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Moving forward, we expect to see gradual recovery and stabilization in fiscal year 2025 with sequential improvement between the first and second halves of the year. | positive | yahoo_finance | en |
Third quarter net sales increased 2.6% versus the third quarter of fiscal year '23, aided by the growth of the fresh fruit perimeter in grocery. | positive | yahoo_finance | en |
This segment represents B&G Foods' highest segment adjusted EBITDA as a percentage of net sales. | neutral | yahoo_finance | en |
Segment adjusted EBITDA was down modestly behind the timing of some foodservice trade spend, increases in certain raw material costs, and product mix. | negative | yahoo_finance | en |
Impacted by competitive pressure from increased activity by the Taco Bell brand, although, we have a strong pipeline of channel and product innovation coming. | negative | yahoo_finance | en |
Skinnygirl salad dressings continued high growth behind new items, increased capacity, and expanded distribution. | positive | yahoo_finance | en |
Specialty segment adjusted EBITDA was down less than net sales, 6.2% due to lower soybean oil costs. | negative | yahoo_finance | en |
Frozen and Vegetables, the Frozen and Vegetables business unit net sales, excluding the impact of the U.S. Green Giant canned divestiture were down 1.7% versus last year, an improvement from prior quarter trends and reflecting some overall category softness in frozen vegetables. | negative | yahoo_finance | en |
Excluding the divested Green Giant U.S. shelf stable business and the impact of foreign exchange from the peso, segment adjusted EBITDA for Frozen and Vegetables was positive for the quarter. | neutral | yahoo_finance | en |
This fall, we have launched a strong innovation pipeline including a number of premium sides. | positive | yahoo_finance | en |
Portfolio shaping, B&G Foods remains committed to reshaping and restructuring our portfolio to sharpen focus, improve margins and cash flow, and maximize future value creation. | positive | yahoo_finance | en |
The divestiture of the Green Giant U.S. canned vegetable business was completed last fall following the state (ph) Back to Nature brand in January 2023. | neutral | yahoo_finance | en |
We continue to remain -- review our remaining portfolio for possible divestiture of non-core assets, including the possible divestiture and sale of some or all of the assets in the Frozen and Vegetables business unit. | neutral | yahoo_finance | en |
However, it may not be the right fit with B&G Foods' focus and capabilities, particularly since there are no plans to add more assets in the frozen portfolio given the opportunities in our core shelf stable businesses, and overall capital constraints. | neutral | yahoo_finance | en |
In anticipation of questions we often receive during the Q&A portion of these earnings calls, I remind you that our company policy is to not comment on any specific acquisition or divestiture opportunities unless and until we reach an agreement with a counterparty. | neutral | yahoo_finance | en |
As such, other than the general statements we have made regarding the review of possible divestitures and our commitment to reshape and restructure our portfolio, we will not have further comment at this time regarding specific divestiture opportunities or possible timing. | neutral | yahoo_finance | en |
And I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for the remainder of the year. | neutral | yahoo_finance | en |
In the third quarter of 2024, we generated $461.1 million in net sales, $70.4 million in adjusted EBITDA, adjusted EBITDA as a percentage of net sales | neutral | yahoo_finance | en |
[Technical Difficulty] and $0.13 in adjusted diluted earnings per share. | neutral | yahoo_finance | en |
The decline in base business net sales is comparable to our consumption data as per Nielsen, which showed a decline of approximately 5% for the 13 weeks ended September 28th, 2024. | negative | yahoo_finance | en |
$22.6 million of the decline in base business net sales or 4.7 percentage points of the decline -- was driven by lower volumes and $0.4 million or 0.1 percentage points were driven by the negative impact of foreign currency. | negative | yahoo_finance | en |
Net sales for our Crisco brand decreased by $9.4 million for the third quarter of 2024 as compared to the third quarter of 2023, largely as a result of our commodity pricing model for the brand, which resulted in a net pricing decline of approximately $3.5 million to reflect lower soybean oil commodity costs coupled wi... | negative | yahoo_finance | en |
Gross profit was $102.3 million for the third quarter of 2024 or 22.2% of net sales. | neutral | yahoo_finance | en |
Adjusted gross profit, which excludes the negative impact of $0.1 million of acquisition, divestiture-related expenses and non-recurring expenses, included in cost of goods sold during the third quarter of 2024 was $102.4 million, or 22.2% of net sales. | neutral | yahoo_finance | en |
Gross product -- excuse me, gross profit was $113.8 million for the third quarter of 2023 or 22.6% of net sales. | neutral | yahoo_finance | en |
Adjusted gross profit, which excludes the negative impact of $0.3 million of acquisition, divestiture-related expenses, and non-recurring expenses included in the cost of goods sold during the third quarter of 2023 was $114.1 million, or 22.7% of net sales. | neutral | yahoo_finance | en |
While we are continuing to see input cost inflation with regards to raw material costs across our basket of inputs and in our factories, the cost increases have continued to be mostly modest thus far this year. | negative | yahoo_finance | en |
Helping to mitigate those cost increases, our continued favorability in some areas that saw the most extreme input cost inflation in 2022 and 2023, such as soybean oil, cans, and logistics, as well as through our continuous improvement, productivity efforts and cost savings initiatives in our factories. | positive | yahoo_finance | en |
The decrease was composed of decreases in consumer marketing expenses of $1.2 million, warehouses expenses of $0.9 million, selling expenses of $0.8 million, and acquisition, divestiture-related and non-recurring expenses of $0.6 million, partially offset by an increase in general and administrative costs of $1.3 milli... | positive | yahoo_finance | en |
As I mentioned earlier, we generated approximately $70.4 million of adjusted EBITDA, or 15.3% of net sales in the third quarter of 2024 compared to $80.4 million, or 16% in the third quarter of 2023. | negative | yahoo_finance | en |
Approximately $2 million of the decrease in adjusted EBITDA for the quarter was the result of the divestiture of the Green Giant U.S. shelf stable product line, which we sold last fall. | negative | yahoo_finance | en |
An additional $1.5 million or so of the adjusted EBITDA decline resulted from the negative impact of foreign currency relative to the impact in the year-ago period on our cost of goods sold for the portion of our Green Giant frozen vegetables that are produced in our manufacturing facility in Mexico. | negative | yahoo_finance | en |
The remainder of the decline was largely driven by the decline in our net sales and a modest increase in our raw material costs. | negative | yahoo_finance | en |
The increase was primarily driven by approximately $3.1 million of charges related to our recent financing as well as the impact of higher interest rates on our long-term debt during the third quarter of 2024 compared to the third quarter of 2023. | negative | yahoo_finance | en |
These increases were offset in part due to lower average debt outstanding in the quarter, relative to the prior year quarter. | positive | yahoo_finance | en |
Depreciation and amortization was $17.2 million in the third quarter of 2024, which is in line with the $17.3 million in the third quarter of last year. | neutral | yahoo_finance | en |
We had net income of $7.5 million or $0.09 per diluted share and adjusted net income of $10.1 million or $0.13 per diluted share in the third quarter of 2024. | positive | yahoo_finance | en |
In the third quarter of 2023, we had a net loss of $82.7 million, or $1.11 per diluted share and adjusted net income of $20.5 million, or 27% -- $0.27 per adjusted diluted share. | negative | yahoo_finance | en |
Adjustments to our EBITDA and our net income are described further in our earnings release. | neutral | yahoo_finance | en |
The decrease was primarily due to lower Crisco pricing driven by decreased commodity costs coupled with modest declines in volumes across the business unit and the aggregate. | negative | yahoo_finance | en |
Specialty segment adjusted EBITDA decreased by $2.7 million, or 6.2%, in the third quarter of 2024 compared to the third quarter of 2023 Net sales for meals decreased by $4.5 million or 3.9% in the third quarter of 2024 to $111.6 million from $116.1 million for the third quarter of 2023. | negative | yahoo_finance | en |
The decrease was primarily due to lower volumes across the business unit, partially offset by a modest increase in net pricing and product mix. | negative | yahoo_finance | en |
Meals segment adjusted EBITDA decreased by $2.4 million or 9.5% compared to the third quarter of 2023. | negative | yahoo_finance | en |
Frozen and vegetable net sales, excluding the impact of the Green Giant U.S. shelf stable product line divestiture were down by $1.6 million or 1.7% of -- versus the prior year. | negative | yahoo_finance | en |
Segment adjusted EBITDA decreased by $3.2 million compared to the third quarter of 2023. | negative | yahoo_finance | en |
Approximately $2 million of the decline was due to the divestiture of the Green Giant U.S. shelf stable product line and an additional $1.5 million or so from the negative impact of foreign currency relative to the prior year period on our cost of goods sold for the portion of our Green Giant frozen vegetable products ... | negative | yahoo_finance | en |
Excluding these amounts, segment adjusted EBITDA increased marginally in the third quarter as compared to the prior year. | positive | yahoo_finance | en |
The increase was primarily due to higher volumes across the business unit. | positive | yahoo_finance | en |
Spices and Flavor Solutions segment adjusted EBITDA decreased by $1.6 million or 5.2% in the third quarter of 2024 compared to the third quarter of 2023. | negative | yahoo_finance | en |
The decrease in segment adjusted EBITDA was largely driven by a combination of an increase in trade spending and product mix and an increases in raw material costs such as black pepper and garlic. | negative | yahoo_finance | en |
Now moving on to our balance sheet. | neutral | yahoo_finance | en |
As you likely saw, we continue to update our balance sheet. | neutral | yahoo_finance | en |
Additionally, we now have just over 35% of our long-term debt tied to floating rates or SOFR. | neutral | yahoo_finance | en |
A 50 basis point decrease in rates would reduce our interest expense by approximately $3.5 million to $4 million on an annualized rate. | positive | yahoo_finance | en |
Further details regarding the refinancing transactions have previously been disclosed by press release and 8-K filings and are described in the footnotes to the financial statements that we filed earlier today as part of our 10-Q. And finally, as noted in our earnings press release, we are revising our fiscal 2024 guid... | negative | yahoo_finance | en |
At the midpoint, our net sales guidance is based on our first three-quarters of 2024 net sales of approximately $1.381 billion and projected base business net sales decline of approximately 2% to 3% for the final quarter of 2024, which is a similar trend to what we saw in the third quarter. | negative | yahoo_finance | en |
We believe that the revised guidance better reflects the continued industry-wide challenges in consumer activity which has dampened volumes in both retail consumption and food service channels. | negative | yahoo_finance | en |
Depreciation expense of $47.5 million to $52.5 million, amortization expense of $20 million to $22 million, an effective tax rate of 26% to 27% and CapEx of $30 million to $35 million. | neutral | yahoo_finance | en |
And while we are not providing guidance for fiscal 2025 at this point, we do expect trends to gradually improve and stabilize in the first half of 2025 as we lap the consumer reaction to higher prices. | positive | yahoo_finance | en |
Two, reshaping the portfolio for future growth, stability, higher margins and cash flow, as well as structuring key platforms for future acquisition growth. | positive | yahoo_finance | en |
Third, reducing leverage below 5.5 times through divestitures and excess cash flow to facilitate strategic acquisitions in the future. | positive | yahoo_finance | en |
Maybe to start off, I recall that in the second quarter, I think sales results came in better than the consumption data would have implied. | neutral | yahoo_finance | en |
I guess, in looking back, do you think there was some sort of inventory stocking that might have occurred in the second quarter by shipping ahead of sort of consumption, or was that not really a factor, do you think? | neutral | yahoo_finance | en |
Third quarter, I think there is, Casey alluded to it, we saw some of our key customers, from what we've been told, took inventory down. | negative | yahoo_finance | en |
And then your comments on looking for the business to sequentially improve and stabilize in the first half, certainly not inconsistent, right, with others that have made comments on next year being a below algorithm sort of growth year. | neutral | yahoo_finance | en |
So first, I would say, we have active productivity efforts to help us kind of drive margin improvement, cover inflation, and also offset any weakness in the portfolio. | positive | yahoo_finance | en |
We will do some restructuring activity in our cost profile to make sure that as we divest businesses, we look not only to take out proportional costs, but also ways to get more efficient with a more focused portfolio. | positive | yahoo_finance | en |
and it's mostly prudence because every time we believe that maybe we're lapping some of these things, it's probably taking longer in the recovery process. | neutral | yahoo_finance | en |
So I think we said the base business net sales were down ex-Crisco pricing impact ex the Green Giant divestiture are down 3% in Q3. | negative | yahoo_finance | en |
But I think we're just being cautious in terms of how fast we believe the consumer will come back or really more likely, when do we lap some of the behavior changes that we saw in the wake of the high inflation in the center store food categories, when do those get lapped in terms of their year over year impact in cons... | negative | yahoo_finance | en |
And do you have any idea, I mean, I guess nobody knows, but is there any preparation you can do for potential tariff risk? | neutral | yahoo_finance | en |
And so that compressed margins and that impacted EBITDA. | negative | yahoo_finance | en |
And just on the guidance. | neutral | yahoo_finance | en |
If you just simply took our EBITDA range high-to-low and then used the interest expense, the depreciation and the amortization and our tax rate, you get those EPS numbers. | neutral | yahoo_finance | en |
On the premium priced businesses where you have sauced or where you also have some business -- some sides, premium sides, seasons by sides, that business has been fine. | positive | yahoo_finance | en |
And keep in mind, we don't have -- we don't typically provide guidance for the forward year on this earnings call. | neutral | yahoo_finance | en |
From an input cost standpoint, we're 1%, 2% input cost inflation so far this year is kind of where we are and it feels like next year will be something similar, but we'll obviously update as we get more information and do our fourth quarter results. | neutral | yahoo_finance | en |
Kenneth Keller: I think we disclosed in our earnings comments that right now, what we're seeing kind of isolated inflation in a few categories, we may even have -- that is offsetting some deflation and some others. | neutral | yahoo_finance | en |
But right now, we're seeing the most pressure on pepper and garlic, which are obviously pretty critical to our spices portfolio, Spices seasonings portfolio. | negative | yahoo_finance | en |
So if these -- if this persists into next year, would you expect your business to continue to decline or do you think there needs to be more spending on those categories in order to hold onto your share? | neutral | yahoo_finance | en |
And then I also had a question about hot cereal, because I would imagine Quaker is going to try to become more aggressive on their oatmeal business at some point, once they restore capacity. | neutral | yahoo_finance | en |
Like, do you foresee those two categories stabilizing and returning to growth? | neutral | yahoo_finance | en |
And they also happen to be two pretty important businesses in our portfolio. | neutral | yahoo_finance | en |
I think this is what the third time that Taco Bell has made kind of pushes into the Mexican category and we've got some pretty strong innovation and plans going into next year. | neutral | yahoo_finance | en |
And so I don't expect that pressure to increase next year, but I think we'll be stronger in terms of pushing back on it and stronger in terms of our innovation and distribution pipeline. | positive | yahoo_finance | en |
We launch the Standup Pouch and some other things. | neutral | yahoo_finance | en |
On the specialty margin decline in the quarter, is that all the Wesson pressure in Crisco or are there other brands in that portfolio that are seeing some margin declines or pressure?Bruce Wacha: | negative | yahoo_finance | en |
And it's just tracking the growth of the perimeter of the store, fresh proteins which are up now, I think because the relative pricing spread of packaged and frozen foods has come down. | positive | yahoo_finance | en |
So we believe that business is a nice growth business and you hear McCormick talk about it. | positive | yahoo_finance | en |
And we've launched some good innovation there. | positive | yahoo_finance | en |
Second, we've gotten a much, we've got a much stronger innovation pipeline on our Ortega business. | positive | yahoo_finance | en |
Obviously, Frozen and Vegetables, in terms of the Green Giant frozen portfolio, we need to continue to drive the right price points on our kind of core vegetables and sauce line, but we need to have successful innovation coming to marketplace. | neutral | yahoo_finance | en |
So those are the big areas that we're focused on and those are big businesses for us, innovation-driven business for us with strong brand position. | positive | yahoo_finance | en |
I mean, we've just seen a lot of kind of reactionary behavior from consumers this year as they looked at high inflation, what percentage of their income they were laying out in food in grocery stores. | negative | yahoo_finance | en |
We certainly saw the slowdown in July for a number of companies, but kind of post-Labor Day, we saw the snapback. | positive | yahoo_finance | en |
Is that one-week reduction something that you're still seeing carrying through the fourth quarter or are you seeing your retailer starting to adjust that?Kenneth Keller: I think we've seen that reduction, whether it's depending on the retailer a couple of days or maybe even a few up to a week, we've seen that kind of c... | neutral | yahoo_finance | en |
And the only behavior change we're seeing this year is that they're probably putting -- they're forcing less inventory out early in the season and letting it kind of flow through. | neutral | yahoo_finance | en |
I mean, they may not order as many pallets out to force out in the stores, but we're seeing stronger pull through later in the season as they begin to sell through all that merchandise that they have at the promoted price points. | neutral | yahoo_finance | en |
and I think it's kind of an inventory management play for most of our retailers. | neutral | yahoo_finance | en |
What is the impact in terms of valuations when you guys look at your potential divestiture program? | neutral | yahoo_finance | en |
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