B&G Foods, Inc. announced its financial results for the fourth quarter and full year 2024 on February 25, 2025. For the full fiscal year 2024, the company reported a net loss of $251.3 million, primarily driven by significant non-cash impairment charges.
These impairment charges totaled $320 million for intangible trademark assets, affecting brands such as Green Giant, Victoria, Static Guard, and McCann’s, and an additional $70.6 million for goodwill in its Frozen Vegetables unit. The fourth quarter of 2024 alone saw a net loss of $222.4 million, or $2.81 per diluted share.
Despite the substantial net loss, Q4 2024 net sales were $551.6 million, a 4.6% decrease year-over-year, but ahead of Wall Street's expectations. The company's non-GAAP profit for Q4 was $0.31 per share, aligning with analysts' consensus estimates.
The full-year 2024 revenue guidance was approximately $1.92 billion, which was close to analysts' estimates. The impairment charges underscore the challenges within certain segments of B&G Foods' portfolio and the strategic necessity of its ongoing transformation efforts.
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