What were the key takeaways from B&G Foods’s earnings call?

What is the market's earnings forecast for B&G Foods next quarter?

What guidance did B&G Foods's management provide for the next earnings period?

What were the key takeaways from B&G Foods's earnings call?

Did B&G Foods beat or miss consensus estimates last quarter?

What does B&G Foods do and what are its main business segments?

What is B&G Foods's gross profit margin?

What factors drove the changes in B&G Foods's revenue and profit?

- **Portfolio Transformation**: Sold Green Giant U.S. Frozen for $63.2M, acquiring broth brands for $11.5M deposit, targeting 50bps leverage reduction.
- **2026 Growth**: Base business net sales +0.4% YoY, with Q1 2026 up 4% YoY, driven by spices & seasonings and colder weather demand.
- **Financial Discipline**: Reduced net debt to $1.912B, guiding to 6.0x leverage by mid-2026. Tariffs reduced FY25 EBITDA by $9.5M, with pricing recovery underway.
- **Risk Management**: Monitoring soybean oil inflation and supply chain disruptions, with 2026 input costs expected to be modest.

**【CEO Summary Section】**
- **Portfolio Restructuring**: Divested Green Giant U.S. Frozen business to Seneca Foods for $63.2M, with co-pack sales expected to generate $80M annually. Acquired Del Monte's collagen and Kitchen Basics broth businesses, targeting $18M-$22M in EBITDA contribution.
- **Q4 2025 Performance**: Base business net sales down 2.4% YoY (improved from Q3's 2.7% decline), driven by spices & seasonings (+4.2%) and cost savings. Adjusted EBITDA $84.7M, impacted by $4.4M tariffs.
- **2026 Outlook**: Guidance of $1.655B-$1.695B net sales and $265M-$275M EBITDA. Base business trends expected to improve to +0.4% YoY, with Q1 2026 up 4% YoY through February.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Net sales $539.6M, net loss $15.2M, adjusted EBITDA $84.7M (15.7% of net sales). Fiscal 2025 adjusted EBITDA $272.2M (14.9% of net sales).
- **Cost Management**: Tariffs reduced EBITDA by $9.5M in FY25, with pricing recovery underway. COGS improved 120bps YoY in Q4. Net debt reduced to $1.912B, targeting 6.0x leverage by mid-2026.
- **2026 Guidance**: Excludes Green Giant Canada divestiture and broth acquisition impacts. Seeks to reduce leverage below 5.5x through divestitures and acquisitions.

**【Q&A Key Highlights】**
- **Sales Momentum**: Q1 2026 base business up 4% YoY, driven by colder weather boosting baking staples and lapping inventory reductions.
- **Brand Support**: 2026 marketing spend expected to be flat to slightly up, focused on core brands like Ortega and Crisco.
- **Tariff Impact**: Pricing actions to recover $9.5M tariffs in FY25, with elasticity limited to low single digits.
- **Input Costs**: Watching soybean oil inflation, which could impact margins if conflicts disrupt supply chains.

B&G Foods, Inc.(BGS)-20260304-2025 Q4 Earnings call transcript

- **Revenue Resilience**: Q3 net sales $439.3M (-4.7% YoY), with base business down 2.7% YoY. Frozen & Vegetables EBITDA up $3M, Spices net sales +2.1%.
- **Divestiture Progress**: Green Giant Canada divestiture expected Q4 close. U.S. Frozen divestiture in process, targeting 20% EBITDA margin and 6x leverage by mid-2026.
- **Cost Efficiency**: $10M annualized cost savings initiative underway, with Q3 SG&A down $2M. Q4 expects additional savings from COGS and trade spending.
- **Tariff Mitigation**: Tariffs reduced EBITDA $3.5M in Q3. Pricing actions effective Nov. 2025 to offset tariffs, with elasticity ~0.5-0.6%.
- **Leverage Reduction**: Target 6x by mid-2026 (from 6.88x Q3). Long-term goal 4.5-5.5x leverage.

**【CEO Summary Section】**
- **Q3 Performance**: Net sales of $439.3 million (-4.7% YoY), adjusted EBITDA of $70.4 million (flat YoY). Base business net sales down 2.7% YoY, excluding divestitures.
- **Divestitures Impact**: Removed $10.3 million in net sales and $3.2 million in EBITDA. Green Giant Canada divestiture expected to close late Q4 or Q1 2026. U.S. Frozen & Vegetables divestiture in progress.
- **Cost Savings**: $10 million annualized cost savings initiative underway, with $2 million SG&A reduction in Q3. Q4 expects additional savings from COGS, trade spending, and SG&A.
- **Segment Highlights**: Frozen & Vegetables EBITDA up $3 million due to favorable crop costs; Spices & Seasonings net sales +2.1%, but EBITDA down due to tariffs. Crisco net sales down 4.1% but EBITDA flat.
- **Outlook**: Q4 net sales flat (excluding 53rd week), EBITDA growth. Target 2026 leverage ratio of ~6x, with long-term goal of 4.5-5.5x.

**【CFO Financial Commentary】**
- **Financials**: GAAP net income $420 million, Non-GAAP EPS $1.08. Adjusted EBITDA margin 16%. COGS as % of sales improved 40bps YoY. Tariffs reduced EBITDA by $3.5 million in Q3.
- **Leverage**: Consolidated leverage 6.88x (seasonal peak). Target 6x by mid-2026 via divestitures and EBITDA growth. 35-40% debt tied to SOFR; 100bps rate cut saves ~$7 million annually.
- **Cash Flow**: Q3 net cash from operations negative due to inventory timing. Divestiture proceeds and EBITDA growth to reduce debt.
- **Guidance**: FY25 net sales $1.82-1.84B, EBITDA $273-280M. FY26 interest expense $147.5-152.5M, CapEx $30-35M.

**【Q&A Highlights】**
- **Sales Guidance**: Narrowed range to reflect divestitures and Q3 trends. Q4 base business net sales -2% to -3% YoY, offset by 53rd week (+2-3%).
- **Tariffs & Pricing**: Tariffs reduced EBITDA $5.1M YTD. Pricing actions to offset tariffs effective Nov. 2025. Elasticity expected ~0.5-0.6%.
- **Leverage Reduction**: 6x target by mid-2026 assumes completion of Green Giant divestitures. Long-term goal 4.5-5.5x.
- **SNAP Impact**: Early signs of SNAP cuts affecting consumer spending, but impact on B&G sales unclear.
- **Working Capital**: Q3 inventory build for Crisco/Clabber offset by divestiture proceeds. Q4 leverage improvement expected.

B&G Foods, Inc. (BGS) Q3 2025 Earnings Call Transcript

- **Q2 Results**: Net sales down 4.5% YoY ($424.4M), EBITDA -9.3% YoY ($58M). Frozen & vegetables segment dragged by higher costs, trade spend. 
- **Portfolio Restructuring**: Divested Don Pepino, Scalfani, Le Sueur US ($14M, $14M, $36M annual sales). Target: 20% EBITDA margin, <6x leverage. 
- **Back-Half Outlook**: Flat to +1% net sales, EBITDA growth. Frozen vegetables expected to turn profitable (+$8-10M EBITDA). 
- **Tariff Impact**: $1.6M Q2 (spices). Pricing actions to recover costs, but lag due to retailer timelines. 
- **Debt Reduction**: Target <6x leverage by end-2025 (current: ~7x).

**【CEO Summary Section】**
- Q2 2025 net sales: $424.4M (-4.5% YoY), base business down 4.2%. Adjusted EBITDA: $58M (-9.3% YoY). Frozen & vegetables segment EBITDA down $6.5M due to higher corn/pea costs, trade spend, and Walmart rollback end. Specialty segment EBITDA up 3% despite 8% net sales decline (Crisco pricing). Divestitures (Don Pepino, Scalfani, Le Sueur US) removed $1.4M net sales. 
- Portfolio reshaping goals: 20% EBITDA margin, <6x leverage, $15-20M annual cost savings. Back-half 2025 outlook: flat to +1% net sales, EBITDA growth. Frozen vegetables expected to turn profitable (+$8-10M EBITDA) with lower crop costs, MX manufacturing benefits. 
- Tariff mitigation: $1.6M Q2 impact (spices). Pricing actions to recover costs, but lag due to retailer timelines. Debt reduction target: <6x within 12 months via divestiture proceeds and cash flow.

**【CFO Financial Commentary】**
- Q2 2025: GAAP net loss $24.4M, adjusted EBITDA $58M (13.7% of sales). Base business net sales ex-divestitures down 4.2% YoY. Specialty segment EBITDA up 3% vs. 7.1% net sales decline. Frozen & vegetables net sales down 2.8% YoY, volumes up despite category challenges. 
- Gross profit: $89.1M (21% of sales). Promotional trade spend up 120bps YoY (Easter timing). SG&A up 9.4% YoY ($4.1M increase). Cash flow: $17.8M Q2, $70.6M YTD. Net debt: $1.957B (pro forma $1.9B post-Le Sueur sale). 
- FY2025 guidance: Net sales $1.83-1.88B, EBITDA $273-283M, EPS $0.50-0.60. Excludes potential tariff impacts. Interest expense: $147.5-152.5M. Depreciation: $47.5-52.5M. Tax rate: 26-27%. CapEx: $30-35M.

**【Q&A Highlights】**
- **Guidance Clarification**: Base business net sales ex-divestitures expected down 1-2% H2, with 53rd week adding 2-3% Q4. July/August trends: -2% net sales. 
- **Tariff Mitigation**: Spices & Flavor Solutions most impacted (garlic, black pepper). Pricing actions underway, but partial recovery in Q4. 
- **Divestitures**: Proceeds from Le Sueur sale ($59M) to reduce debt. Additional divestitures in pipeline. 
- **Frozen Vegetables**: EBITDA improvement expected with favorable crop costs, MX manufacturing benefits. 
- **Leverage Target**: <6x by end-2025 (current: ~7x).

B&G Foods, Inc. (BGS) Q2 2025 Earnings Call Transcript

- **Q1 2025 Results**: Net sales down 10.5% to $425.4M, EBITDA decline of $15.9M driven by Green Giant U.S. business. 
- **Key Risks**: Tariffs on spices (China/Vietnam), retailer inventory destocking ($15M impact), and elevated promotional spending (+175bps margin pressure). 
- **Cost Control**: $10M FY25 savings initiatives (SG&A, trade spend) with $15M-$20M annual run rate. 
- **Green Giant Recovery**: April sales up mid-single digits despite Easter timing shift, signaling stabilization in frozen veg category. 
- **Debt Reduction**: Cash flow improvement ($52.7M Q1) lowers debt to $1.967B, targeting leverage below 5.5x. 


**【CEO Opening Remarks】**
- Q1 2025 net sales declined 10.5% YoY to $425.4M, driven by a 20% drop in January and inventory destocking by retailers. Adjusted EBITDA fell $15.9M to $59.1M, with 67% of the decline attributed to the U.S. Frozen & Vegetables (Green Giant) business.
- Key challenges: consumption trends down 6% YoY (improving to -2% in April), Easter timing shift ($8M sales impact), and elevated promotional spending to support Green Giant share.
- Revised FY25 guidance: Net sales $1.86B-$1.91B (vs. prior $1.92B-$2.0B), adjusted EBITDA $280M-$290M (down $10M from prior range). Cost-saving initiatives targeting $10M in FY25 savings ($15M-$20M annual run rate).

**【CFO Financial Details】**
- Gross profit margin contracted to 21.3% (vs. 23.1% YoY), driven by 175bps increase in promotional trade spend. SG&A expenses rose 1.1% to $49.1M, with 80% of raw materials sourced in the U.S./Mexico (mitigating tariff risks).
- By segment:
  - **Frozen & Vegetables**: Net sales down 11.2%, EBITDA negative $1.5M (vs. $7.8M YoY) due to $6M in promotions and $2M in seasonal pack costs.
  - **Spices & Flavor Solutions**: Sales down 4%, EBITDA down 8.4% due to raw material inflation (black pepper, garlic).
- Strong cash flow ($52.7M Q1 vs. $35.1M YoY) reduced debt to $1.967B, targeting leverage below 5.5x.

**【Q&A Highlights】**
- **Tariff Risks**: 90%+ of sales in U.S., 80%-85% of sourcing in U.S./Mexico. Spices (garlic, black pepper) from China/Vietnam face up to 150% tariffs, but U.S.-Mexico trade compliance protects Green Giant. 
- **Inventory Reset**: Retailers reduced weeks of supply by ~2 weeks, causing $15M Q1 sales impact. Management expects partial normalization but no full recovery.
- **Promotional Strategy**: Short-term trade investments (+175bps) to defend Green Giant share, with April sales rebounding mid-single digits despite pullback in promotions.
- **Portfolio Reshaping**: Actively exploring divestitures of non-core assets (e.g., frozen/canned vegetables) to redeploy capital into spices, baking staples, and M&A.


B&G Foods, Inc. (BGS) Q1 2025 Earnings Call Transcript

- **Q4 2024 Stronger Than Expected**: Adjusted EBITDA of $86.1M (15.6% margin) beat internal targets, driven by cost savings and stable volumes in Spices & Flavor Solutions.
- **2025 Outlook**: Guided to $1.89B-$1.95B net sales, with H2 sequential improvement. Partial 53rd week benefit of $10M-$15M in Q4 2025.
- **Portfolio Restructuring Priority**: $320M intangible asset impairments highlight need to divest underperforming Frozen Vegetables business, targeting 20% EBITDA margin by 2025.
- **Key Risks**: $70M Canadian maple syrup exports exposed to U.S.-Mexico tariffs; Q1 2025 sales softer than expected due to consumer caution.
- **Cash Management**: Reduced inventory by 17% YoY; net debt stable at $1.99B, with no near-term maturities beyond 2027.


**【CEO Summary Section】**
- **Q4 2024 Performance**: Net sales of $551.6 million, adjusted EBITDA of $86.1 million (15.6% of net sales). Base business net sales declined 0.4% YoY, outperforming prior quarters. Spices & Flavor Solutions unit grew 5% YoY.
- **FY 2024 Challenges**: Base business net sales down 3.3% YoY, adjusted EBITDA down 7.1% YoY. Impacted by consumer inflation adjustments and elevated input costs (e.g., black pepper, olive oil).
- **2025 Guidance**: Net sales $1.89B-$1.95B, adjusted EBITDA $290M-$300M. Expect sequential improvement in base business net sales, driven by lapping consumer behavior changes.
- **Portfolio Restructuring**: Strategic review of Frozen & Vegetables business for potential divestiture. Aiming for adjusted EBITDA margin of ~20% and leverage below 5x.

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: GAAP net loss $222.4M (due to $320M intangible asset impairments), adjusted net income $24.6M. Adjusted gross profit margin 22.2%, up 0.3pts YoY. Operating expenses down 5.5% YoY.
- **Business Unit Performance**: 
  - **Specialty**: Adjusted EBITDA up 4.8% YoY, driven by cost savings.
  - **Meals**: Adjusted EBITDA flat YoY, with volume declines offset by margin improvements.
  - **Frozen & Vegetables**: Adjusted EBITDA down 13% YoY, impacted by foreign currency and pack cost increases.
  - **Spices & Flavor Solutions**: Adjusted EBITDA up 2.5% YoY, benefiting from volume growth and pricing.
- **Balance Sheet**: Net debt $1.99B at Q4 end, down $56M QoQ. Inventory reduced 17% YoY to $511.2M.

**【Q&A Key Takeaways】**
- **Tariff Risk**: Potential U.S.-Mexico tariffs could impact $70M in Canadian maple syrup exports. Modeling assumes status quo for guidance.
- **Consumer Trends**: Q1 2025 softer than expected, but expect stabilization in H2 as consumers lap inflation-driven behavior changes.
- **Free Cash Flow**: 2024 cash from operations comparable to 2023, with no major inventory-driven boosts in 2025.
- **Segment Strategy**: 
  - **Spices & Flavor Solutions**: Target 2-3% growth driven by perimeter grocery trends.
  - **Meals**: Invest in Mexican taco category innovation for long-term growth.
  - **Specialty**: Manage for margins, not top-line growth.
  - **Frozen Vegetables**: Under strategic review; may divest to simplify portfolio.


Actual											0.46	0.71	0.74	0.35	0.52	0.41	0.55	0.39	0.34	0.07	0.31	0.4	0.27	0.15	0.27	0.3	0.18	0.08	0.13	0.31	0.04	0.04	0.15	0.28
Forecast											0.4757	0.6011	0.663	0.4418	0.5544	0.49	0.5611	0.4244	0.3857	0.2104	0.3185	0.2171	0.25	0.0959	0.2336	0.2849	0.2082	0.094	0.1986	0.3014	0.1408	0.0592	0.1106	0.296
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.30%	+18.12%	+11.61%	-20.78%	-6.20%	-16.33%	-1.98%	-8.11%	-11.85%	-66.73%	-2.67%	+84.25%	+8.00%	+56.41%	+15.58%	+5.30%	-13.54%	-14.89%	-34.54%	+2.85%	-71.59%	-32.43%	+35.62%	-5.41%

BGS

BGS fundamentals

BGS Q4 2025 Earnings

Earnings Call

You can ask Aime

BGS

BGS fundamentals

BGS Q4 2025 Earnings

Earnings Call

BGS Earnings Call Summary for Q4/20254:30 PM on Mar 3, 2026

BGS Earnings Call Summary for Q3/20254:30 PM on Nov 5, 2025

BGS Earnings Call Summary for Q2/20254:30 PM on Aug 4, 2025

BGS Earnings Call Summary for Q1/20254:30 PM on May 7, 2025

BGS Earnings Call Summary for Q4/20244:30 PM on Feb 25, 2025

You can ask Aime