B&G Foods reports financial results for second quarter

Parsippany, NJ-based B&G Foods Inc. (NYSE: BGS) a decrease in net sales in its second-quarter financial report, released on Aug. 5. In its report, the packaged food company provided a comparison of 2021's second quarter with the same periods in 2020 and 2019. In summary:

• Net sales decreased 9.4% to $464.4 million and base business net sales decreased 20.8%, driven by comparisons against the extraordinary demand and pantry loading at the height of the COVID-19 pandemic during the second quarter of 2020, partially offset by the Crisco acquisition.
• Net sales and base business net sales for the second quarter of 2021 were 25.1% and 7.1% higher than pre-pandemic net sales and base business net sales for the second quarter of 2019. On a two-year compound annual growth basis, relative to pre-pandemic levels, second quarter net sales increased 11.8% and base business net sales increased 3.5%.
• Diluted earnings per share decreased 45.7% to $0.38. On a two-year compound annual growth basis, second quarter diluted earnings per share increased 16.5%.
• Adjusted diluted earnings per share decreased 42.3% to $0.41. On a two-year compound annual growth basis, second quarter adjusted diluted earnings per share increased 5%.
• Net income decreased 45.3% to $24.6 million. On a two-year compound annual growth basis, second quarter net income increased 16%.
• Adjusted net income decreased 41.2% to $27.1 million. On a two-year compound annual growth basis, second quarter adjusted net income increased 5%.
• Adjusted EBITDA decreased 18.3% to $83.8 million. On a two-year compound annual growth basis, second quarter adjusted EBITDA increased 8.7%.
• Adjusted EBITDA before COVID-19 expenses1 decreased 20.5% to $85 million. On a two-year compound annual growth basis, second quarter adjusted EBITDA before COVID-19 expenses increased 9.4%.
• Net sales guidance reaffirmed at a range of $2.05 billion to $2.10 billion.

B&G Foods and its subsidiaries manufacture, sell and distribute shelf-stable and frozen food brands in the United States, Canada and Puerto Rico. Its portfolio includes more than 50 brands, among them: Back to Nature, B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria,