B&G Foods Files 10-Q for Q2 2024

TL;DR

B&G Foods dropped its Q2 10-Q. Financials look steady, year-end Dec 30.

AI Summary

B&G Foods, Inc. filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and positions, including retained earnings, additional paid-in capital, and accumulated other comprehensive income as of various dates in 2023 and 2024. The company's fiscal year ends on December 30th.

Why It Matters

This filing provides investors with a detailed look at B&G Foods' financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 78,624,419 — Retained Earnings (As of March 30, 2024)
• 79,163,886 — Retained Earnings (As of December 30, 2023)
• 20240629 — Fiscal Period End Date (Second quarter of 2024)

Key Players & Entities

• B&G Foods, Inc. (company) — Filer of the 10-Q
• 2024-06-29 (date) — End of reporting period
• 2023-12-30 (date) — Prior year-end date
• 0001278027 (company) — Central Index Key for B&G Foods, Inc.

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BGS New York Stock Exchan

Filing Documents

• bgs-20240629x10q.htm (10-Q) — 2569KB
• bgs-20240629xex31d1.htm (EX-31.1) — 11KB
• bgs-20240629xex31d2.htm (EX-31.2) — 12KB
• bgs-20240629xex32d1.htm (EX-32.1) — 9KB
• 0001558370-24-011087.txt ( ) — 10956KB
• bgs-20240629.xsd (EX-101.SCH) — 60KB
• bgs-20240629_cal.xml (EX-101.CAL) — 93KB
• bgs-20240629_def.xml (EX-101.DEF) — 284KB
• bgs-20240629_lab.xml (EX-101.LAB) — 601KB
• bgs-20240629_pre.xml (EX-101.PRE) — 477KB
• bgs-20240629x10q_htm.xml (XML) — 2122KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive (Loss) Income 3 Consolidated Statements of Changes in Stockholders' Equity 4 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 42

OTHER INFORMATION

PART II OTHER INFORMATION 43

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 44 SIGNATURE 45 - i - Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report includes forward-looking statements, including, without limitation, the statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations." The words "believes," "belief," "expects," "projects," "intends," "anticipates," "assumes," "could," "should," "estimates," "potential," "seek," "predict," "may," "will" or "plans" and similar references to future periods are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by any forward-looking statements. We believe important factors that could cause actual results to differ materially from our expectations include the following: our substantial leverage; the effects of rising costs for and/or decreases in the supply of commodities, ingredients, packaging, other raw materials, distribution and labor; crude oil prices and their impact on distribution, packaging and energy costs; our ability to successfully implement sales price increases and cost saving measures to offset any cost increases; intense competition, changes in consumer preferences, demand for our products and local economic and market conditions; our continued ability to promote brand equity successfully, to anticipate and respond to new consumer trends, to develop new products and markets, to broaden brand portfolios in order to compete effectively with lower priced products and in markets that are consolidating at the retail and manufacturing levels and to improve productivity; the ability of our company and our supply chain partners to continue to operate manufacturing facilities, distribution centers and other work locations without material disruption, and to procure ingredients, packaging and

Financial Statements (Unaudited )

Item 1. Financial Statements (Unaudited ) B&G Foods, Inc. and Subsidiaries Consolidated Balance Sheet s (In thousands, except share and per share data) (Unaudited) June 29, December 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 40,323 $ 41,094 Trade accounts receivable, net 142,252 143,015 Inventories 559,594 568,980 Prepaid expenses and other current assets 42,803 41,747 Income tax receivable 11,604 7,988 Total current assets 796,576 802,824 Property, plant and equipment, net of accumulated depreciation of $ 446,027 and $ 426,084 as of June 29, 2024 and December 30, 2023, respectively 287,395 302,288 Operating lease right-of-use assets 64,140 70,046 Finance lease right-of-use assets 1,303 1,832 Goodwill 548,589 619,399 Other intangible assets, net 1,617,047 1,627,836 Other assets 24,768 23,484 Deferred income taxes 11,731 15,581 Total assets $ 3,351,549 $ 3,463,290 Liabilities and Stockholders' Equity Current liabilities: Trade accounts payable $ 126,210 $ 123,778 Accrued expenses 64,166 83,217 Current portion of operating lease liabilities 17,841 16,939 Current portion of finance lease liabilities 1,082 1,070 Current portion of long-term debt 265,392 22,000 Income tax payable 240 475 Dividends payable 15,041 14,939 Total current liabilities 489,972 262,418 Long-term debt, net of current portion 1,779,034 2,023,088 Deferred income taxes 248,909 267,053 Long-term operating lease liabilities, net of current portion 46,517 53,724 Long-term finance lease liabilities, net of current portion 183 726 Other liabilities 21,923 20,818 Total liabilities 2,586,538 2,627,827 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.01 par value per share. Authorized 1,000,000 shares; no shares issued or outstanding — — Common stock, $ 0.01 par value per share.

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (1) Nature of Operations B&G Foods, Inc. is a holding company whose principal assets are the shares of capital stock of its subsidiaries. Unless the context requires otherwise, references in this report to "B&G Foods," "our company," "we," "us" and "our" refer to B&G Foods, Inc. and its subsidiaries. Our financial statements are presented on a consolidated basis. We manufacture, sell and distribute a diverse portfolio of high-quality shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Our products include frozen and canned vegetables, vegetable, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder, baking soda, corn starch, nut clusters and other specialty products. Our products are marketed under many recognized brands, including Ac'cent , B&G , B&M , Baker's Joy , Bear Creek Country Kitchens , Brer Rabbit , Canoleo , Cary's , Clabber Girl , Cream of Rice , Cream of Wheat , Crisco , Dash, Davis , Devonsheer , Don Pepino , Durkee , Grandma's Molasses , Green Giant , Joan of Arc , Las Palmas , Le Sueur , MacDonald's , Mama Mary's , Maple Grove Farms , McCann's , Molly McButter , New York Flatbreads , New York Style , Old London , Ortega , Polaner , Red Devil , Regina , Rumford , Sa-sn , Sclafani , Spice Islands , Spring Tree , Sugar Twin , Tone's , Trappey's , TrueNorth , Underwood , Vermont Maid , Victoria , Weber and Wright's . We also sell and distribute Static Guard , a household product brand. We compete in the retail grocery, foodservice, specialty, private label, club and mass merchandiser channels of distribution. We sell and distribute our product

Notes to Consolidated Financial Statements (Continued)

Notes to Consolidated Financial Statements (Continued) (Unaudited) Use of Estimates The preparation of financial statements in accordance with GAAP requires our management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates and assumptions made by management involve revenue recognition as it relates to trade and consumer promotion expenses; pension benefits; acquisition accounting fair value allocations; the recoverability of goodwill, other intangible assets, property, plant and equipment and deferred tax assets; and the determination of the useful life of customer relationship and finite-lived trademark intangible assets. Actual results could differ significantly from these estimates and assumptions. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in the credit and equity markets can increase the uncertainty inherent in such estimates and assumptions. Segment Reporting Effective in the first quarter of 2024, we realigned our reportable segments to correspond with changes to our organizational responsibilities, management structure and operating model. As a result of the change, we now manage and report the following four segments: Specialty, Meals, Frozen & Vegetables and Spices & Flavor Solutions. See Note 16, "Business Segment Information," for information about our transition from one reporting segment to four reporting segments. Accounting Standards Adopted in Fiscal 2024 or Fiscal 2023 In October 2021, the Financ

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