B&G Foods, Inc. reported a decline in financial performance for the third quarter and first three quarters of fiscal 2025, with net sales of $439.3 million for the quarter, down 4.7% from $461.1 million in the same period last year. For the first three quarters, net sales decreased by 6.6% to $1.29 billion compared to $1.38 billion in the prior year. The decrease in revenue was attributed to lower sales volumes, unfavorable foreign currency impacts, and a decrease in net pricing, although there was a slight increase in net pricing and product mix during the quarter.
The company's gross profit for the third quarter was $99.0 million, representing 22.5% of net sales, compared to $102.3 million or 22.2% of net sales in the prior year. For the first three quarters, gross profit was $276.1 million, or 21.4% of net sales, down from $303.3 million, or 22.0% of net sales, in the same period last year. The decline in profitability was further impacted by significant impairment charges, including a $26.0 million charge related to indefinite-lived intangible assets during the third quarter.
B&G Foods has been actively reshaping its portfolio through strategic divestitures, including the sale of the Le Sueur U.S. business and the Don Pepino and Sclafani brands earlier in 2025. The company also announced a pending agreement to sell its Green Giant and Le Sieur frozen and shelf-stable product lines in Canada, which is expected to close in late 2025 or early 2026. These divestitures are part of a broader strategy to improve margins and reduce long-term debt, which stood at approximately $2.03 billion as of September 27, 2025.
Operationally, B&G Foods faced challenges with rising costs for raw materials and distribution, which have not been fully offset by price increases. The company reported a net loss of $19.1 million for the third quarter, compared to a net income of $7.5 million in the same quarter last year. The loss was attributed to increased interest expenses and impairment charges. The company’s effective tax rate for the third quarter was 23.6%, with a net discrete tax benefit of $9.6 million recorded during the period.
Looking ahead, B&G Foods anticipates continued challenges from fluctuating commodity prices, regulatory uncertainties, and changing consumer preferences. The company plans to focus on managing costs and enhancing its product offerings to adapt to market conditions. Despite the current financial pressures, B&G Foods remains committed to its dividend policy, having declared dividends of $0.19 per share for the third quarter, consistent with the previous year. The company expects to maintain its dividend payments while navigating its strategic initiatives and operational challenges.
About B&G Foods, Inc.
B&G Foods, Inc. produces, markets, and distributes a diverse portfolio of branded shelf-stable and frozen food and household products across the U.S., Canada, and Puerto Rico. Its key segments include specialty foods, meals, frozen vegetables, and spices. The company serves retail, foodservice, and institutional customers, leveraging well-known brands like Crisco, Ortega, and Clabber Girl. B&G Foods focuses on quality, value, broad distribution, and brand equity to compete in the packaged foods industry.
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