Q3 2024 B&G Foods Inc Earnings Call Transcript
Key Points
- B&G Foods Inc (BGS) reported a positive trend in their Spices and Flavor Solutions business, with a 2.6% increase in net sales for Q3.
- The company has launched a new line of licensed seasoning and grilling blends under the Four Sixes brand, which is expected to enhance their product offerings.
- B&G Foods Inc (BGS) is committed to reshaping and restructuring their portfolio to improve margins and cash flow, which is a high priority for future strategic direction.
- The company has successfully refinanced their debt, eliminating near-term maturities and reducing interest expense exposure to floating rates.
- B&G Foods Inc (BGS) is focusing on productivity efforts to drive margin improvement and offset inflation, with plans to increase these efforts to 3% of net sales next year.
- Net sales for the third quarter were below expectations, with a decrease in base business net sales by approximately 3% compared to the previous year.
- The company experienced increased competitive activity in several categories, notably in vegetable oil and the Mexican category, impacting sales.
- Adjusted EBITDA for Q3 decreased by $10 million compared to the same period in 2023, partly due to divestitures and foreign exchange impacts.
- B&G Foods Inc (BGS) revised their fiscal 2024 guidance downward, reflecting slower recovery in center store trends and a challenging consumer environment.
- The company is facing isolated inflation in certain categories such as black pepper and garlic, which continues to pressure costs.
Good day and welcome to the B&G Foods third quarter 2024 earnings 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 Schwabe Senior Associate Corporate Strategy and Business Development for B&G Food.
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Good afternoon. And thank you for joining us with me. Today are Kenneth 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 B&GFOODS.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 should not be placed upon them.
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