Q2 2024 B&G Foods Inc Earnings Call Transcript
Key Points
- Net sales for the Spices & Flavor Solutions business unit increased by 4.9% compared to last year, indicating strong performance in this segment.
- The Meals segment saw an increase in segment adjusted EBITDA by 3.9%, showing improved cost control and productivity.
- B&G Foods Inc (BGS) reported a decrease in corporate central expenses, reflecting a moderation in insurance and other fixed costs.
- The company has successfully refinanced its long-term debt, pushing maturity dates further into the future, which improves financial stability.
- B&G Foods Inc (BGS) is actively reshaping its portfolio to focus on higher-margin and cash flow-generating segments, such as spices and seasonings.
- Base business net sales decreased by approximately 1.5% compared to the previous year, excluding Crisco.
- Adjusted EBITDA for Q2 decreased by $4.5 million compared to the second quarter of 2023.
- Foodservice sales declined by 3%, reflecting ongoing challenges in the restaurant industry.
- The Frozen & Vegetables segment experienced a significant decline in adjusted EBITDA, partly due to foreign exchange impacts.
- Net interest expense increased due to higher interest rates on long-term debt, impacting overall profitability.
Good day, and welcome to the B&G Foods, Inc. Second Quarter 2024 Financial Results Conference Call. Today's call, which is being recorded is scheduled to last about one hour, including remarks by B&G Foods Management and the question-and-answer session.
I would now like to turn the call over to AJ Schwab, Senior Associate, Corporate Strategy and Business Development for B&G Foods. AJ?
Good afternoon and thank you for joining us. With me today are Casey Keller, our Chief Executive Officer, and Bruce Wacha, our Chief Financial Officer. You can access detailed financial information on the quarter in the earnings release we issued today, which is available at the Investor Relations section of bgfoods.com.
Before we begin our formal remarks, I need to remind everyone that part of the discussion today includes forward-looking statements. These statements are not guarantees of future performance and therefore, undue reliance and should not be placed upon them. We
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