EBITDA. Also included
below are reconciliations of the non-GAAP terms adjusted net
income, adjusted diluted earnings per share and base business net
sales to the most directly comparable measure calculated and
presented in accordance with GAAP in the Company’s consolidated
balance sheets and related consolidated statements of operations,
comprehensive (loss) income, changes in stockholders’ equity and
cash flows.
End Notes
(1)
Please see “About Non-GAAP Financial
Measures and Items Affecting Comparability” above for the
definition of the non-GAAP financial measures “base business net
sales,” “adjusted diluted earnings per share,” “adjusted net
income,” “EBITDA,” “adjusted EBITDA,” “segment adjusted EBITDA,”
“adjusted gross profit” and “adjusted gross profit percentage,” as
well as information concerning certain items affecting
comparability and reconciliations of the non-GAAP terms to the most
comparable GAAP financial measures.
(2)
Segment net sales and segment adjusted
EBITDA are the primary measures used by the Company’s chief
operating decision maker (CODM) to evaluate segment operating
performance and to decide how to allocate resources to segments.
The Company’s CODM is the Company’s chief executive officer.
Segment adjusted EBITDA excludes unallocated corporate items,
depreciation and amortization, acquisition/divestiture-related and
non-recurring expenses, impairment of intangible assets, gains and
losses on sales of assets, interest expense, and income tax expense
or benefit. Unallocated corporate items consist of centrally
managed corporate functions, including selling, marketing,
procurement, centralized administrative functions, insurance, and
other similar expenses not directly tied to segment operating
performance. Depreciation and amortization expenses are neither
maintained nor available by operating segment, as the Company’s
manufacturing, warehouse, and distribution activities are centrally
managed. These items that are centrally managed at the corporate
level, and therefore excluded from the measure of segment adjusted
EBITDA, are reviewed by the CODM. Expenses that are managed
centrally but can be attributed to a segment, such as warehousing
and transportation expenses, are generally allocated based on
sales.
NM – Not meaningful.
About B&G Foods, Inc. Based in Parsippany, New
Jersey, B&G Foods and its subsidiaries manufacture, sell and
distribute high-quality, branded shelf-stable and frozen foods
across the United States, Canada and Puerto Rico. With B&G
Foods’ diverse portfolio of more than 50 brands you know and love,
including B&G, B&M, Bear Creek, Cream of Wheat, Crisco,
Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove
Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria,
there’s a little something for everyone. For more information about
B&G Foods and its brands, please visit www.bgfoods.com.
Forward-Looking Statements Statements in this press
release that are not statements of historical or current fact
constitute “forward-looking statements.” The forward-looking
statements contained in this press release include, without
limitation, statements related to B&G Foods’ expectations
regarding net sales, adjusted EBITDA and adjusted diluted earnings
per share, and B&G Foods’ long-term strategy, including
possible divestitures to reduce debt, increase focus on core
businesses and position B&G Foods for long-term organic and
acquisition growth. Such forward-looking statements involve known
and unknown risks, uncertainties and other unknown factors that
could cause the actual results of B&G Foods to be materially
different from the historical results or from any future results
expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe such risks and
uncertainties, readers are urged to consider statements labeled
with the terms “believes,” “belief,” “expects,” “projects,”
“intends,” “anticipates,” “assumes,” “could,” “should,”
“estimates,” “potential,” “seek,” “predict,” “may,” “will” or
“plans” and similar references to future periods to be uncertain
and forward-looking. Factors that may affect actual results
include, without limitation: the Company’s substantial leverage;
the effects of rising costs for and/or decreases in supply of the
Company’s commodities, ingredients, packaging, other raw materials,
distribution and labor; crude oil prices and their impact on
distribution, packaging and energy costs; the Company’s ability to
successfully implement sales price increases and cost saving
measures to offset any cost increases; intense competition, changes
in consumer preferences, demand for the Company’s products and
local economic and market conditions; the Company’s continued
ability to promote brand equity successfully, to anticipate and
respond to new consumer trends, to develop new products and
markets, to broaden brand portfolios in order to compete
effectively with lower priced products and in markets that are
consolidating at the retail and manufacturing levels and to improve
productivity; the ability of the Company and its supply chain
partners to continue to operate manufacturing facilities,
distribution centers and other work locations without material
disruption, and to procure ingredients, packaging and other raw
materials when needed despite disruptions in the supply chain or
labor shortages; the impact pandemics or disease outbreaks, such as
the COVID-19 pandemic, may have on the Company’s business,
including among other things, the Company’s supply chain,
manufacturing operations or workforce and customer and consumer
demand for the Company’s products; the Company’s ability to recruit
and retain senior management and a highly skilled and diverse
workforce at the Company’s corporate offices, manufacturing
facilities and other locations despite a very tight labor market
and changing employee expectations as to fair compensation, an
inclusive and diverse workplace, flexible working and other
matters; the risks associated with the expansion of the Company’s
business; the Company’s possible inability to identify new
acquisitions or to integrate recent or future acquisitions or the
Company’s failure to realize anticipated revenue enhancements, cost
savings or other synergies from recent or future acquisitions; the
Company’s ability to successfully complete the integration of
recent or future acquisitions into the Company’s enterprise
resource planning (ERP) system; tax reform and legislation,
including the effects of the Infrastructure Investment and Jobs
Act, U.S. Tax Cuts and Jobs Act and the U.S. CARES Act, and future
tax reform or legislation; the Company’s ability to access the
credit markets and the Company’s borrowing costs and credit
ratings, which may be influenced by credit markets generally and
the credit ratings of the Company’s competitors; unanticipated
expenses, including, without limitation, litigation or legal
settlement expenses; the effects of currency movements of the
Canadian dollar and the Mexican peso as compared to the U.S.
dollar; the effects of international trade disputes, tariffs,
quotas, and other import or export restrictions on the Company’s
international procurement, sales and operations; future impairments
of the Company’s goodwill and intangible assets; the Company’s
ability to protect information systems against, or effectively
respond to, a cybersecurity incident, other disruption or data
leak; the Company’s ability to successfully implement the Company’s
sustainability initiatives and achieve the Company’s sustainability
goals, and changes to environmental laws and regulations; and other
factors that affect the food industry generally, including: recalls
if products become adulterated or misbranded, liability if product
consumption causes injury, ingredient disclosure and labeling laws
and regulations and the possibility that consumers could lose
confidence in the safety and quality of certain food products;
competitors’ pricing practices and promotional spending levels;
fluctuations in the level of the Company’s customers’ inventories
and credit and other business risks related to the Company’s
customers operating in a challenging economic and competitive
environment; and the risks associated with third-party suppliers
and co-packers, including the risk that any failure by one or more
of the Company’s third-party suppliers or co-packers to comply with
food safety or other laws and regulations may disrupt the Company’s
supply of raw materials or certain finished goods products or
injure the Company’s reputation. The forward-looking statements
contained herein are also subject generally to other risks and
uncertainties that are described from time to time in B&G
Foods’ filings with the Securities and Exchange Commission,
including under Item 1A, “Risk Factors” in the Company’s most
recent Annual Report on Form 10-K and in its subsequent reports on
Forms 10-Q and 8-K. Investors are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date they are made. B&G Foods undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
B&G Foods, Inc. and
Subsidiaries
Consolidated Balance
Sheets
(In thousands, except share
and per share data)
(Unaudited)
June 29,
December 30,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
40,323
$
41,094
Trade accounts receivable, net
142,252
143,015
Inventories
559,594
568,980
Prepaid expenses and other current
assets
42,803
41,747
Income tax receivable
11,604
7,988
Total current assets
796,576
802,824
Property, plant and equipment, net
287,395
302,288
Operating lease right-of-use assets
64,140
70,046
Finance lease right-of-use assets
1,303
1,832
Goodwill
548,589
619,399
Other intangible assets, net
1,617,047
1,627,836
Other assets
24,768
23,484
Deferred income taxes
11,731
15,581
Total assets
$
3,351,549
$
3,463,290
Liabilities and Stockholders’
Equity
Current liabilities:
Trade accounts payable
$
126,210
$
123,778
Accrued expenses
64,166
83,217
Current portion of operating lease
liabilities
17,841
16,939
Current portion of finance lease
liabilities
1,082
1,070
Current portion of long-term debt
265,392
22,000
Income tax payable
240
475
Dividends payable
15,041
14,939
Total current liabilities
489,972
262,418
Long-term debt, net of current portion
1,779,034
2,023,088
Deferred income taxes
248,909
267,053
Long-term operating lease liabilities, net
of current portion
46,517
53,724
Long-term finance lease liabilities, net
of current portion
183
726
Other liabilities
21,923
20,818
Total liabilities
2,586,538
2,627,827
Stockholders’ equity:
Preferred stock, $0.01 par value per
share. Authorized 1,000,000 shares; no shares issued or
outstanding
—
—
Common stock, $0.01 par value per share.
Authorized 125,000,000 shares; 79,163,886 and 78,624,419 shares
issued and outstanding as of June 29, 2024 and December 30, 2023,
respectively
792
786
Additional paid-in capital
21,288
46,990
Accumulated other comprehensive (loss)
income
(5,858
)
2,597
Retained earnings
748,789
785,090
Total stockholders’ equity
765,011
835,463
Total liabilities and stockholders’
equity
$
3,351,549
$
3,463,290
B&G Foods, Inc. and
Subsidiaries
Consolidated Statements of
Operations
(In thousands, except per
share data)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net sales
$
444,590
$
469,637
$
919,813
$
981,451
Cost of goods sold
352,553
367,361
718,895
764,939
Gross profit
92,037
102,276
200,918
216,512
Operating expenses:
Selling, general and administrative
expenses
43,128
47,872
91,740
94,601
Amortization expense
5,111
5,211
10,223
10,452
Impairment of goodwill
—
—
70,580
—
Loss on sales of assets
—
—
135
85
Operating income
43,798
49,193
28,240
111,374
Other (income) and expenses:
Interest expense, net
37,808
35,814
75,633
75,249
Other income
(1,046
)
(936
)
(2,088
)
(1,857
)
Income (loss) before income tax expense
(benefit)
7,036
14,315
(45,305
)
37,982
Income tax expense (benefit)
3,098
3,762
(9,004
)
24,014
Net income (loss)
$
3,938
$
10,553
$
(36,301
)
$
13,968
Weighted average shares outstanding:
Basic
79,083
72,237
78,865
72,008
Diluted
79,389
72,380
78,865
72,087
Earnings (loss) per share:
Basic
$
0.05
$
0.15
$
(0.46
)
$
0.19
Diluted
$
0.05
$
0.15
$
(0.46
)
$
0.19
Cash dividends declared per share
$
0.19
$
0.19
$
0.38
$
0.38
B&G Foods, Inc. and
Subsidiaries
Net Sales and Adjusted EBITDA
by Segment and
Reconciliation of Segment
Adjusted EBITDA to Net Income (Loss)
(In thousands)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net sales:
Specialty
$
146,624
$
153,837
$
301,353
$
316,460
Meals
107,889
114,143
227,920
236,092
Frozen & Vegetables
91,580
107,762
196,467
233,968
Spices & Flavor Solutions
98,497
93,895
194,073
194,931
Total net sales
444,590
469,637
919,813
981,451
Segment adjusted EBITDA:
Specialty
31,688
32,706
68,880
69,190
Meals
23,911
23,024
49,540
49,262
Frozen & Vegetables
3,808
10,775
11,638
21,229
Spices & Flavor Solutions
27,647
26,113
56,316
56,793
Total segment adjusted EBITDA
87,054
92,618
186,374
196,474
Unallocated corporate expenses
23,134
24,167
47,409
45,658
Adjusted EBITDA
$
63,920
$
68,451
$
138,965
$
150,816
Depreciation and amortization
$
17,343
$
17,286
$
34,552
$
35,304
Acquisition/divestiture-related and
non-recurring expenses
1,733
1,036
3,370
2,196
Impairment of goodwill
—
—
70,580
—
Loss on sales of assets, net of facility
closure costs
—
—
135
85
Interest expense, net
37,808
35,814
75,633
75,249
Income tax expense (benefit)
3,098
3,762
(9,004
)
24,014
Net income (loss)
$
3,938
$
10,553
$
(36,301
)
$
13,968
B&G Foods, Inc. and
Subsidiaries
Items Affecting
Comparability
Reconciliation of Net Income
(Loss) to EBITDA(1) and Adjusted EBITDA(1)
(In thousands)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net income (loss)
$
3,938
$
10,553
$
(36,301
)
$
13,968
Income tax expense (benefit)
3,098
3,762
(9,004
)
24,014
Interest expense, net(2)
37,808
35,814
75,633
75,249
Depreciation and amortization
17,343
17,286
34,552
35,304
EBITDA(1)
62,187
67,415
64,880
148,535
Acquisition/divestiture-related and
non-recurring expenses(3)
1,733
1,036
3,370
2,196
Impairment of goodwill(4)
—
—
70,580
—
Loss on sales of assets, net of facility
closure costs
—
—
135
85
Adjusted EBITDA(1)
$
63,920
$
68,451
$
138,965
$
150,816
B&G Foods, Inc. and
Subsidiaries
Items Affecting
Comparability
Reconciliation of Net Cash
Provided by Operating Activities to EBITDA(1) and Adjusted
EBITDA(1)
(In thousands)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net cash provided by operating
activities
$
11,288
$
62,850
$
46,410
$
132,377
Income tax expense (benefit)
3,098
3,762
(9,004
)
24,014
Interest expense, net(2)
37,808
35,814
75,633
75,249
Impairment of goodwill(4)
—
—
(70,580
)
—
Gain on extinguishment of debt(2)
—
786
—
786
Loss on sales of assets
(123
)
(84
)
(258
)
(177
)
Deferred income taxes
(2,716
)
(78
)
15,158
(15,097
)
Amortization of deferred debt financing
costs and bond discount/premium
(1,910
)
(1,036
)
(3,208
)
(4,684
)
Share-based compensation expense
(2,612
)
(2,374
)
(4,395
)
(3,301
)
Changes in assets and liabilities, net of
effects of business combinations
17,354
(32,225
)
15,124
(60,632
)
EBITDA(1)
62,187
67,415
64,880
148,535
Acquisition/divestiture-related and
non-recurring expenses(3)
1,733
1,036
3,370
2,196
Impairment of goodwill(4)
—
—
70,580
—
Loss on sales of assets, net of facility
closure costs
—
—
135
85
Adjusted EBITDA(1)
$
63,920
$
68,451
$
138,965
$
150,816
B&G Foods, Inc. and
Subsidiaries
Items Affecting
Comparability
Reconciliation of Net Income
(Loss) to Adjusted Net Income(5) and Adjusted Diluted Earnings per
Share(5)
(In thousands, except per
share data)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net income (loss)
$
3,938
$
10,553
$
(36,301
)
$
13,968
Gain on extinguishment of debt(2)
—
(786
)
—
(786
)
Acquisition/divestiture-related and
non-recurring expenses(3)
1,733
1,036
3,370
2,196
Impairment of goodwill(4)
—
—
70,580
—
Loss on sales of assets, net of facility
closure costs
—
—
135
85
Accelerated amortization of deferred debt
financing costs(6)
456
—
456
—
Tax adjustment related to Back to Nature
divestiture(7)
—
—
—
14,736
Tax true-up(8)
997
—
997
—
Tax effects of non-GAAP adjustments(9)
(537
)
(61
)
(18,261
)
(366
)
Adjusted net income(5)
$
6,587
$
10,742
$
20,976
$
29,833
Adjusted diluted earnings per share(5)
$
0.08
$
0.15
$
0.27
$
0.41
_____________________________
(1)
EBITDA and adjusted EBITDA are non-GAAP
financial measures used by management to measure operating
performance. A non-GAAP financial measure is defined as a numerical
measure of the Company’s financial performance that excludes or
includes amounts so as to be different from the most directly
comparable measure calculated and presented in accordance with GAAP
in the Company’s consolidated balance sheets and related
consolidated statements of operations, comprehensive (loss) income,
changes in stockholders’ equity and cash flows. The Company defines
EBITDA as net income (loss) before net interest expense, income
taxes, and depreciation and amortization. The Company defines
adjusted EBITDA as EBITDA adjusted for cash and non-cash
acquisition/divestiture-related expenses, gains and losses (which
may include third-party fees and expenses, integration,
restructuring and consolidation expenses, amortization of acquired
inventory fair value step-up, and gains and losses on the sale of
certain assets); gains and losses on extinguishment of debt;
impairment of assets held for sale; impairment of intangible
assets; and non-recurring expenses, gains and losses.
Management believes that it is useful to
eliminate these items because it allows management to focus on what
it deems to be a more reliable indicator of ongoing operating
performance and the Company’s ability to generate cash flow from
operations. The Company uses EBITDA and adjusted EBITDA in the
Company’s business operations to, among other things, evaluate the
Company’s operating performance, develop budgets and measure the
Company’s performance against those budgets, determine employee
bonuses and evaluate the Company’s cash flows in terms of cash
needs. The Company also presents EBITDA and adjusted EBITDA because
the Company believes they are useful indicators of the Company’s
historical debt capacity and ability to service debt and because
covenants in the Company’s credit agreement and the Company’s
senior notes indentures contain ratios based on these measures. As
a result, reports used by internal management during monthly
operating reviews feature the EBITDA and adjusted EBITDA metrics.
However, management uses these metrics in conjunction with
traditional GAAP operating performance and liquidity measures as
part of its overall assessment of company performance and
liquidity, and therefore does not place undue reliance on these
measures as its only measures of operating performance and
liquidity.
EBITDA and adjusted EBITDA are not
recognized terms under GAAP and do not purport to be alternatives
to operating income (loss), net income (loss) or any other GAAP
measure as an indicator of operating performance. EBITDA and
adjusted EBITDA are not complete net cash flow measures because
EBITDA and adjusted EBITDA are measures of liquidity that do not
include reductions for cash payments for an entity’s obligation to
service its debt, fund its working capital, capital expenditures
and acquisitions and pay its income taxes and dividends. Rather,
EBITDA and adjusted EBITDA are potential indicators of an entity’s
ability to fund these cash requirements. EBITDA and adjusted EBITDA
are not complete measures of an entity’s profitability because they
do not include certain costs and expenses and gains and losses
described above. Because not all companies use identical
calculations, this presentation of EBITDA and adjusted EBITDA may
not be comparable to other similarly titled measures of other
companies. However, EBITDA and adjusted EBITDA can still be useful
in evaluating the Company’s performance against the Company’s peer
companies because management believes these measures provide users
with valuable insight into key components of GAAP amounts.
(2)
Net interest expense for the second
quarter and first two quarters of 2023 was reduced by $0.8 million
as a result of a gain on extinguishment of debt related to the
Company’s repurchase of $24.4 million aggregate principal amount of
its 5.25% senior notes due 2025 in open market purchases at an
average discounted repurchase price of 95.74% of such principal
amount plus accrued and unpaid interest, which results in a pre-tax
gain of $0.8 million, net of the accelerated amortization of
deferred debt financing costs of $0.2 million.
(3)
Acquisition/divestiture-related and
non-recurring expenses for the second quarter and first two
quarters of 2024 of $1.7 million (or $1.3 million, net of tax) and
$3.4 million (or $2.5 million, net of tax), respectively, primarily
includes non-recurring expenses related to Crisco,
divestiture-related expenses for the Green Giant U.S. shelf-stable
and Back to Nature divestitures, and other non-recurring expenses.
Acquisition/divestiture-related and non-recurring expenses for the
second quarter and first two quarters of 2023 of $1.0 million (or
$0.8 million, net of tax) and $2.2 million (or $1.7 million, net of
tax), respectively, primarily includes acquisition and integration
expenses for the Crisco acquisition and the acquisition of the
frozen vegetable manufacturing operations of Growers Express, LLC,
which was completed on May 5, 2022, and divestiture-related
expenses for the Back to Nature divestiture.
(4)
In connection with the Company’s
transition from one reporting segment to four reporting segments
during the first quarter of 2024, the Company reassigned assets and
liabilities, including goodwill, between the reporting segments and
completed a goodwill impairment test both prior to and subsequent
to the change. The goodwill impairment test resulted in the Company
recognizing pre-tax, non-cash goodwill impairment charges of $70.6
million (or $53.4 million, net of tax) within its Frozen &
Vegetables reporting segment during the first quarter of 2024.
(5)
Adjusted net income and adjusted diluted
earnings per share are non-GAAP financial measures used by
management to measure operating performance. The Company defines
adjusted net income and adjusted diluted earnings per share as net
income (loss) and diluted earnings (loss) per share adjusted for
certain items that affect comparability. These non-GAAP financial
measures reflect adjustments to net income (loss) and diluted
earnings (loss) per share to eliminate the items identified in the
reconciliation above. This information is provided in order to
allow investors to make meaningful comparisons of the Company’s
operating performance between periods and to view the Company’s
business from the same perspective as the Company’s management.
Because the Company cannot predict the timing and amount of these
items, management does not consider these items when evaluating the
Company’s performance or when making decisions regarding allocation
of resources.
(6)
Interest expense for the second quarter
and first two quarters of 2024 includes the accelerated
amortization of deferred debt financing costs of $0.5 million (or
$0.3 million, net of tax), resulting from the Company’s prepayment
of $21.3 million aggregate principal amount of tranche B term loans
and repurchase of $0.7 million aggregate principal amount of 8.00%
senior secured notes due 2028 during the second quarter of
2024.
(7)
As a result of the Back to Nature
divestiture, the Company incurred a capital loss for tax purposes,
for which the Company recorded a deferred tax asset during the
first quarter of 2023. A valuation allowance has been recorded
against this deferred tax asset, which negatively impacted the
Company’s first quarter of 2023 income taxes by $14.7 million, or
$0.21 per share.
(8)
Tax true-up for the second quarter of 2024
of approximately $1.0 million related to return to provision
adjustments in the U.S. and Mexico.
(9)
Represents the tax effects of the non-GAAP
adjustments listed above, assuming a tax rate of 24.5%.
B&G Foods, Inc. and
Subsidiaries
Items Affecting
Comparability
Reconciliation of Net Sales to
Base Business Net Sales(1)
(In thousands)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Net sales
$
444,590
$
469,637
$
919,813
$
981,451
Net sales from discontinued or divested
brands(2)
41
(13,726
)
106
(28,208
)
Base business net sales(1)
$
444,631
$
455,911
$
919,919
$
953,243
_____________________________
(1)
Base business net sales is a non-GAAP
financial measure used by management to measure operating
performance. The Company defines base business net sales as the
Company’s net sales excluding (1) the net sales of acquisitions
until the net sales from such acquisitions are included in both
comparable periods and (2) net sales of discontinued or divested
brands. The portion of current period net sales attributable to
recent acquisitions for which there is no corresponding period in
the comparable period of the prior year is excluded. For each
acquisition, the excluded period starts at the beginning of the
most recent fiscal period being compared and ends on the first
anniversary of the acquisition date. For discontinued or divested
brands, the entire amount of net sales is excluded from each fiscal
period being compared. The Company has included this financial
measure because management believes it provides useful and
comparable trend information regarding the results of the Company’s
business without the effect of the timing of acquisitions and the
effect of discontinued or divested brands.
(2)
For the second quarter and first two
quarters of 2023, reflects net sales of the Green Giant U.S.
shelf-stable product line, which was sold on November 8, 2023,
partially offset by a net credit paid to customers relating to
discontinued brands. For the second quarter and first two quarters
of 2024, reflects a net credit paid to customers relating to
discontinued and divested brands.
B&G Foods, Inc. and
Subsidiaries
Items Affecting
Comparability
Reconciliation of Gross Profit
to Adjusted Gross Profit(1) and
Gross Profit Percentage to
Adjusted Gross Profit Percentage(1)
(In thousands, except
percentages)
(Unaudited)
Second Quarter Ended
First Two Quarters
Ended
June 29,
July 1,
June 29,
July 1,
2024
2023
2024
2023
Gross profit
$
92,037
$
102,276
$
200,918
$
216,512
Acquisition/divestiture-related expenses
and non-recurring expenses included in cost of goods sold(2)
1,186
407
2,191
1,056
Adjusted gross profit(1)
$
93,223
$
102,683
$
203,109
$
217,568
Gross profit percentage
20.7
%
21.8
%
21.8
%
22.1
%
Acquisition/divestiture-related expenses
and non-recurring expenses included in cost of goods sold as a
percentage of net sales
0.3
%
0.1
%
0.2
%
0.1
%
Adjusted gross profit percentage(1)
21.0
%
21.9
%
22.1
%
22.2
%
_____________________________
(1)
Adjusted gross profit and adjusted gross
profit percentage are non-GAAP financial measures used by
management to measure operating performance. The Company defines
adjusted gross profit as gross profit adjusted for
acquisition/divestiture-related expenses and non-recurring expenses
included in cost of goods sold and adjusted gross profit percentage
as gross profit percentage (i.e., gross profit as a percentage of
net sales) adjusted for acquisition/divestiture-related expenses
and non-recurring expenses included in cost of goods sold. These
non-GAAP financial measures reflect adjustments to gross profit and
gross profit percentage to eliminate the items identified in the
reconciliation above. This information is provided in order to
allow investors to make meaningful comparisons of the Company’s
operating performance between periods and to view the Company’s
business from the same perspective as the Company’s management.
Because the Company cannot predict the timing and amount of these
items, management does not consider these items when evaluating the
Company’s performance or when making decisions regarding allocation
of resources.
(2)
Acquisition/divestiture related expenses
and non-recurring expenses included in cost of goods sold for the
second quarter and first two quarters of 2024 of $1.2 million and
$2.2 million, respectively, primarily includes non-recurring
expenses related to Crisco, divestiture-related expenses for the
Green Giant U.S. shelf-stable and Back to Nature divestitures, and
other non-recurring expenses. Acquisition/divestiture related
expenses and non-recurring expenses included in cost of goods sold
for the second quarter and first two quarters of 2023 of $0.4
million and $1.1 million, respectively, primarily includes
acquisition and integration expenses for the Crisco acquisition and
divestiture-related expenses for the Back to Nature
divestiture.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806067653/en/
Investor Relations: ICR, Inc. Anna Kate Heller
bgfoodsIR@icrinc.com
Media Relations: ICR, Inc. Matt Lindberg 203.682.8214
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