B&G Foods Q3 net loss $82.7M ($1.11/sh); sells Green Giant shelf-stable to Seneca; issues $550M 8% notes

B&G Foods, Inc.

2023-Q3 EPS reported -$0.94 revenue$1,484,185,000

Net loss widened to $82.7M ($1.11/sh) from $59.6M; adj. net income $20.5M ($0.27/sh) vs $22.3M.
Sold Green Giant U.S. shelf-stable product line to Seneca Foods; recorded pre-tax non-cash impairment of $132.9M; retains Green Giant trademarks.
Issued $550M of 8.00% senior secured notes due 2028; redeemed $555.4M of 5.25% notes due 2025; sold 6.33M shares at $11.90 for $75.3M.
FY 2023 guidance: net sales revised to $2.05B-$2.07B; adjusted EBITDA reaffirmed at $310M-$330M; adjusted EPS revised to $0.93-$1.13.
Adjusted EBITDA $80.4M (flat YoY), margin 16.0% (up 80bps); YTD adjusted EBITDA $231.2M (+11.5%).

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

B&G Foods, Inc. reported third quarter of 2023 results: revenue $502.7, net income Net Loss $(82.7), EPS $(1.11). Guidance lowered.

Period: third quarter of 2023
Revenue: $502.7
Net income: Net Loss $(82.7)
EPS: $(1.11)
Guidance: lowered
Result: reported results

Exact text from the filing

Third Quarter of 2023 First Three Quarters of 2023 (In millions, except per share data) Change vs. Change vs. Amount Q3 2022 Amount First 3Q 2022 Net Sales $ 502.7 (4.9) % $ 1,484.2 (3.6) % Base Business Net Sales 1 $ 502.7 (3.0) % $ 1,483.7 (1.4) % Diluted EPS $ (1.11) (33.7) % $ (0.94) (84.3) % Adj. Diluted EPS 1 $

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Source: SEC EDGAR

accession 0001558370-23-018264

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