B&G Foods Q3 2024 Financial Update

TL;DR

B&G Foods 10-Q filed. Equity accounts like retained earnings updated through Sept 28, 2024. Check for details.

AI Summary

B&G Foods, Inc. filed its 10-Q for the period ending September 28, 2024. The filing details financial performance and position, including retained earnings and additional paid-in capital as of various dates throughout 2023 and 2024. Specific figures for these equity accounts are provided, reflecting changes over the reporting periods.

Why It Matters

This filing provides investors with a snapshot of B&G Foods' financial health and equity structure as of late September 2024, crucial for understanding the company's financial stability and growth potential.

Risk Assessment

Risk Level: medium — The filing provides detailed financial data, but without comparative performance metrics or forward-looking statements, assessing the full risk profile requires further analysis.

Key Numbers

• 78624419 — Retained Earnings (As of September 28, 2024)
• 79163886 — Retained Earnings (As of December 30, 2023)
• 20400000 — Gain Loss On Disposition Of Assets (Associated with a specific accounting standard)

Key Players & Entities

• B&G Foods, Inc. (company) — Filer of the 10-Q report
• 0001278027 (company) — Central Index Key for B&G Foods, Inc.
• 20240928 (date) — End of the reporting period for the 10-Q
• 20241105 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• bgs-20240928x10q.htm (10-Q) — 2670KB
• bgs-20240928xex22d1.htm (EX-22.1) — 2KB
• bgs-20240928xex31d1.htm (EX-31.1) — 11KB
• bgs-20240928xex31d2.htm (EX-31.2) — 12KB
• bgs-20240928xex32d1.htm (EX-32.1) — 9KB
• 0001558370-24-014430.txt ( ) — 11288KB
• bgs-20240928.xsd (EX-101.SCH) — 61KB
• bgs-20240928_cal.xml (EX-101.CAL) — 98KB
• bgs-20240928_def.xml (EX-101.DEF) — 291KB
• bgs-20240928_lab.xml (EX-101.LAB) — 626KB
• bgs-20240928_pre.xml (EX-101.PRE) — 493KB
• bgs-20240928x10q_htm.xml (XML) — 2144KB

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 Income (Loss) 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 43

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46 SIGNATURE 47 - 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) September 28, December 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 54,694 $ 41,094 Trade accounts receivable, net 159,986 143,015 Inventories 618,093 568,980 Prepaid expenses and other current assets 41,916 41,747 Income tax receivable 7,818 7,988 Total current assets 882,507 802,824 Property, plant and equipment, net of accumulated depreciation of $ 454,761 and $ 426,084 as of September 28, 2024 and December 30, 2023, respectively 278,310 302,288 Operating lease right-of-use assets 59,753 70,046 Finance lease right-of-use assets 1,038 1,832 Goodwill 548,675 619,399 Other intangible assets, net 1,612,146 1,627,836 Other assets 25,011 23,484 Deferred income taxes 10,975 15,581 Total assets $ 3,418,415 $ 3,463,290 Liabilities and Stockholders' Equity Current liabilities: Trade accounts payable $ 175,739 $ 123,778 Accrued expenses 60,545 83,217 Current portion of operating lease liabilities 18,085 16,939 Current portion of finance lease liabilities 996 1,070 Current portion of long-term debt 265,392 22,000 Income tax payable 1,834 475 Dividends payable 15,041 14,939 Total current liabilities 537,632 262,418 Long-term debt, net of current portion 1,813,961 2,023,088 Deferred income taxes 247,175 267,053 Long-term operating lease liabilities, net of current portion 41,910 53,724 Long-term finance lease liabilities, net of current portion — 726 Other liabilities 22,430 20,818 Total liabilities 2,663,108 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 s

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 increa

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View this 10-Q filing on SEC EDGAR