Cost-cutting pays off at B&G Foods

• B&G Foods (NYSE:BGS) reports adjusted EBITDA margin improved 180 bps to 24.5% in Q2.
• Comparable base business net sales fell 1.9% Y/Y.
• SG&A expenses -24% to $19.2M.
• Sales of Ortega products were up 7% as customer restocked following a recall.
• The company boosted guidance based off the acquisition of Mama Marys. Adjusted EBITDA of $199M-$204M expected.
• Previously: B&G Foods EPS in-line, misses on revenue (July 22)