\n\n(In millions, except per share data)<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nChange vs.<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nAmount<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \nQ1 2025<\/b><\/p><\/td><\/tr>\n\n\nNet Sales<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n408.9<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(3.9<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n | \n\nBase Business Net Sales (1)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n365.1<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2.8<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nDiluted EPS<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(0.41<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \nNM<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nAdj. Diluted EPS (1)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n0.08<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n100.0<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nNet Loss<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(32.5<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \nNM<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nAdj. Net Income (1)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n6.8<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n97.0<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nAdj. EBITDA (1)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n57.6<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(2.5<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n<\/table> \nGuidance for Full Year Fiscal 2026<\/b><\/p>\n- \nNet sales revised to a range of $1.735 billion to $1.775 billion.<\/li>\n
- \nAdjusted EBITDA revised to a range of $275.0 million to $290.0 million.<\/li>\n
- \nAdjusted diluted earnings per share revised to a range of $0.575 to $0.675.<\/li>\n<\/ul>
\nCommenting on the results, Casey Keller, President and Chief Executive Officer of B&G Foods, stated, \u201cIn the first quarter, B&G Foods completed major steps in reshaping our portfolio for long-term sustainability and success, divesting the Green Giant<\/i> U.S. Frozen business and acquiring the College Inn<\/i> and Kitchen Basics<\/i> broth and stock businesses. First quarter results were generally in line or ahead of expectations and delivered 2.8% base business net sales growth.\u201d<\/p> \nFinancial Results for First Quarter of 2026<\/b><\/p> \nNet sales for the first quarter of 2026 decreased $16.5 million, or 3.9%, to $408.9 million from $425.4 million for the first quarter of 2025. The decrease was primarily attributable to the Green Giant<\/i> U.S. frozen, Le Sueur<\/i> U.S. and Don Pepino<\/i> divestitures, partially offset by an increase in base business net sales, one month of net sales from the co\u2011manufacturing agreement the Company entered into on March 2, 2026 with the acquirer of the Green Giant<\/i> U.S. frozen business, and a partial month of net sales for the College Inn<\/i> and Kitchen Basics<\/i> brands.<\/p> \nNet sales of the Company\u2019s Green Giant<\/i> U.S. frozen business, which the Company owned for only two months during the first quarter of 2026, contributed $27.2 million less net sales during the first quarter of 2026 as compared to the first quarter of 2025. Net sales of the Don Pepino<\/i> and Le Sueur<\/i> U.S. businesses, which the Company divested in 2025 and are therefore not part of the Company\u2019s first quarter of 2026 results, were $10.6 million during the first quarter of 2025. Partially offsetting the impact of these divestitures were one month of net sales from the new Green Giant<\/i> U.S. frozen co-manufacturing agreement, which contributed $8.5 million of net sales in the first quarter of 2026 and a partial month of net sales for the College Inn<\/i> and Kitchen Basics<\/i> brands, acquired on March 19, 2026, which contributed $2.9 million to the Company\u2019s net sales for the first quarter of 2026.<\/p> \nBase business net sales for the first quarter of 2026 increased $9.9 million, or 2.8%, to $365.1 million from $355.2 million for the first quarter of 2025. The increase in base business net sales was driven by an increase in volume of $6.6 million, or 1.9% of base business net sales, an increase in net pricing and the impact of product mix (primarily related to the Spices & Flavor Solutions business unit) of $1.6 million, or 0.5% of base business net sales, and the positive impact of foreign currency of $1.7 million, or 0.5% of base business net sales.<\/p> \nFor the first quarter of 2026, gross profit was $79.9 million or 19.5% of net sales, and adjusted gross profit(1)<\/sup> was $84.6 million, or 20.7% of net sales. For the first quarter of 2025, gross profit was $90.1 million, or 21.2% of net sales, and adjusted gross profit was $90.6 million, or 21.3% of net sales.<\/p>\nSelling, general and administrative expenses increased $1.1 million, or 2.2%, to $50.2 million for the first quarter of 2026 from $49.1 million for the first quarter of 2025. The increase was composed of an increase in acquisition\/divestiture\u2011related and non\u2011recurring expenses of $6.4 million, inclusive of an increase of $1.9 million for disposals and impairments of property, plant and equipment. This increase was partially offset by decreases in general and administrative expenses of $3.9 million and warehousing expenses of $1.4 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.7 percentage points to 12.3% for the first quarter of 2026, as compared to 11.6% for the first quarter of 2025.<\/p> \nDuring the first quarter of 2026, the Company recognized a loss on sale of assets of $36.3 million, primarily related to the divestiture of the Green Giant<\/i> U.S. frozen business.<\/p> \nNet interest expense decreased $2.0 million, or 5.1%, to $35.8 million for the first quarter of 2026 from $37.8 million for the first quarter of 2025. The decrease was primarily attributable to a reduction in average long\u2011term debt outstanding during the first quarter of 2026 compared to the first quarter of 2025.<\/p> \nThe Company had a net loss of $32.5 million, or $0.41 per diluted share, for the first quarter of 2026, compared to net income of $0.8 million, or $0.01 per diluted share, for the first quarter of 2025. The Company\u2019s net loss for the first quarter of 2026 was primarily attributable to: the loss on sale of assets of $36.3 million, primarily related to the divestiture of the Green Giant<\/i> U.S. frozen business, the decrease in the Company\u2019s net sales and an increase in acquisition\/divestiture-related and non-recurring expenses.<\/p> \nThe Company\u2019s adjusted net income for the first quarter of 2026 was $6.8 million, or $0.08 per adjusted diluted share, compared to adjusted net income of $3.4 million, or $0.04 per adjusted diluted share, for the first quarter of 2025. The increase in adjusted net income and adjusted diluted earnings per share in the first quarter of 2026 was primarily attributable to the factors described above, including a decrease in net interest expense, depreciation and amortization.<\/p> \nFor the first quarter of 2026, adjusted EBITDA was $57.6 million, a decrease of $1.5 million, or 2.5%, compared to $59.1 million for the first quarter of 2025. Adjusted EBITDA as a percentage of net sales was 14.1% for the first quarter of 2026, compared to 13.9% for the first quarter of 2025.<\/p> \nSegment Results(3)<\/sup><\/b><\/p>\nThe Company operates in, and reports results by, four business segments (also referred to as business units):<\/p> \nSpecialty \u2014 includes, among others, the Crisco<\/i>, Clabber Girl<\/i>, Bear Creek<\/i>, Polaner<\/i>, Underwood<\/i>, B&G<\/i>, Grandma\u2019s<\/i>, New York Style<\/i>, B&M<\/i>, Baker\u2019s Joy<\/i>, Regina<\/i>, TrueNorth<\/i>, Static Guard<\/i>, SugarTwin<\/i> and Brer Rabbit<\/i> brands. Specialty also included the Don Pepino<\/i> and Sclafani<\/i> brands until the Company\u2019s divestiture of those brands on May 23, 2025.<\/p> \nMeals \u2014 includes, among others, the Ortega<\/i>, Cream of Wheat<\/i>, College Inn,<\/i> Maple Grove Farms<\/i>, Las Palmas<\/i>, Kitchen Basics,<\/i> Victoria<\/i>, Mama Mary\u2019s<\/i>, Spring Tree<\/i>, Carey\u2019s, McCann\u2019s<\/i> and Vermont Maid <\/i>brands.<\/p> \nFrozen & Vegetables \u2014 primarily includes (1) the Company\u2019s frozen vegetable manufacturing operations in Mexico which, following the sale of the Company\u2019s Green Giant<\/i> U.S. frozen business on March 2, 2026, co-manufactures frozen vegetable products for the company that acquired the Company\u2019s Green Giant<\/i> U.S. frozen business and (2) the Company\u2019s Green Giant<\/i> and Le Sieur<\/i> brands in Canada, and included the Company\u2019s Green Giant<\/i> U.S. frozen and Le Sueur<\/i> brands in the United States until the Company\u2019s divestitures of those brands on March 2, 2026 and on August 1, 2025, respectively.<\/p> \nSpices & Flavor Solutions \u2014 includes, among others, the Dash<\/i>, Spice Islands<\/i>, Weber<\/i>, Ac\u2019cent<\/i>, Tone\u2019s<\/i>, Trappey\u2019s<\/i>, Durkee<\/i> and Wright\u2019s<\/i> brands.<\/p> \nSpecialty Segment Results<\/i><\/b><\/p> \nSpecialty segment results were as follows (dollars in thousands):<\/p> \n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nFirst Quarter Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nApril 4,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \nMarch 29,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$ Change<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n% Change<\/b><\/p><\/td><\/tr>\n\n\nSpecialty segment net sales<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n130,767<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n134,400<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(3,633<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(2.7<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n | \n\nSpecialty segment adjusted expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n104,663<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n100,880<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n3,783<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n3.8<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nSpecialty segment adjusted EBITDA<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n26,104<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n33,520<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(7,416<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(22.1<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n<\/table> \nThe decrease in Specialty segment net sales for the first quarter of 2026 was primarily due to the divestiture of the Don Pepino <\/i>business, which generated $3.5 million of net sales in the first quarter of 2025.<\/p> \nThe decrease in Specialty segment adjusted EBITDA for the first quarter of 2026 was primarily due to the Don Pepino<\/i> divestiture, an increase in raw material costs and manufacturing expenses as a percentage of net sales and the impact of tariffs.<\/p> \nMeals Segment Results<\/i><\/b><\/p> \nMeals segment results were as follows (dollars in thousands):<\/p> \n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nFirst Quarter Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nApril 4,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \nMarch 29,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$ Change<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n% Change<\/b><\/p><\/td><\/tr>\n\n\nMeals segment net sales<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n107,082<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n106,142<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n940<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n0.9<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nMeals segment adjusted expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n87,138<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n81,168<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n5,970<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n7.4<\/p><\/td> | \n%<\/p><\/td><\/tr>\n | \n\nMeals segment adjusted EBITDA<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n19,944<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n24,974<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(5,030<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(20.1<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n<\/table> \nThe increase in Meals segment net sales for the first quarter of 2026 was primarily due to the College Inn <\/i>and Kitchen Basics<\/i> acquisition on March 19, 2026, which contributed $2.9 million of net sales for the first quarter of 2026 during the Company\u2019s first two weeks of ownership of the brands, and an increase in net pricing and the impact of product mix, offset in part by modestly lower volumes across the Meals segment in the aggregate.<\/p> \nThe decrease in Meals segment adjusted EBITDA in the first quarter of 2026 was primarily due to an increase in certain raw material costs and manufacturing expenses. Meals segment adjusted EBITDA was also impacted by increases in trade spending and direct marketing expenses for certain brands. These incremental costs were offset in part by an increase in overall net pricing for the Meals segment and the impact of product mix.<\/p> \nFrozen & Vegetables Segment Results<\/i><\/b><\/p> \nFrozen & Vegetables segment results were as follows (dollars in thousands):<\/p> \n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nFirst Quarter Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nApril 4,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \nMarch 29,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$ Change<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n% Change<\/b><\/p><\/td><\/tr>\n\n\nFrozen & Vegetables segment net sales<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n71,032<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n93,119<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(22,087<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(23.7<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n | \n\nFrozen & Vegetables segment adjusted expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n66,448<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n94,592<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(28,144<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(29.8<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n | \n\nFrozen & Vegetables segment adjusted EBITDA<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n4,584<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n(1,473<\/p><\/td> | \n)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n6,057<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(411.2<\/p><\/td> | \n)%<\/p><\/td><\/tr>\n<\/table> \nThe decrease in Frozen & Vegetables segment net sales for the first quarter of 2026 was primarily due to the Green Giant<\/i> U.S. frozen divestiture (which negatively impacted net sales versus the first quarter of 2025 by $18.7 million, net of the $8.5 million positive impact on net sales of the new Green Giant <\/i>U.S. frozen co\u2011manufacturing agreement), and the Le Sueur<\/i> U.S. divestiture (which negatively impacted net sales versus the first quarter of 2025 by $7.2 million). Net sales for Green Giant<\/i> Canada(2)<\/sup> increased by $4.2 million, or 16.4%, for the first quarter of 2026.<\/p>\nThe increase in Frozen & Vegetables segment adjusted EBITDA for the first quarter of 2026 was primarily due to a decrease in raw material and manufacturing costs, the favorable impact of foreign currency on cost of goods, and the favorable impact of the new Green Giant<\/i> U.S. frozen co-manufacturing agreement, offset in part by lower net sales.<\/p> \nSpices & Flavor Solutions Segment Results<\/i><\/b><\/p> \nSpices & Flavor Solutions segment results were as follows (dollars in thousands):<\/p> | | | | | | | | | | | | |