B&G Foods reports financial results for fourth quarter and full year 2024
PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) on Tuesday announced financial results for the fourth quarter and full year 2024. Financial results for the fourth quarter and full year 2024 reflect the impact of the Green Giant U.S. shelf-stable divestiture during the fourth quarter of 2023.
Summary
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Fourth Quarter of 2024 |
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Fiscal Year 2024 |
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(In millions, except per share data) |
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Change vs. |
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Change vs. |
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Amount |
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Q4 2023 |
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Amount |
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FY 2023 |
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Net Sales |
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$ |
551.6 |
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(4.6 |
)% |
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$ |
1,932.5 |
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(6.3 |
)% |
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Base Business Net Sales (1) |
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$ |
551.6 |
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(1.9 |
)% |
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$ |
1,932.6 |
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(3.3 |
)% |
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Diluted EPS |
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$ |
(2.81 |
) |
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NM |
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$ |
(3.18 |
) |
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257.3 |
% |
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Adj. Diluted EPS (1) |
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$ |
0.31 |
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3.3 |
% |
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$ |
0.70 |
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(29.3 |
)% |
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Net Loss |
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$ |
(222.4 |
) |
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NM |
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$ |
(251.3 |
) |
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279.5 |
% |
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Adj. Net Income (1) |
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$ |
24.6 |
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4.6 |
% |
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$ |
55.7 |
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(24.6 |
)% |
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Adj. EBITDA (1) |
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$ |
86.1 |
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(0.8 |
)% |
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$ |
295.4 |
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(7.1 |
)% |
Guidance for full year fiscal 2025
- Net sales range of $1.890 billion to $1.950 billion.
- Adjusted EBITDA range of $290.0 million to $300.0 million.
- Adjusted diluted earnings per share range of $0.65 to $0.75.
Commenting on the results, Casey Keller, President and Chief Executive Officer of B&G Foods, stated, “B&G Foods’ fourth quarter results were in line or slightly above expectations, with some improvement versus prior quarters. We expect first half fiscal 2025 trends to continue to be soft, with sequential improvement in the second half of the year as we lap consumer purchasing changes following high inflation across the packaged foods industry.”
Financial results for the fourth quarter of 2024
Net sales for the fourth quarter of 2024 decreased $26.5 million, or 4.6%, to $551.6 million from $578.1 million for the fourth quarter of 2023. The decrease was primarily attributable to the Green Giant U.S. shelf-stable divestiture, a decrease in unit volume, and the negative impact of foreign currency, partially offset by an increase 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 $15.9 million in the fourth quarter of 2023.
Base business net sales for the fourth quarter of 2024 decreased $10.7 million, or 1.9%, to $551.6 million from $562.3 million for the fourth quarter of 2023. The decrease in base business net sales was driven by a decrease in unit volume of $12.4 million, or 2.2%, and the negative impact of foreign currency of $0.4 million, partially offset by an increase in net pricing and the impact of product mix of $2.1 million, or 0.4% of base business net sales.
Gross profit was $118.7 million for the fourth quarter of 2024, or 21.5% of net sales. Adjusted gross profit(1), which excludes the negative impact of $3.7 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the fourth quarter of 2024, was $122.3 million, or 22.2% of net sales. Gross profit was $125.2 million for the fourth quarter of 2023, or 21.7% of net sales. Adjusted gross profit, which excludes the negative impact of $1.6 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during the fourth quarter of 2023, was $126.7 million, or 21.9% of net sales.
Selling, general and administrative expenses decreased $2.9 million, or 5.5%, to $50.3 million for the fourth quarter of 2024 from $53.2 million for the fourth quarter of 2023. The decrease was composed of decreases in consumer marketing expenses of $1.7 million, general and administrative expenses of $1.1 million, warehousing expenses of $0.7 million, and selling expenses of $0.2 million, partially offset by an increase in acquisition/divestiture-related and non-recurring expenses of $0.8 million. Expressed as a percentage of net sales, selling, general and administrative expenses improved by 0.1 percentage points to 9.1% for the fourth quarter of 2024, as compared to 9.2% for the fourth quarter of 2023.
During the fourth quarter of 2024, the Company recorded pre-tax, non-cash impairment charges of $320.0 million related to intangible trademark assets for the Green Giant, Victoria, Static Guard and McCann’s brands. See “Impairment of Intangible Assets” below. During the fourth quarter of 2023, the Company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker’s Joy, Molly McButter, Sugar Twin and New York Flatbreads brands.
Net interest expense decreased $0.6 million, or 1.4%, to $39.6 million for the fourth quarter of 2024 from $40.2 million for the fourth quarter of 2023. The decrease was primarily attributable to a reduction in average long-term debt outstanding during the fourth quarter of 2024 as compared to the fourth quarter of 2023, partially offset by higher blended interest rates on the Company’s long-term debt during the fourth quarter of 2024 compared to the fourth quarter of 2023, as well as a non-cash loss on extinguishment of debt during the fourth quarter of 2024 of $0.2 million, net of the accelerated amortization of deferred debt financing costs, related to the Company’s redemption in full of its then remaining outstanding 5.25% senior notes due 2025.
The Company had a net loss of $222.4 million, or $2.81 per diluted share, for the fourth quarter of 2024, compared to net income of $2.6 million, or $0.03 per diluted share, for the fourth quarter of 2023. The decrease in net income and diluted earnings per share were primarily attributable to the pre-tax, non-cash impairment charges of $320.0 million related to intangible trademark assets in the fourth quarter of 2024, and a reduction in base business net sales for the fourth quarter of 2024 compared to the fourth quarter of 2023, partially offset by the pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets, and an additional net loss on sale of assets relating to the Green Giant U.S. shelf-stable divestiture of $4.8 million, each recorded in the fourth quarter of 2023.
The Company’s adjusted net income for the fourth quarter of 2024 was $24.6 million, or $0.31 per adjusted diluted share, compared to adjusted net income of $23.5 million, or $0.30 per adjusted diluted share, for the fourth quarter of 2023.
For the fourth quarter of 2024, adjusted EBITDA was $86.1 million, a decrease of $0.7 million, or 0.8%, compared to $86.8 million for the fourth quarter of 2023. The decrease in adjusted EBITDA was primarily attributable to the reduction of base business net sales in the fourth quarter of 2024, the impact of the Green Giant U.S. shelf-stable divestiture and the negative impact of foreign currency on the cost of goods sold for products manufactured at the Company’s Green Giant manufacturing facility in Mexico, partially offset by a decrease in selling, general and administrative expenses. Adjusted EBITDA as a percentage of net sales was 15.6% for the fourth quarter of 2024, compared to 15.0% for the fourth quarter of 2023.
Financial results for full year fiscal 2024
Net sales for fiscal 2024 decreased $129.8 million, or 6.3%, to $1,932.5 million from $2,062.3 million for fiscal 2023. The decrease was primarily attributable to a decrease in base business net sales and the Green Giant U.S. shelf-stable divestiture. Net sales of the Green Giant U.S. shelf-stable product line, which the Company divested on November 8, 2023, were $64.4 million in fiscal 2023.
Base business net sales for fiscal 2024 decreased $65.4 million, or 3.3%, to $1,932.6 million from $1,998.0 million for fiscal 2023. The decrease in base business net sales was driven by a decrease in unit volume of $51.1 million, or 2.6%, a decrease in net pricing and the impact of product mix of $13.4 million, or 0.7% of base business net sales, and the negative impact of foreign currency of $0.9 million.
Gross profit was $422.0 million for fiscal 2024, or 21.8% of net sales. Adjusted gross profit, which excludes the negative impact of $6.0 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during fiscal 2024, was $427.9 million, or 22.1% of net sales. Gross profit was $455.5 million for fiscal 2023, or 22.1% of net sales. Adjusted gross profit, which excludes the negative impact of $2.9 million of acquisition/divestiture-related expenses and non-recurring expenses included in cost of goods sold during fiscal 2023, was $458.4 million, or 22.2% of net sales.
Selling, general and administrative expenses decreased $7.9 million, or 4.1%, to $188.1 million for fiscal 2024 from $196.0 million for fiscal 2023. The decrease was composed of decreases in consumer marketing expenses of $4.7 million, selling expenses of $3.9 million and warehousing expenses of $2.3 million, partially offset by increases in general and administrative expenses of $2.8 million and acquisition/divestiture-related and non-recurring expenses of $0.2 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.2 percentage points to 9.7% for fiscal 2024, as compared to 9.5% for fiscal 2023.
During fiscal 2024, the Company recorded pre-tax, non-cash impairment charges of $320.0 million related to intangible trademark assets for the Green Giant, Victoria, Static Guard and McCann’s brands in the fourth quarter, and $70.6 million related to goodwill for the Company’s Frozen & Vegetables reporting unit in the first quarter. See “Impairment of Intangible Assets” below. During fiscal 2023, the Company recorded pre-tax, non-cash impairment charges of $20.5 million related to intangible trademark assets for the Baker’s Joy, Molly McButter, Sugar Twin and New York Flatbreads brands.
Net interest expense increased $6.1 million, or 4.0%, to $157.4 million for fiscal 2024 from $151.3 million for fiscal 2023. The increase was primarily attributable to higher blended interest rates on the Company’s long-term debt during fiscal 2024 compared to fiscal 2023, partially offset by a reduction in average long-term debt outstanding during fiscal 2024 compared to fiscal 2023. Net interest expense during fiscal 2024 was negatively impacted by a non-cash loss on extinguishment of debt of $2.1 million and debt refinancing costs of $1.1 million related to the Company’s refinancing of its senior secured credit facility, and the accelerated amortization of deferred debt financing costs of $0.5 million resulting from the retirement of long-term debt during fiscal 2024. In addition, net interest expense for fiscal 2023 was reduced by $0.9 million as a result of a net gain on extinguishment of debt, net of the accelerated amortization of deferred debt financing costs, related to the Company’s repurchase of a portion of its then outstanding 5.25% senior notes due 2025.
The Company had a net loss of $251.3 million, or $3.18 per diluted share, for fiscal 2024, compared to a net loss of $66.2 million, or $0.89 per diluted share, for fiscal 2023. The Company’s net loss for fiscal 2024 was primarily attributable to the pre-tax, non-cash impairment charges of $320.0 million related to intangible trademark assets in the fourth quarter of 2024, pre-tax, non-cash impairment charges of $70.6 million recorded during the first quarter of 2024 for the impairment of goodwill within the Company’s Frozen & Vegetables reporting unit, the reduction of base business net sales in fiscal 2024, and the impact of the Green Giant U.S. shelf-stable divestiture. The Company’s net loss for fiscal 2023 was primarily attributable to a loss on sale of assets relating to the Green Giant U.S. shelf-stable divestiture of $137.7 million, of which $132.9 million was recorded during the third quarter and $4.8 million was recorded during the fourth quarter.
The Company’s adjusted net income for fiscal 2024 was $55.7 million, or $0.70 per adjusted diluted share, compared to adjusted net income of $73.9 million, or $0.99 per adjusted diluted share, for fiscal 2023. The reduction in adjusted net income and adjusted diluted earnings per share in fiscal 2024 was primarily attributable to the reduction in base business net sales in fiscal 2024, the impact of the Green Giant U.S. shelf-stable divestiture, and the negative impact of foreign currency on the cost of goods sold for products manufactured at the Company’s Green Giant manufacturing facility in Mexico. The Company’s adjusted diluted earnings per share for fiscal 2024 was also negatively impacted by an increase to the weighted average shares outstanding in fiscal 2024 compared to fiscal 2023.
For fiscal 2024, adjusted EBITDA was $295.4 million, a decrease of $22.6 million, or 7.1%, compared to $318.0 million for fiscal 2023. Adjusted EBITDA as a percentage of net sales was 15.3% for fiscal 2024, compared to 15.4% for fiscal 2023.
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 business segment to four business segments.
Specialty — includes, among others, the Crisco, Clabber Girl, Bear Creek, Polaner, Underwood, B&G, Grandma’s, New York Style, Don Pepino, Sclafani, B&M, Baker’s Joy, Regina, TrueNorth, Static Guard, SugarTwin and Brer Rabbit brands.
Meals — includes, among others, the Ortega, Maple Grove Farms, Cream of Wheat, Las Palmas, Victoria, 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, Spice Islands, Weber, Ac’cent, Tone’s, Trappey’s, Durkee and Wright’s brands.
Specialty Segment Results
Specialty segment results were as follows (dollars in thousands):
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Fourth Quarter |
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Fiscal Year |
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Ended |
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Ended |
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December 28, |
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December 30, |
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December 28, |
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December 30, |
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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Specialty segment net sales |
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$ |
216,732 |
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$ |
227,263 |
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$ |
(10,531 |
) |
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(4.6 |
)% |
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$ |
679,076 |
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$ |
722,429 |
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$ |
(43,353 |
) |
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(6.0 |
)% |
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Specialty segment adjusted expenses |
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156,786 |
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170,059 |
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(13,273 |
) |
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(7.8 |
)% |
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508,939 |
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552,016 |
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(43,077 |
) |
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(7.8 |
)% |
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Specialty segment adjusted EBITDA |
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$ |
59,946 |
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$ |
57,204 |
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$ |
2,742 |
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4.8 |
% |
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$ |
170,137 |
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$ |
170,413 |
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$ |
(276 |
) |
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(0.2 |
)% |
For the fourth quarter and full year 2024, the decrease in Specialty segment net sales was primarily due to lower Crisco pricing, driven by decreased commodity costs, coupled with modest declines in volumes across the Specialty business unit in the aggregate. The increase in Specialty segment adjusted EBITDA for the fourth quarter of 2024 was primarily due to decreased costs in certain raw materials, partially offset by a decrease in net sales. Specialty segment adjusted EBITDA was essentially flat for fiscal year 2024 primarily due to lower net sales, mostly offset by decreased costs in certain raw materials and favorable product mix.
Meals segment results
Meals segment results were as follows (dollars in thousands):
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Fourth Quarter |
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Fiscal Year |
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Ended |
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Ended |
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December 28, |
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December 30, |
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December 28, |
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December 30, |
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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Meals segment net sales |
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$ |
122,895 |
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$ |
125,327 |
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$ |
(2,432 |
) |
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(1.9 |
)% |
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$ |
462,397 |
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$ |
477,567 |
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$ |
(15,170 |
) |
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(3.2 |
)% |
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Meals segment adjusted expenses |
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94,635 |
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97,239 |
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(2,604 |
) |
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(2.7 |
)% |
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361,344 |
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374,521 |
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(13,177 |
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(3.5 |
)% |
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Meals segment adjusted EBITDA |
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$ |
28,260 |
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$ |
28,088 |
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$ |
172 |
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0.6 |
% |
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$ |
101,053 |
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$ |
103,046 |
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$ |
(1,993 |
) |
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(1.9 |
)% |
For the fourth quarter and full year 2024, the decrease in Meals segment net sales was primarily due to a decrease in volumes across the Meals business unit in the aggregate, partially offset by an increase in net pricing and product mix. Meals segment adjusted EBITDA was essentially flat for the fourth quarter of 2024. The decrease in Meals segment adjusted EBITDA for fiscal 2024 was primarily due to a decrease in net sales.
Frozen & Vegetables segment results
Frozen & Vegetables segment results were as follows (dollars in thousands):
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Fourth Quarter |
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Fiscal Year |
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Ended |
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Ended |
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December 28, |
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December 30, |
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December 28, |
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December 30, |
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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Frozen & Vegetables segment net sales |
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$ |
110,137 |
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$ |
128,546 |
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$ |
(18,409 |
) |
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(14.3 |
)% |
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$ |
395,785 |
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$ |
473,570 |
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$ |
(77,785 |
) |
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(16.4 |
)% |
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Frozen & Vegetables segment adjusted expenses |
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113,412 |
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127,117 |
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(13,705 |
) |
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(10.8 |
)% |
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386,263 |
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446,482 |
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(60,219 |
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(13.5 |
)% |
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Frozen & Vegetables segment adjusted EBITDA |
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$ |
(3,275 |
) |
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$ |
1,429 |
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$ |
(4,704 |
) |
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(329.2 |
)% |
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$ |
9,522 |
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$ |
27,088 |
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$ |
(17,566 |
) |
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(64.8 |
)% |
For the fourth quarter and full year 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 $15.9 million and $64.5 million, respectively), a decrease in net pricing and a decline in volumes. The decrease in Frozen & Vegetables segment adjusted EBITDA was primarily due to the negative impact of foreign currency on Green Giant raw material and manufacturing costs, an increase in raw material costs, the Green Giant U.S. shelf-stable divestiture and a decrease in net sales.
Spices & Flavor solutions segment results
Spices & Flavor Solutions segment results were as follows (dollars in thousands):
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Fourth Quarter |
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Fiscal Year |
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Ended |
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Ended |
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December 28, |
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December 30, |
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December 28, |
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December 30, |
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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Spices & Flavor Solutions segment net sales |
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$ |
101,804 |
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$ |
96,992 |
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$ |
4,812 |
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5.0 |
% |
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$ |
395,196 |
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$ |
388,747 |
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$ |
6,449 |
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1.7 |
% |
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Spices & Flavor Solutions segment adjusted expenses |
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75,781 |
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71,612 |
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4,169 |
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5.8 |
% |
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284,348 |
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276,502 |
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7,846 |
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2.8 |
% |
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Spices & Flavor Solutions segment adjusted EBITDA |
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$ |
26,023 |
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$ |
25,380 |
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$ |
643 |
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2.5 |
% |
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$ |
110,848 |
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$ |
112,245 |
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$ |
(1,397 |
) |
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(1.2 |
)% |
For the fourth quarter and full year 2024, the increase in Spices & Flavor Solutions segment net sales was primarily due to increased volumes across the Spices & Flavor Solutions business unit in the aggregate. Fourth quarter 2024 Spices & Flavor Solutions segment net sales also benefited from higher net pricing and product mix. Fiscal year 2024 Spices & Flavor Solutions net sales were negatively impacted by lower net pricing and product mix. The increase in Spices & Flavor Solutions segment adjusted EBITDA for the fourth quarter of 2024 was primarily due to the increase in net sales, partially offset by increases in raw material costs. The decrease in Spices & Flavor Solutions segment adjusted EBITDA for fiscal 2024 was primarily due to increases in trade spending, the impact of product mix and increases in raw material costs, partially offset by an increase in net sales.
Impairment of Intangible Assets
The Company annually tests its indefinite-lived intangible assets at least annually and whenever events or circumstances occur indicating that goodwill or indefinite-lived intangible assets might be impaired. The Company tests indefinite-lived intangible assets by comparing the fair values with the carrying values and recognize a loss for the difference. Estimating the fair value for these purposes requires significant estimates and assumptions by management, including future cash flows consistent with management’s expectations, annual sales growth rates, and certain assumptions underlying a discount rate based on available market data. Significant management judgment is necessary to estimate the impact of competitive operating, macroeconomic and other factors to estimate the future levels of sales and cash flows.
Our annual impairment testing during the fourth quarter of 2024 resulted in the Company recording pre-tax, non-cash impairment charges of $320.0 million related to intangible trademark assets for the Green Giant, Victoria, Static Guard and McCann’s brands. Green Giant is part of the Frozen & Vegetables segment; Victoria and McCann’s are part of the Meals segment; and Static Guard is part of the Specialty segment. These charges reflect partial impairments of each brand as net sales and contributions to the Company’s operating results for each of these brands have not met the Company’s expectations.
As previously reported, in connection with the Company’s transition from one reportable segment to four reportable segments during the first quarter of 2024, the Company reassigned assets and liabilities, including goodwill, between four reporting units (which are the same as the Company’s reportable segments) and completed a goodwill impairment test, both prior to and subsequent to the change, comparing the fair values of the reporting units to the carrying values. 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 unit during the first quarter of 2024.
Full Year Fiscal 2025 Guidance
For fiscal 2025, net sales are expected to be $1.890 billion to $1.950 billion, adjusted EBITDA is expected to be $290.0 million to $300.0 million, and adjusted diluted earnings per share are expected to be $0.65 to $0.75.
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, February 25, 2025 to discuss fourth 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 business segments), “segment adjusted expenses” (primarily includes cost of goods sold and other expenses incurred by the Company’s business segments to run day-to-day operations, excluding unallocated corporate items, depreciation and amortization, acquisition/divestiture-related and non-recurring expenses, impairment of intangible assets, goodwill and assets held for sale, gains and losses on sales of assets, interest expense, and income tax expense or benefit), “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.
Contacts
Investor Relations:
ICR, Inc.
Anna Kate Heller
Media Relations:
ICR, Inc.
Matt Lindberg
203.682.8214
