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B&G Foods Will Present at Consumer Staples Conference on September 7

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Sep. 6 2016, Published 1:13 p.m. ET

Price movement

B&G Foods (BGS) rose by 2.3% to close at $48.16 per share during the fifth week of August 2016. The stock’s weekly, monthly, and YTD (year-to-date) price movements were 2.3%, -6.0%, and 40.5%, respectively, as of September 2.

BGS is now trading 0.07% below its 20-day moving average, 0.44% above its 50-day moving average, and 22.0% above its 200-day moving average.

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Related ETF and peers

The Guggenheim Multi-Asset Income ETF (CVY) invests 0.35% of its holdings in B&G Foods. The ETF tracks the Zacks Multi-Asset Income Index. The index aims to outperform the Dow Jones US Select Dividend Index using US stocks, American depositary receipts, real estate investment trusts, master limited partnerships, closed-end funds, preferred stocks, and royalty trusts. The YTD price movement of CVY was 10.1% on September 2.

The market caps of BGS’s competitors are as follows:

  • General Mills (GIS): $42.4 billion
  • J.M. Smucker (SJM): $16.4 billion
  • TreeHouse Foods (THS): $5.3 billion

Latest news on B&G Foods

In a press release on September 1, 2016, B&G Foods “announced today that…on Wednesday, September 7, 2016, the company will present at the Barclays Global Consumer Staples Conference at the InterContinental Boston in Boston, Massachusetts…On Thursday, September 15, 2016, the company will present at the Credit Suisse 7th Annual US Small & Mid Cap Conference at The Waldorf Astoria in New York, New York.”

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Performance of B&G Foods in 2Q16

B&G Foods saw 2Q16 reported net sales of $306.4 million, which represents a rise of 58.3%, as compared to its net sales of $193.6 million in 2Q15. The company’s gross profit margin and operating income rose by 11.8% and 67.3%, respectively, in 2Q16 over 2Q15. It reported impairment of intangible assets of $5.4 million in 2Q16.

Its net income and EPS (earnings per share) rose to $30.3 million and $0.48, respectively, in 2Q16, as compared to $18.7 million and $0.33, respectively, in 2Q15. It reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) and adjusted EPS of $85.0 million and $0.57, respectively, in fiscal 2Q16, which represent rises of 79.3% and 67.7%, respectively, over 2Q15.

BGS’s inventories fell by 16.0%, and its trade accounts receivable rose by 2.2% in 2Q16 over 4Q15. It reported cash and cash equivalents of $107.6 million in 2Q16, as compared to $5.2 million in 4Q15. Its current ratio rose to 4.9x, and its debt-to-equity ratio fell to 3.1x in 2Q16, as compared to its current and debt-to-equity ratios of 3.4x and 4.6x, respectively, in 4Q15.

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Quarterly dividend

B&G Foods has declared a regular quarterly cash dividend of $0.42 per share on its common stock. The dividend will be paid on October 31, 2016, to shareholders of record as of September 30, 2016.

Projections

The company has made the following projections for 2016:

  • net sales in the range of $1.39 billion–$1.42 billion
  • adjusted EBITDA in the range of $317 million–$327 million
  • adjusted EPS in the range of $2.11–$2.21

Next, we’ll discuss Leggett & Platt (LEG).

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