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B&G Foods Inc. Message Board

  • juanruiz1330 juanruiz1330 Feb 12, 2014 4:12 PM Flag

    After all the gobbltygook

    it looks like they made .39 vs an estimated .44. Maybe someone can report something more positive.

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    • Hello JR 1330

      Well, BGS is not broken & it was encouraging to see the base brands net sales volumes held
      during Q4.

      Wenner has a lot of work to do on his many new acquired brands. It sounds like he is betting
      that the guys from Rickland Orchrds will be able to make real progress into the Warehouse Clubs
      sub-market for other BGS snack/health brands....or else...?!

      A lot of brand development and target market issues must be resolved for BGS in 2014...especially
      the New York Style and Old London brand rebuilds.........by no means did Wenner indicate that he
      was sure that the big snack issues were a "done deal"

      .....really cold in Chi Town of late...take care of yourself. JM20

    • It looks like a pretty good earnings report, plus they confirmed guidance. I think that once the market digest these numbers tomorrow, the stock will not be punished. $28 to $30 may be a buying opportunity. I suspect they will have another dividend increase within the next 12 months.

      Sentiment: Buy

      • 2 Replies to xocy713
      • Added this morning at $27.50. Just didn't add enough.

      • Xocy......

        I read the CC transcript and did not see (I think) Wenner commit to any guidance for 2014.

        What I read from Wenner was that BGS has a lot of work on snacks product development
        and execution & more fine tuning on promo in the base dry grocery sector of the business.
        GS&A costs also seemed to bother Wenner & he insinuated this area would be looked
        at as a margin improvement opportunity. Interest expense is 2 1/2 times larger than
        cap exp for BGS....given all the different new product needs that Wenner outlined, I can
        not believe BGS will make another meaningful acquisition in 2014.....

        If I missed the guidance confirmation, please indicate its location within the CC.

        Thanks in advance for any clarification you might provide.

    • The Company’s adjusted net income for fiscal 2013, which excludes the after tax impact of loss on extinguishment of debt and acquisition-related transaction costs, was $76.3 million, and adjusted diluted earnings per share was $1.43. The Company’s adjusted net income for fiscal 2012, which excludes the after tax impact of loss on extinguishment of debt and acquisition-related transaction costs, was $66.7 million, and adjusted diluted earnings per share was $1.35.

      Adjusted EBITDA, which excludes acquisition-related transaction costs, increased 8.9% to $184.0 million in fiscal 2013 from $169.0 million for fiscal 2012.

      So, depending upon whether you go with adj EBITDA or adj EPS, you have a ttm growth of +8.9% or +5.9%. Not too bad. What is the corresponding figure for the overall avg. of the S&P 500? Of course it would be better to include P/E ratio in addition to ttm perc gain perf and determine whether a downward correction is still in store for the stock or not. A little bit too much work for me at the moment, especially since I sold almost 4 mos. ago.

    • Too high of a p/e too many products to manage. I sold months ago.

    • Despite industry wide volume weakness, our base business remained relatively stable, with net sales declining less than one percent for the year, while acquisitions brought overall net sales growth for the year to a 14.4% increase.

      For the fourth quarter of 2013, adjusted EBITDA, which excludes the impact of acquisition-related transaction costs, increased 13.7% to $50.0 million from $44.0 million for the fourth quarter of 2012.

      Adj EPS of 0.39 vs 0.32 a yr ago = +21.9% growth.

      Does the stock deserve to be underperforming the S&P 500 by some 23 percentage points on a ttm basis?

 
BGS
28.45-0.61(-2.10%)Jun 29 4:02 PMEDT