B&G Foods Inc (BGS) 2024 Q3 法說會逐字稿

Good day and welcome to the B&G Foods third quarter 2024 earnings call. (Operator Instructions)

美好的一天，歡迎參加 B&G Foods 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to AJ Schwabe Senior Associate Corporate Strategy and Business Development for B&G Food.

我現在想將電話轉給 B&G Food 的 AJ Schwabe 企業策略和業務開發高級助理。

Good afternoon. And thank you for joining us with me. Today are Kenneth Keller, our Chief Executive Officer and Bruce Wacha, our Chief Financial Officer.

午安.感謝您與我一起加入我們。今天是我們的執行長肯尼斯凱勒 (Kenneth Keller) 和財務長布魯斯瓦查 (Bruce Wacha)。

You can access detailed financial information on the quarter in the earnings release we issued today which is available at the investor relations section of B&GFOODS.com

您可以在我們今天發布的收益報告中查看該季度的詳細財務信息，該信息可在 B&GFOODS.com 的投資者關係部分獲取

Before we begin our formal remarks, I need to remind everyone that part of the discussion today includes forward-looking statements, these statements are not guarantees of future performance and therefore undue reliance should not be placed upon them.

在我們開始正式發言之前，我需要提醒大家，今天討論的部分內容包括前瞻性陳述，這些陳述並不能保證未來業績，因此不應過分依賴它們。

We refer you to B&G foods' most recent annual report on form 10-K and subsequent sec filings for a more detailed discussion of the risks that could impact our company's future operating results and financial condition B&G Foods undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We will also be making references on today's call to the Non-GAAP financial measures adjusted EBITDA segment adjusted EBITDA adjusted net income adjusted diluted earnings per share, adjusted gross profit adjusted gross profit percentage and base business net sales reconciliations of these financial measures to the most directly comparable. GAAP. Financial measures are provided in today's earnings release.

我們建議您參閱B&G food 最新的10-K 表格年度報告以及隨後提交的sec 文件，以更詳細地討論可能影響我們公司未來經營業績和財務狀況的風險。義務。我們還將在今天的電話會議上提及非公認會計準則財務指標調整後的EBITDA 部門調整後的EBITDA 調整後淨利潤調整後稀釋每股收益、調整後毛利潤調整後毛利潤百分比以及這些財務指標的基本業務淨銷售額調節表可以直接比較。公認會計準則。今天的財報中提供了財務指標。

Casey will begin the call with opening remarks and discuss various factors that affected our results. Selected business highlights and his thoughts concerning the outlook for the remainder of fiscal 2024 Bruce will then discuss our financial results for the third quarter of 2024 and our guidance for the remainder of fiscal 2024.

凱西將以開場白開始電話會議，並討論影響我們結果的各種因素。隨後，布魯斯將選定業務亮點以及他對 2024 財年剩餘時間前景的看法，討論我們 2024 年第三季度的財務業績以及我們對 2024 財年剩餘時間的指導。

I would now like to turn the call over to Casey.

我現在想把電話轉給凱西。

Good afternoon. Thank you AJ and thank you all for joining us today. Election day for our third quarter, 2024 earnings call. Third quarter, net sales of $461.1 million an adjusted EBITDA of $70.4 million were somewhat below expectations. Excluding Crisco whose net sales were negatively impacted by lower net pricing to reflect a decrease in soybean costs, base business net sales decreased by approximately 3% compared to the year ago period.

午安.謝謝 AJ，也謝謝大家今天加入我們。我們 2024 年第三季財報電話會議的選舉日。第三季淨銷售額為 4.611 億美元，調整後 EBITDA 為 7,040 萬美元，略低於預期。不包括 Crisco 的淨銷售額因大豆成本下降而導致的淨定價下降而受到負面影響，基礎業務淨銷售額與去年同期相比下降了約 3%。

Some of the key factors impacting third quarter sales trends. First based business trends on most of the B&G foods portfolio have been slower to recover than expected. Consistent with the center store packaged foods industry, we have not seen much improvement relative to the first half with consumers adjusting their purchasing patterns in the wake of high food inflation.

影響第三季銷售趨勢的一些關鍵因素。大多數 B&G 食品組合的首要業務趨勢的恢復速度比預期慢。與中心商店包裝食品行業一致，我們並沒有看到與上半年相比有太大改善，消費者在高食品通膨後調整了他們的購買模式。

The exception has been our Spices and Flavor Solutions business that has shown positive trends plus 2.6%in Q3 with the growth of fresh produce and proteins in the perimeter of the store.

例外的是我們的香料和風味解決方案業務，隨著商店週邊新鮮農產品和蛋白質的增長，該業務在第三季度呈現出積極的趨勢，增長了 2.6%。

Driven by a narrowing of the relative pricing of fresh to frozen in packaged foods in the last year.

受去年包裝食品新鮮與冷凍相對價格收窄的推動。

During Q3 and particularly in the July period, major retail customers lowered their warehouse and shelf inventories across our categories by several days to a week, we estimate that impact was 1% lower net sales in the quarter.

在第三季度，特別是 7 月期間，主要零售客戶將我們類別的倉庫和貨架庫存降低了幾天到一周，我們估計該季度的淨銷售額下降了 1%。

Food service sales, roughly 15.3% of total B&G foods have continued to be down to the 3% but generally reflect overall restaurant industry traffic patterns.

餐飲服務銷售額約佔 B&G 食品總額的 15.3%，持續下降至 3%，但整體反映了餐飲業的整體客流量模式。

We have experienced some increased competitive activity in a few categories in [vegetable oil Wesson has priced aggressively] over the last several months to protect and in some cases, rebuild distribution in the Mexican category Ortega as well as the [old El Paso] brand have been impacted by increased activity from the Taco Bell brand. For the third quarter adjusted EBITDA of $70.4 million decreased by $10 million. Compared to the third quarter of 2023.

過去幾個月，我們在 [植物油 Wesson 定價激進] 的幾個類別中經歷了一些競爭活動的增加，以保護並在某些情況下重建墨西哥類別 Ortega 以及 [老埃爾帕索] 品牌的分銷受到Taco Bell 品牌活動增加的影響。第三季調整後 EBITDA 為 7,040 萬美元，減少了 1,000 萬美元。與 2023 年第三季相比。

The Green Giant U.S. shelf‑stable divesture represented approximately$ 2 million of the year of year decline with foreign exchange from Mexico operations on the Green Giant frozen business representing roughly another $1.5 million foreign exchange from the pace has been a drag on costs and profits depressing. Green giant segment adjusted EBITDA by 5 to $6 million. Year-to-date total B&G Foods adjusted EBITDA as a percentage of net sales for the third quarter was 15.3% down from the prior year period.

綠巨人美國貨架穩定資產的剝離代表了去年約200萬美元的下降，而綠巨人冷凍業務墨西哥業務的外匯又代表了約150萬美元的外匯，因為該步伐拖累了成本和利潤沉悶。綠巨人部門將 EBITDA 調整為 500 至 600 萬美元。今年迄今B&G Foods 第三季調整後 EBITDA 總額佔淨銷售額的百分比比去年同期下降了 15.3%。

During Q3, we continued to see only isolated inflation in some categories, pepper, garlic, etc.. and some modest favorability in transportation and warehousing costs versus last year.

在第三季度，我們繼續看到某些類別（如胡椒、大蒜等）出現孤立的通膨。

In terms of outlook, we are revising guidance to reflect the reality of a slower recovery in center store trends and the consumer environment Bruce will cover more detailed guidance for the fiscal year 2024 moving forward. We expect to see gradual recovery and stabilization in fiscal year 2025 with sequential improvement between the 1st and 2nd halves of the year segment. Reporting B&G Foods continues to report results by operating segments providing greater visibility into the performance of the company four operating business units Bruce will provide more detail. I will touch on a few top lines across the segments, spices and flavor solutions. Third quarter, net sales increased 2.6% versus the third quarter of fiscal year '23 aided by the growth of the fresh fruit parameter in grocery.

就前景而言，我們正在修訂指導意見，以反映中心商店趨勢和消費環境復甦放緩的現實，布魯斯將涵蓋 2024 財年的更詳細指導意見。我們預計 2025 財年將逐步復甦和穩定，上半年和下半年將持續改善。報告 B&G Foods 繼續按營運部門報告業績，從而更好地了解公司四個營運業務部門的業績，Bruce 將提供更多詳細資訊。我將談談有關細分市場、香料和風味解決方案的一些要點。由於食品雜貨中新鮮水果參數的成長，第三季的淨銷售額比 23 財年第三季成長了 2.6%。

This segment represents B&G foods highest segment adjusted EBITDA as a percentage of net sales segment of just EBITA was down modestly behind the timing of some food service trade spend increases in certain raw material costs and product mix.

該部門是 B&G 食品部門調整後 EBITDA 最高的部門，佔 EBITA 淨銷售部門的百分比，隨著某些食品服務貿易支出在某些原材料成本和產品組合方面的增加而略有下降。

We also launched the new line of licensed seasoning and grilling blends under the four Sixes brand. The ranch featured in the Yellowstone television franchise . The meals segment Q3 net sales decreased by 3.9% versus last year.

我們還在四個 Sixes 品牌下推出了新的授權調味料和燒烤混合物系列。黃石電視專營權中的牧場。膳食部門第三季淨銷售額較去年下降 3.9%。

The largest driver was the Ortega brand impacted by competitive pressure from increased activity by the Taco Bell brand. Although we have a strong pipeline of channel and product innovation coming skinnygirl salad dressings continued high growth behind new items, increased capacity and expanded distribution especially the special segment Q3 net sales declined by 9.9% versus last year, the Crisco brand was down behind lower soybean oil pricing versus last year reflected through to customers in our pricing model.

最大的推動因素是 Ortega 品牌，該品牌受到 Taco Bell 品牌活動增加帶來的競爭壓力的影響。儘管我們擁有強大的通路和產品創新管道，但Skinnygirl 沙拉醬在新產品、產能增加和分銷擴大（特別是特殊細分市場）的推動下繼續保持高成長，第三季淨銷售額較去年下降9.9 %，但Crisco 品牌的表現落後於大豆的走低與去年相比的石油定價透過我們的定價模式反映給客戶。

We also experienced some delays in getting lower pricing reflected in some customers which has been rectified.

我們也遇到了一些延遲，一些客戶反映了較低的定價，但已得到糾正。

We also fielded more aggressive pricing and promotion during the quarter. Specially segment adjusted EBITDA was down less than net sales 6.2% due to lower soybean oil costs. frozen and vegetables, The frozen and vegetables business unit net sales excluding the impact of the us. Green giant can investor were down 1.7% versus last year. An improvement from prior quarter, trends and reflecting some overall category softness in frozen vegetables, excluding the divested Green Giant U.S. shelf-stable business and the impact of foreign exchange from the peso segment adjusted EBITDA for frozen and vegetables was positive for the quarter.

本季我們也開展了更積極的定價和促銷活動。由於大豆油成本下降，特別部門調整後的 EBITDA 下降幅度低於淨銷售額 6.2%。冷凍和蔬菜，冷凍和蔬菜業務部門的淨銷售額不包括美國的影響。綠色巨型罐頭投資者比去年下降了1.7%。與上一季相比，趨勢有所改善，反映出冷凍蔬菜的整體類別疲軟，不包括剝離的 Green Giant 美國耐儲存業務以及比索部門外匯的影響，本季冷凍和蔬菜的調整後 EBITDA 為正。

This fall, we have launched a strong innovation pipeline including a number of premium sides.

今年秋天，我們啟動了強大的創新管道，其中包括許多優質產品。

Portfolio shaping B&G Foods remains committed to reshaping and restructuring our portfolio to sharpen focus, improve margins and cash flow and maximize future value creation.

投資組合塑造 B&G Foods 仍然致力於重塑和重組我們的投資組合，以提高重點、提高利潤和現金流量並最大限度地創造未來價值。

This is a high priority for the company and critical to our future strategic direction and risk profile.

這是公司的首要任務，對我們未來的策略方向和風險狀況至關重要。

The divesture of the green giant us canned vegetable Business was completed last fall following the sale of the back to nature brand in January 2023.

繼2023年1月出售back to nature品牌後，綠色巨頭美國罐頭蔬菜業務的剝離於去年秋天完成。

We continue to review our remaining portfolio for a possible divesture of noncore assets including the possible divesture and sale of some or all of the assets in the frozen and vegetables business unit.

我們繼續審查我們剩餘的投資組合，以了解是否可能剝離非核心資產，包括可能剝離和出售冷凍和蔬菜業務部門的部分或全部資產。

Green Giant remains a strong brand with broad awareness and distribution and the frozen vegetable category is on trend with health and dietary trends.

綠色巨人仍然是一個強大的品牌，擁有廣泛的知名度和分佈，冷凍蔬菜類別隨著健康和飲食趨勢而流行。

However, it may not be the right fit with B&G Foods focus and capabilities particularly since there are no plans to add more assets in the frozen portfolio. Given the opportunities in our core shelf stable businesses and overall capital constraints in anticipation of questions we often receive during the Q&A portion of these earnings calls. I remind you that our company policy is to not comment on any specific acquisition or divestiture opportunities unless and until we reach an agreement with a counterparty as such, other than the general statements we have made regarding the review of possible investors and our commitment to reshape and restructure our portfolio. We will not have further comment at this time regarding specific investor opportunities or possible timing.

然而，它可能不適合 B&G Foods 的重點和能力，特別是因為沒有計劃在凍結的投資組合中添加更多資產。考慮到我們核心貨架穩定業務的機會和整體資本限制，以及我們在這些收益電話的問答部分經常收到的問題的預期。我提醒您，我們公司的政策是，除非我們與交易對方達成協議，否則我們不會對任何具體的收購或剝離機會發表評論，除了我們就審查可能的投資者和我們對重塑的承諾所做的一般聲明外。我們目前不會就具體的投資者機會或可能的時機發表進一步評論。

Thank you and I will now turn the call over to Bruce for more detail on the quarterly performance and outlook for the remainder of the year.

謝謝您，我現在將把電話轉給布魯斯，以了解有關季度業績和今年剩餘時間前景的更多詳細資訊。

Thank you, Casey. Good afternoon, everyone. Thank you for joining us today. We will try to be efficient with everyone's time so that you can all get out to vote this evening if you haven't done so already.

謝謝你，凱西。大家下午好。感謝您今天加入我們。我們將盡力有效利用每個人的時間，以便大家今晚都可以出去投票（如果還沒有投票的話）。

I will start with a quick housekeeping item. Last year's third quarter results included the Green Giant Us Shelf Stable product line which we sold the Seneca last November green giant us shelf stable contributed approximately $20.3 million of net sales and approximately $2 million in contribution to last year's third quarter. Results in the third quarter of 2024 we generated $461.1 million in net sales.

我將從快速的內務管理專案開始。去年第三季的業績包括我們去年11 月向Seneca 出售的Green Giant US Shelf Stable 產品線，Green Giant US Shelf Stable 貢獻了約2,030 萬美元的淨銷售額，為去年第三季貢獻了約200 萬美元。2024 年第三季的業績我們實現了 4.611 億美元的淨銷售額。

$70.4 million in adjusted EBITDA adjusted EBITDA is a percentage of net sale [0.3%]and 13¢ in adjusted diluted earnings per share base business net sales which exclude the green giant us shelf stable product line decreased by $21.3 million or 4.4% in the third quarter of 2024. Compared to the third quarter of 2023.

調整後EBITDA 為7,040 萬美元，調整後EBITDA 佔淨銷售額[0.3%] 的百分比，調整後稀釋每股收益為13 美分，基礎業務淨銷售額（不包括綠色巨頭美國貨架穩定產品線）第第三季下降了2,130 萬美元，即4.4% 2024 年第四季。與 2023 年第三季相比。

The decline in base business net sales is comparable to our consumption data as per Nielsen which showed a decline of approximately 5% for the 13 weeks ended September 28th, 2024. $22.6 million. Of the decline in base business net sales or 4.7% points of the decline was driven by lower volumes and $0.4 million or 0.1% points were driven by the negative impact of foreign currency.

基礎業務淨銷售額的下降與尼爾森的消費數據相當，該數據顯示截至 2024 年 9 月 28 日的 13 週內下降了約 5%，即 2,260 萬美元。基礎業務淨銷售額下降了 4.7 個百分點，這是由於銷售下降造成的；40 萬美元下降，即 0.1 個百分點，是由於外匯的負面影響造成的。

These impacts were offset in part by the benefit of $1.7 million or 0.4% points of positive net price and product mix.

這些影響被 170 萬美元或正淨價和產品組合的 0.4% 點的收益所部分抵消。

Net sales for our Crisco brand decreased by $9.4 million for the third quarter of 2024 as compared to the third quarter of 2023. Largely as a result of our commodity pricing model for the brand, which resulted in a net pricing decline of approximately $3.5 million to reflect lower soybean oil commodity costs coupled with a decrease in volume of approximately $5.9 million excluding the Crisco brand. Base business net sales decreased by $11.9 million or 3% in the third quarter of 2024. Compared to the third quarter of 2023 gross profit was $102.3 million for the third quarter of 2024 or 22.2% of net sales adjusted gross profit, which excludes the negative impact of $0.1 million of acquisition, divestiture related expenses and non-recurring expenses included in cost of goods sold during the third quarter of 2024 was $102.4 million or 22.2% of net sales gross product. gross profit was $113.8 million for the third quarter of 2023 or 22.6% of net sales adjusted gross profit, which excludes the negative impact of $0.3 million of acquisition, divestiture related expenses and non-recurring expenses included in the cost of goods sold during the third quarter of 2023 was $114.1 million or 22.7% of net sales.

與 2023 年第三季相比，2024 年第三季 Crisco 品牌的淨銷售額減少了 940 萬美元。這主要是由於我們對該品牌的商品定價模型，導致淨定價下降約 350 萬美元，以反映豆油商品成本下降，加上不包括 Crisco 品牌的銷售減少約 590 萬美元。2024 年第三季基礎業務淨銷售額下降 1,190 萬美元，即 3%。與2023 年第三季相比，2024 年第三季毛利為1.023 億美元，佔淨銷售額調整後毛利的22.2%，其中不包括成本中包含的10 萬美元收購、剝離相關費用和非經常性費用的負面影響2024 年第三季銷售的商品總額為 1.024 億美元，佔淨銷售總產品的 22.2%。 2023 年第三季毛利為1.138 億美元，佔淨銷售額調整後毛利的22.6%，其中不包括第三季銷售成本中包含的30 萬美元收購、剝離相關費用和非經常性費用的負面影響2023 年第四季銷售額為 1.141 億美元，佔淨銷售額的 22.7%。

While we are continuing to see input cost inflation with regards to raw material costs across our basket of inputs and in our factories, the cost increases have continued to be mostly modest thus far this year.

雖然我們繼續看到我們一攬子投入和工廠的原材料成本不斷上漲，但今年迄今為止，成本增長仍然基本溫和。

However, we are still seeing elevated costs in some categories such as black pepper, garlic, olive oil and tomatoes and foreign currency is negatively impacting our costs at our green giant manufacturing facility in Mexico helping to mitigate those cost increases.

然而，我們仍然看到黑胡椒、大蒜、橄欖油和西紅柿等某些類別的成本上漲，而外匯對我們位於墨西哥的綠色巨人製造工廠的成本產生了負面影響，有助於緩解這些成本增加。

Our continued favorability in some areas that saw the most extreme input cost inflation in 2022 and 2023 such as soybean oil cans and logistics, as well as through our continuous improvement, productivity efforts and cost savings initiatives in our factories.

我們對 2022 年和 2023 年投入成本通膨最嚴重的一些領域（例如豆油罐和物流）以及我們工廠的持續改進、生產力努力和成本節約舉措繼續給予青睞。

Selling general and administrative expenses decreased by $2.2 million or 4.6% to $46 million for the third quarter of 2024 from $48.2 million for the third quarter of 2023.

2024 年第三季的銷售一般和管理費用從 2023 年第三季的 4,820 萬美元減少 220 萬美元，即 4.6% 至 4,600 萬美元。

The decrease was composed of decreases in consumer marketing expenses of $1.2 million warehouses, expenses of $0.9 million selling expenses of $0.8 million and acquisition, divesture related and non-recurring expenses of $0.6 million partially offset by an increase in general and administrative costs of $1.3 million expressed as a percentage of net sales selling general and administrative expenses increased by approximately 0.4% points to 10% for the third quarter of 2024. As compared to 9.6% for the third quarter of 2023.

減少的原因包括：消費者行銷費用減少120 萬美元，倉庫費用減少90 萬美元，銷售費用減少80 萬美元，收購、剝離相關費用和非經常性費用減少60 萬美元，但一般和管理費用增加130萬美元，部分抵銷了這一減少。相比之下，2023 年第三季為 9.6%。

As I mentioned earlier, we generated approximately $70.4 million of adjusted EBITDA or 15.3% of net sales in the third quarter of 2024. Compared to $80.4 million or 16%. In the third quarter of 2023 approximately $2 million of the decrease in adjusted EBITDA for the quarter was the result of the divestiture of the green giant US shelf stable product line which we sold last fall, an additional $1.5 million or so of the adjusted EBITDA decline resulted from the negative impact of foreign currency relative to the impact in the year ago period on our cost of goods sold for the portion of our green giant frozen vegetables that are produced in our manufacturing facility in Mexico.

正如我之前提到的，我們在 2024 年第三季產生了約 7,040 萬美元的調整後 EBITDA，即淨銷售額的 15.3%。相比之下，為 8,040 萬美元，即 16%。2023 年第三季度，該季度調整後 EBITDA 減少約 200 萬美元，是由於我們去年秋天出售的綠色巨頭美國貨架穩定產品線的剝離，調整後 EBITDA 又減少了 150 萬美元左右這是由於與去年同期相比，外匯對我們在墨西哥製造工廠生產的綠色巨型冷凍蔬菜部分的銷售成本的影響產生的負面影響。

The remainder of the decline was largely driven by the decline in our net sales and a modest increase in our raw material costs.

其餘的下降主要是由於我們的淨銷售額下降和原材料成本小幅上升所致。

Net interest expense was $42.2 million in the third quarter of 2024 compared to $35.9 million in the third quarter of 2023.

2024 年第三季的淨利息支出為 4,220 萬美元，而 2023 年第三季為 3,590 萬美元。

The increase was primarily driven by approximately $3.1 million of charges related to our recent financing as well as the impact of higher interest rates on our long term debt during the third quarter of 2024. Compared to the third quarter of 2023.

這一增長主要是由於與我們近期融資相關的約 310 萬美元費用以及 2024 年第三季利率上升對我們長期債務的影響。與 2023 年第三季相比。

These increases were offset in part due to lower average debt outstanding in the quarter. Relative to the prior year quarter, depreciation and amortization was $17.2 million in the third quarter of 2024 which is in line with the $17.3 million. In the third quarter of last year, we had net income of $7.5 million or 9%per diluted share and adjusted net income of $10.1 million or 3 % per diluted share. In the third quarter of 2024.

這些成長在一定程度上被本季平均未償債務下降所抵銷。與去年同期相比，2024 年第三季的折舊和攤提為 1,720 萬美元，與 1,730 萬美元一致。去年第三季度，我們的淨利潤為 750 萬美元，即稀釋後每股收益 9%，調整後淨利潤為 1,010 萬美元，即稀釋後每股收益 3%。2024年第三季。

In the third quarter of 2023 we had a net loss of $82.7 million or a $1.11 per diluted share and adjusted net income of $20.5 million or 27% per adjusted diluted share.

2023 年第三季度，我們的淨虧損為 8,270 萬美元，即稀釋後每股虧損 1.11 美元，調整後淨利為 2,050 萬美元，即調整後稀釋每股虧損 27%。

Adjustments to our EBITDA and our net income are described further in our earnings release.

我們的 EBITDA 和淨利潤的調整將在我們的收益發布中進一步描述。

I would now like to touch on the results by business unit net sales for specialty decreased by $17.7 million or 9.9% in the third quarter of 2024 to $161 million from $178.7 million in the third quarter of 2023.

我現在想談談按業務部門劃分的結果，特種產品的淨銷售額從 2023 年第三季的 1.787 億美元下降到 2024 年第三季的 1.61 億美元，下降了 1,770 萬美元，即 9.9%。

The decrease was primarily due to lower Crisco pricing driven by decreased commodity costs coupled with modest declines in volumes across the business unit in the aggregate specialty segment adjusted EBITDA decreased by $2.7 million or 6.2% in the third quarter of 2024 compared to the third quarter of 2023 net sales for meals decreased by $4.5 million or 3.9% in the third quarter of 2024 to $111.6 million from $116.1 million for the third quarter of 2023.

這一下降主要是由於大宗商品成本下降導致Crisco 定價下降，加上專業業務部門調整後EBITDA 總額的業務部門銷量小幅下降，與2024 年第三季相比，2024 年第三季減少了270 萬美元，即6.2%。

The decrease was primarily due to lower volumes across the business unit partially offset by a modest increase in net pricing and product mix.

下降的主要原因是整個業務部門銷售的下降，部分被淨定價和產品組合的小幅成長所抵消。

Meal segment adjusted EBITDA decreased by $2.4 million or 9.5% compared to the third quarter of 2023 frozen and vegetable net sales, excluding the impact of the green giant Us shelf stable product line, divestiture were down by $1.6 million or 1.7% of versus the prior year segment adjusted EBITDA decreased by $3.2 million compared to the third quarter of 2023.

與2023 年第三季冷凍和蔬菜淨銷售額相比，膳食部門調整後的EBITDA 下降了240 萬美元，即9.5%，不包括綠色巨頭美國貨架穩定產品線的影響，資產剝離與上一季相比下降了160 萬美元，即1.7%。

Approximately $2 million of the decline was due to the divesture of the green giant US shelf stable product line and an additional $1.5 million or so from the negative impact of foreign currency relative to the prior year period on our cost of goods sold for the portion of our green giant frozen vegetable products produced at our manufacturing facility in Mexico, excluding these amounts segment adjusted EBITA increased marginally in the third quarter as compared to the prior year, net sales for spices and flavor solutions increased by $2.5 million or 2.6% in the third quarter of 2024 to $99.3 million from $96.8 million in the third quarter of 2023.

其中約 200 萬美元的下降是由於綠色巨頭美國貨架穩定產品線的剝離，另外約 150 萬美元的下降是由於外幣相對於去年同期對我們銷售的商品成本的負面影響所致。製造工廠生產的綠色巨型冷凍蔬菜產品，不包括這些金額，第三季度調整後的EBITA 與去年同期相比略有增長，第三季度香料和風味解決方案的淨銷售額增長了250 萬美元，即2.6% 2024 年第三季的營收從 2023 年第三季的 9,680 萬美元增至 9,930 萬美元。

The increase was primarily due to higher volumes across the business unit, spices and flavor solutions segment adjusted EBITDA decreased by $1.6 million or 5.2% in the third quarter of 2024 compared to the third quarter of 2023. The decrease in segment adjusted EBITA was largely driven by a combination of an increase in trade spending and product mix and increases in raw material costs such as black pepper and garlic.

這一成長主要是由於整個業務部門的銷售增加，香料和風味解決方案部門調整後的 EBITDA 與 2023 年第三季相比，2024 年第三季減少了 160 萬美元，即 5.2%。部門調整後 EBITA 的下降主要是由於貿易支出和產品組合的增加以及黑胡椒和大蒜等原材料成本的增加共同推動的。

Now moving on to our balance sheet, as you likely saw, we continue to update our balance sheet following the refinancing of our revolver. Our term loan B and an add on senior secured note offering this summer in October 2024. Shortly after the end of the third quarter, we then redeemed the remaining $265 million of senior notes due April 2025 following these moves, we no longer have any near term maturities with our closest maturity being our senior notes due 2027.

現在轉向我們的資產負債表，正如您可能看到的那樣，我們在左輪手槍再融資後繼續更新我們的資產負債表。我們將於 2024 年 10 月在今年夏天發行定期貸款 B 和附加優先擔保票據。第三季末後不久，我們贖回了 2025 年 4 月到期的剩餘 2.65 億美元高級票據，之後我們不再有任何短期到期日，最接近的到期日是 2027 年到期的高級票據。

Additionally, we now have just over 35% of our long term debt tied to floating rates or so, a 50 basis point decrease in rates would reduce our interest expense by approximately 3.5 to $4 million on an annualized rate.

此外，我們現在有超過 35% 的長期債務與浮動利率掛鉤，利率下降 50 個基點將使我們的年化利息支出減少約 350 至 400 萬美元。

Similarly, 100 basis point reduction would be expected to reduce our interest expense by 7 to $8 million.

同樣，減少 100 個基點預計將使我們的利息支出減少 700 至 800 萬美元。

Further details regarding the refinancing transactions have previously been disclosed by press release and 8 K filings and are described in the footnotes to the financial statements that we filed earlier today as part of our 10-Q and finally, as noted in our earnings press release, we are revising our fiscal 2024 guidance to 1.92 billion to 1.95 billion for net sales, 295 to $305 million for adjusted EBITDA and 67¢ to 77¢ for adjusted diluted earnings per share at the midpoint. Our net sales guidance is based on our first three quarters of 2024 net sales of approximately $1.381 billion and projected base business net sales decline of approximately 2 to 3% for the final quarter of 2024 which is a similar trend to what we saw in the third quarter, we believe that the revised guidance better reflects the continued industry, wide challenges and consumer activity which has dampened volumes in both retail consumption and food service channels.

有關再融資交易的更多詳細信息之前已通過新聞稿和8K 文件披露，並在我們今天早些時候作為10 季度報告的一部分提交的財務報表的腳註中進行了描述，最後，正如我們的收益新聞稿中所述，我們正在將2024 財年的淨銷售額指引修改為19.2 億至19.5 億美元，調整後EBITDA 指引為295 至3.05 億美元，調整後攤薄每股收益中位數指引為67 美分至77 美分。我們的淨銷售額指引是基於2024 年前三季約13.81 億美元的淨銷售額，預計2024 年最後一季的基礎業務淨銷售額將下降約2% 至3%，這與我們在第三季看到的趨勢類似我們認為，修訂後的指導更好地反映了持續的行業、廣泛的挑戰和消費者活動，這些活動抑制了零售消費和食品服務管道的交易量。

As a reminder, the green giant us shelf stable business line that we sold last year contributed approximately $15.9 million in net sales to last year's fourth quarter.

提醒一下，我們去年出售的綠色巨頭美國貨架穩定業務線為去年第四季貢獻了約 1,590 萬美元的淨銷售額。

Additionally, we expect for full year 2024 interest expense of 152.5 million to $157.5 million including cash interest expense of 145.5 million to $150.5 million depreciation expense of 47.5 to $52.5 million amortization expense of 20 to $22 million an effective tax rate of 26 to 27% and CapEx of 30 to $35 million.

此外，我們預計2024 年全年利息支出為1.525 億至1.575 億美元，其中包括現金利息支出1.455 億至1.505 億美元，折舊支出為47.5 至5250 萬美元，攤銷支出為20 至2200 萬美元，有效稅率為26% 至27%，資本支出為 3,000 至 3,500 萬美元。

And while we are not providing guidance for fiscal 2025 at this point, we do expect trends to gradually improve and stabilize in the first half of 2025 as we lap the consumer reaction to higher prices.

雖然我們目前沒有提供 2025 財年的指導，但我們確實預計，隨著消費者對價格上漲的反應，趨勢將在 2025 年上半年逐漸改善和穩定。

Now, I will turn the call back over to Casey for further remarks.

現在，我將把電話轉回給凱西，以徵求進一步的意見。

Thank you Bruce. In closing B&G Foods is laser focused on the few critical priorities first, improving the base business, net sales trends of the core business to the long term objective of plus 1 to 2% two reshaping the portfolio for future growth, stability, higher margins and cash flow as well as structuring key platforms for future acquisition growth.

謝謝布魯斯。最後，B&G Foods 首先專注於少數關鍵優先事項，改善基礎業務、核心業務的淨銷售趨勢，以實現增加1% 至2% 的長期目標，同時重塑投資組合，以實現未來的成長、穩定性、更高的利潤率和現金流以及建立未來收購成長的關鍵平台。

Third, reducing leverage below 5.5 times through divestitures and excess cash flow to facilitate strategic acquisitions in the future.

第三，透過資產剝離和超額現金流將槓桿降低到5.5倍以下，以利於未來的策略性收購。

This concludes our remarks and now we would like to begin the Q&A portion of our call operator.

我們的發言到此結束，現在我們要開始呼叫接線員的問答部分。

(Operator Instructions) Andrew Lazar with Barclays.

（操作員說明）巴克萊銀行的安德魯·拉扎爾。

Great, thanks. Good afternoon Bruce Casey and Andrew. Maybe to start off. And I recall that in the, in the second quarter, I think sales results came in better than the consumption data would have would have implied. And I think you chalked it up to sort of better results at the time in untracked channels and and Canada. And now obviously you talked a bit about destocking, that was a one point headwind to base business sales, I guess in looking back. Do you think there was some sort of inventory stocking that might have occurred in the second quarter by shipping ahead of, sort of consumption or was that not really a factor? Do you think.

太好了，謝謝。下午好，布魯斯凱西和安德魯。也許要開始。我記得在第二季度，我認為銷售業績比消費數據所暗示的要好。我認為您將其歸因於當時在未追蹤的管道和加拿大取得了更好的結果。現在顯然你談到了去庫存的問題，我想回顧起來，這對基本業務銷售來說是一個阻力。您是否認為第二季度可能會因提前發貨而出現某種庫存積壓，或者說這實際上並不是一個因素？你認為嗎。

So? Just as a reminder, we're probably 75% or so, you know, us traditional grocery maybe a little bit less than that. But we've got, you know, Canadian sales and we've got our food service in our industrial business in our first quarter, we had a little bit, we called out food service and, and we called out some of that was timing. We saw some of that swing into the second quarter as a benefit. And so the first quarter and second quarter kind of made sense. Third quarter, I think there is Casey alluded to it. You know, we saw some of our key customers, you know, from what we've been told, took inventory down. We think we saw that in July and it impacted the quarter. For sure.

所以？提醒一下，我們可能是 75% 左右，你知道，我們傳統的雜貨店可能比這個數字少一點。但我們有，你知道，加拿大的銷售，我們在第一季度的工業業務中得到了食品服務，我們有一點，我們呼籲食品服務，並且我們呼籲其中一些是時機。我們認為第二季的一些轉變是一種好處。所以第一季和第二季是有道理的。第三節，我認為凱西提到了這一點。你知道，我們看到我們的一些主要客戶，據我們所知，減少了庫存。我們認為我們在 7 月就看到了這一點，它影響了本季。一定。

I mean, we could read, you know, warehouse and inventories and pos so we, we kind of know what's going on in, you know, that, that impact, you know, I think you probably heard it from others, but we, we definitely saw that, you know, predominantly in July, but even a little bit in, in August, I mean, relative to consumption, you know, as Bruce said, really, we're less than 70% you can track in our, in our consumption there's a lot of other moving parts around Canada food service, industrial untracked channels. So it's really hard to pinpoint that number to our overall total. So I would just, you know, just kind of take that as a take that as a directional indicator but not really, you can't match it up and kind of add the different pieces together to get the total if that helps Andrew.

我的意思是，我們可以讀取，你知道，倉庫、庫存和po​​s，所以我們，我們知道正在發生什麼，你知道，那種影響，你知道，我想你可能從其他人那裡聽到了，但是我們，我們確實看到了這一點，你知道，主要是在7 月，但即使在8 月，我的意思是，相對於消費而言，你知道，正如布魯斯所說，實際上，我們的消費量還不到70%。因此，很難確定這個數字與我們的總體總數之間的關係。所以我只是，你知道，只是將其視為方向指標，但不是真的，你無法將其匹配並將不同的部分加在一起以獲得總數（如果這對安德魯有幫助的話）。

Yeah. No, I appreciate it. And then your comments on looking for the business to sequentially improve and stabilize in the first half. Certainly not inconsistent, right? With others that have made comments on on next year being a below algorithm sort of growth here. But I was wondering if there were any other actions maybe on the cost side perhaps that you could take to sort of or are taking to sort of blunt the the weaker sales, you know, for a while just give them more leverage stands and things of that nature.

是的。不，我很感激。然後您對尋求上半年業務逐步改善和穩定的評論。當然不矛盾，對吧？其他人對明年的成長發表了評論，演算法如下。但我想知道是否還有其他可能在成本方面的行動，也許你可以採取某種行動，或者正在採取某種行動來削弱銷售疲軟，你知道，暫時給他們更多的槓桿立場和東西那種性質。

Yeah, I mean we're attacking costs in a couple different ways. So first, I would say, you know, we have active productivity efforts to help us kind of drive margin improvement cover inflation and also offset any weakness in the portfolio. So that, that those productivity efforts are ramping up, they will be higher next year, probably closer to 3%. You know of net sales and 3% of COGS in terms of our overall efforts you saw, we were we are effectively reducing SG&A expenses in the quarter. So we have, you know, an effort and some focus on how do we reduce our kind of, you know, overhead costs and our fixed cost, you know, given the lower sales, I would say Andrew, the biggest thing that we, you know, are looking at is is concurrent with divestures. We will do some restructuring activity in our, in our cost profile to make sure that as we divest businesses, we look not only to take out proportional costs but also ways to get more efficient with a more focused portfolio. So that's probably one of the biggest things that we've already started, you know, evaluating.

是的，我的意思是我們正在以幾種不同的方式降低成本。首先，我想說，你知道，我們積極致力於提高生產力，以幫助我們推動利潤率改善，覆蓋通膨，並抵消投資組合的任何弱點。因此，隨著生產力的提高，明年的成長率將會更高，可能接近 3%。您知道，就您所看到的我們的整體努力而言，淨銷售額和 COGS 的 3%，我們正在有效地減少本季度的 SG&A 費用。所以，你知道，我們努力並專注於如何減少我們的間接費用和固定成本，你知道，考慮到銷售額的下降，我想說安德魯，我們最重要的事情，你知道，我們正在考慮的是與資產剝離同時發生的事情。我們將在我們的成本概況中進行一些重組活動，以確保在剝離業務時，我們不僅要降低比例成本，還要透過更集中的投資組合來提高效率。所以這可能是我們已經開始評估的最重要的事情之一。

last quick thing would be, I think you mentioned that fourth quarter, probably a similar base business trend to what we saw in the third quarter. And I guess, you know, certainly, I think a lot, a lot of food companies are hoping anyway, we'll have to see how it plays out to at least continue to see some sequential improvement, you know, as we move through the sort of final quarter of the calendar year. I'm just curious why maybe maybe you're just trying to be thoughtful and prudent about your expectations but why we wouldn't expect to at least see some continued sequential improvement in the environment. Thanks. So much.

最後一件事是，我想你提到了第四季度，可能與我們在第三季度看到的基本業務趨勢類似。我想，你知道，當然，我想很多很多食品公司都希望，無論如何，我們必須看看它如何發揮作用，至少繼續看到一些連續的改進，你知道，隨著我們的進展相當於日曆年的最後一個季度。我只是好奇為什麼你只是想對你的期望深思熟慮和謹慎，但為什麼我們不期望至少看到環境的持續連續改善。謝謝。就這麼多。

we're expecting some but you know, not, not that much and it's mostly prudence because every time we believe that maybe we're lapping some of these things, it's probably taking longer in the recovery process. So I think, you know, we said the base business net sales were down, you know, X critical pricing impact X, the green giant investor are down 3% in Q3. We're projecting between minus two and minus 3% in Q4. So a little bit of improvement, but I think we're just being cautious in terms of how fast we believe the consumer will come back or really more likely, when do we lap some of the behavior changes that we saw in the wake of the high inflation in the center store food categories. When do those get lapped in terms of their year, your impact in consumer buying patterns. And so we're just being cautious and I think that's, that's prudent at this point. When we start seeing some indications that things are starting to improve, then I think we'll, we'll start calling it out. But you know, to date, we haven't really seen a lot of evidence of that through the third quarter.

我們期待一些，但你知道，不是，沒有那麼多，這主要是謹慎的，因為每次我們相信也許我們正在研磨其中一些東西時，恢復過程可能需要更長的時間。所以我認為，我們說基礎業務淨銷售額下降了，X 關鍵的定價影響 X，綠色巨頭投資者在第三季下降了 3%。我們預計第四季的成長率將在負 2% 到負 3% 之間。所以有一點點改進，但我認為我們只是謹慎對待我們相信消費者會回來的速度，或者更可能的是，我們什麼時候會經歷一些我們在疫情之後看到的行為變化。的高通膨。這些人甚麼時候會在他們的年份上受到關注，你對消費者購買模式的影響。所以我們只是保持謹慎，我認為目前這是謹慎的。當我們開始看到一些跡象表明情況開始好轉時，我想我們會開始大聲疾呼。但你知道，到目前為止，我們在第三季還沒有真正看到很多這方面的證據。

Thanks so much.

非常感謝。

Michael Lavery with Piper Sandler & Co

邁克爾·萊弗里 (Michael Lavery) 與 Piper Sandler & Co

With your question.

帶著你的問題。

Thank you. Good evening.

謝謝。晚安.

Hey Michael.

嘿邁克爾。

You called out some of the, the currency pressure in in frozen and vegetables and I just want to make sure I understand that. Right. Is that just transactional? Is there a translational piece to it? A and do you have any idea? I mean, I guess nobody knows, but is there any preparation you can do for potential tariff risk? Have you thought about that and have any thoughts there?

您指出了冷凍和蔬菜方面的貨幣壓力，我只是想確保我理解這一點。正確的。這只是交易嗎？有翻譯作品嗎？你有什麼想法嗎？我的意思是，我想沒有人知道，但是您可以為潛在的關稅風險做任何準備嗎？你有沒有想過並有什麼想法？

Yeah. So, so part one on the foreign currency, this is, this is really, you know, the exchange rate between us dollar and Mexican peso. It's actually normalized relative to the five year average over the last number of weeks or a couple of months. But we lapped a period where the Mexican Peso was, was pretty strong relative to where it's been in the past and certainly stronger this year. Relative to where it was last year that impacts really our core frozen business for Green Giant. It's those products that are manufactured on there and that's transaction, that's not translation. And, and so that compressed margins and that impacted that as far as tariffs, you know, it's election day, we're really not going to get into the to the election. We're obviously paying attention.

是的。所以，關於外幣的第一部分，這實際上是美元和墨西哥比索之間的匯率。實際上，相對於過去幾週或幾個月的五年平均水平，它已經正常化。但我們經歷了墨西哥比索所處的時期，相對於過去來說相當堅挺，今年肯定更堅挺。與去年相比，這確實影響了我們綠巨人的核心冷凍業務。這些產品是在那裡製造的，這就是交易，而不是翻譯。而且，利潤率被壓縮，就關稅而言，你知道，今天是選舉日，我們真的不會參加選舉。我們顯然正在關注。

Okay. That's helpful and just on the guidance, you've narrowed it, of course, but below the line still, it's a pretty decent window at, at a 10¢ range. Is there anything in particular to keep an eye on there that you would say is more volatile or it sounds like the tax rates coming in still around where you thought and you should have a line of sight on, on the, the interest expense, I guess just what's you know, the, the range of outcomes there that, that makes it feel a little bit wide.

好的。這很有幫助，而且就指導而言，您當然已經縮小了範圍，但在該線以下，這仍然是一個相當不錯的窗口，在 10 美分的範圍內。有沒有什麼特別需要注意的地方，你會說波動性更大，或者聽起來稅率仍然在你想像的範圍內，你應該關注利息支出，我猜猜你知道什麼，結果的範圍，這讓人感覺有點寬泛。

Yeah, if you just simply took our EBITDA range high to low and then use the interest expense, the depreciation and the amortization and our tax rate, you, you get those EPS numbers.

是的，如果你只是簡單地將我們的 EBITDA 範圍從高到低，然後使用利息費用、折舊和攤銷以及我們的稅率，你就會得到這些每股收益數字。

Okay. That's helpful. Thanks.

好的。這很有幫助。謝謝。

William Reuter with Bank of America.

美國銀行的威廉·路透。

Proceed with your question.

繼續你的問題。

Hi, good evening. So I was just wondering if you could discuss how your performance was versus a private label during the quarter, I guess maybe private label trends in general.

嗨，晚上好。所以我只是想知道您是否可以討論本季度您的業績與自有品牌相比如何，我想也許是自有品牌的總體趨勢。

I mean, we, I think as I said before, we, we look at private label really category by category. I mean, there's some categories where it's developed and we have, you know, kind of relative positions to private label and in other places, it's really not a factor. So I would say the biggest the biggest areas that we look at are in frozen vegetables where we have seen some strength in private label, particularly on the kind of the core base vegetable business and, and I think, you know, you would have seen the rest of the category including Birds Eye have the same issue that frozen, the frozen, you know, private label vegetable business is, you know, probably taken a little bit of share from the branded competitors on the premium priced business is, you know, where, you know, you have SFT or where you also have some business, some sides premium sides, season spice of sides that business, you know, has been fine. And you know, we, you know, that's there's really not a lot of private label competition in that, but on the core kind of basic vegetables, we've seen private label be relatively stronger than it than it was during the pandemic. The the second place is really Crisco and, you know, vegetable oil and in particular, and on that business, you know, Honestly, we haven't really seen a lot of inroads from private label. The the bigger issue has been, we just trying to, you know, hold their position in the marketplace, relative private label. They've actually come in with aggressive pricing that has hurt us a little bit, but it hurt private label more in the share data. So that's not really impacting us that much. At least from a private label standpoint, it's more about a little bit more aggressive competitive activity from a sort of a number two brand trying to stay in position. And that, that's really the main ones that we look at, you know, clabber girl baking powder, you know, we, we do a lot of the private label business, so not really a big impact in terms of how it moves relative to our position.

我的意思是，我們，我認為正如我之前所說，我們，我們確實逐一類別地看待自有品牌。我的意思是，它已經開發了一些類別，你知道，我們與自有品牌有一定的相對地位，而在其他地方，這確實不是一個因素。所以我想說，我們關注的最大領域是冷凍蔬菜，我們在自有品牌方面看到了一些優勢，特別是在核心基礎蔬菜業務方面，而且我認為，你知道，你會看到包括Birds Eye 在內的其他類別也有同樣的問題，即冷凍、冷凍、自有品牌蔬菜業務，你知道，可能從品牌競爭對手的高價業務中奪取了一點份額。一些業務，一些高級配菜，調味品的配菜，你知道，生意很好。你知道，我們，你知道，這方面確實沒有太多自有品牌競爭，但在基本蔬菜的核心種類上，我們看到自有品牌比大流行期間相對更強。第二名確實是 Crisco，你知道，尤其是植物油，在這個業務上，你知道，老實說，我們還沒有真正看到自有品牌的很多進展。更大的問題是，我們只是想，你知道，保持他們在市場上的相對自有品牌的地位。他們實際上採取了激進的定價，這對我們造成了一點傷害，但它對自有品牌的股票數據造成了更大的傷害。所以這對我們的影響並沒有那麼大。至少從自有品牌的角度來看，更多的是來自第二大品牌試圖保持地位的更積極的競爭活動。這確實是我們關注的主要業務，你知道，clabber girls 發酵粉，你知道，我們做很多自有品牌業務，所以就它相對於我們的立場。

But those are really the two categories that we track closely.

但這些確實是我們密切追蹤的兩個類別。

Understood. Thank you very much. And then, you know, I guess you touched on on commodity prices and kind of how that impacted your gross margins. But I guess, I was wondering how you expect commodity prices to to impact your margins going forward and maybe any expectations you may have in 25. Thank you.

明白了。非常感謝。然後，你知道，我想你談到了商品價格以及它如何影響你的毛利率。但我想，我想知道您預計大宗商品價格將如何影響您未來的利潤率，以及您對 25 年的任何預期。謝謝。

And keep in mind we don't have we don't typically provide guidance for the forward year on this earnings call. We'll do that following the fourth quarter results from an input cost standpoint, you know, we're, we're 1 2% input cost inflation so far this year is kind of where we are and it feels like next year, it'll be something similar, but we'll obviously update as we get more information. And do our fourth quarter results.

請記住，我們通常不會在本次財報電話會議上提供未來一年的指導。從投入成本的角度來看，我們將在第四季度的結果之後這樣做，你知道，我們的投入成本通膨率為 1 2%，今年到目前為止，這就是我們現在的情況，感覺明年，它將會是類似的東西，但隨著我們獲得更多信息，我們顯然會進行更新。並做我們第四季的業績。

I think we disclosed in our, you know, in our earnings, the comments that right now what we're seeing kind of isolated inflation in a few categories, we may even have that, that is, you know, offsetting some deflation and some others. But right now we're seeing the most pressure on pepper and garlic, which are obviously pretty critical to our spices portfolio, spices seasonings portfolio. And we're also seeing some pressure in olive oil and a little bit on tomatoes. So those would be the big areas, but there are other areas, you know, where we're seeing a little bit of deflationary impact. But the net is what Bruce just said is probably, you know, 1% 1.5%. That's what we see right now and that's, that's probably what we're looking forward into.

我認為我們在我們的收益中披露了目前我們在某些​​類別中看到的孤立的通貨膨脹的評論，我們甚至可能會抵消一些通貨緊縮和一些通貨膨脹。但現在我們看到胡椒和大蒜面臨最大的壓力，這顯然對我們的香料產品組合、香料調味料產品組合非常重要。我們也看到橄欖油和西紅柿面臨一些壓力。所以這些將是大領域，但還有其他領域，你知道，我們看到了一些通貨緊縮的影響。但布魯斯剛才說的淨值可能是 1% 1.5%。這就是我們現在所看到的，這可能就是我們所期待的。

Understood. Thank you very much.

明白了。非常感謝。

Robert Moskow with TD Cowen.

羅伯特·莫斯科和 TD Cowen。

Hi. Thanks. Just wondering if you could comment on the competitive intensity that you're seeing. You know, I don't remember you mentioning West end last quarter. So it sounds like that's new and then, you know, you also have intensity increasing in, in Mexican. So, you know, if, if these, if this persists into next year, would you expect your, your business to continue to decline or do you think, you know, there, there needs to be more spending on those categories in order to, to hold on to your, your share, you know, you've talked about sequential improvement. But does that, does that also entail sequential improvement on these two categories? And then I also had a question about hot cereal because I would imagine quicker is going to, to try to become more aggressive on their oatmeal business at some point. You know, at once they restore capacity. So wanted to know if, if you consider that a risk as well.

你好。謝謝。只是想知道您是否可以評論一下您所看到的競爭強度。你知道，我不記得你上個季度提到西區。所以這聽起來像是新的，然後，你知道，墨西哥的強度也在增加。所以，你知道，如果這些，如果這種情況持續到明年，你會期望你的、你的業務繼續下滑，還是你認為，你知道，需要在這些類別上投入更多支出，以便，為了保持你的，你的份額，你知道，你已經談到了連續改進。但這是否也意味著這兩個類別的持續改進？然後我還有一個關於熱麥片的問題，因為我想會更快，在某個時候嘗試在燕麥片業務上變得更加積極。你知道，他們立即恢復了能力。所以想知道您是否也認為這有風險。

And, and sorry. So Rob, are you talking about in the context of like a permanent shift or you talking about ebbs and flows?

還有，抱歉。那麼羅布，你是在談論永久轉變還是在談論潮起潮落？

Well, I, I guess what I'm asking is, you know, for a, as you head into 2025 I would imagine that it's still going to be tough in, in Mexican, still going to be tough in vegetable oil. Like, do you foresee those two categories, stabilizing and returning to growth?

好吧，我想我要問的是，你知道，當你進入 2025 年時，我想墨西哥的植物油市場仍然會很艱難。例如，您是否預見到這兩個類別，即穩定和恢復成長？

And can you do that, given the resources you put against them or do you need more resources? I'll start with that question, I guess.

考慮到您為他們投入的資源，您能做到這一點嗎？我想我將從這個問題開始。

I think that we have started putting more resources against the, those two, those two that you're talking about where we've seen more competitive active. They also happen to be two pretty important businesses in our portfolio. You know, Crisco is really, I think is a short term pricing issue where, you know, we has just gotten aggressive kind of going into this season, which is why we didn't necessarily call it out in August. We hadn't necessarily seen where they were going, but I think that's probably a seasonal play. You know, I think we will remain price competitive, you know, you know, as we move into next year, we're not going to, we're not going to allow ourselves not to be price competitive in the marketplace on Ortega. Yeah, I think this is, you know, this is what the third time that Taco Bell has made kind of pushes into the, into the Mexican category. And, you know, we've got some pretty strong innovation and plans to, you know, going into next year. We, we're putting a little bit more money and resourcing behind that business. The trends in the category are good. It just happens that we are now splitting it along with old El Paso with a third player who's made some inroads in distribution.

我認為我們已經開始投入更多的資源來對抗你所說的兩個，我們看到競爭更加活躍。它們也恰好是我們投資組合中兩個非常重要的業務。你知道，我認為 Crisco 確實是一個短期定價問題，你知道，我們剛剛進入本賽季，這就是為什麼我們不一定在 8 月宣布這個問題。我們不一定知道他們要去哪裡，但我認為這可能是季節性的比賽。你知道，我認為我們將保持價格競爭力，你知道，你知道，當我們進入明年時，我們不會，我們不會允許自己在奧爾特加市場上不具有價格競爭力。是的，我認為這是塔可鐘第三次進軍墨西哥類別。而且，你知道，我們有一些非常強大的創新，並計劃明年進行。我們正在為這項業務投入更多的資金和資源。該類別的趨勢良好。碰巧的是，我們現在將其與老埃爾帕索一起分配給第三位在分配方面取得了一些進展的球員。

And so I don't expect that pressure to increase next year, but I think we'll be stronger in terms of pushing back on it and stronger in terms of our innovation and distribution pipeline. So the answer to your question is, you know, we expect to improve the trends on those businesses next year relative to the competitive activity we've seen recently and we are putting more resourcing and effort behind those businesses.

因此，我預計明年的壓力不會增加，但我認為我們在應對壓力方面會更加強大，在創新和分銷管道方面也會更加強大。所以你的問題的答案是，你知道，相對於我們最近看到的競爭活動，我們預計明年這些業務的趨勢會得到改善，並且我們正在為這些業務投入更多的資源和努力。

Okay. And hot cereal. Do you, do you think you need to do, prepare for something if quicker you know, puts more effort against it?

好的。還有熱麥片。如果你知道得更快，付出更多的努力，你是否認為你需要做一些準備？

And we don't see a ton of, you know, correlation with cream of wheat. And in Quicker, we just don't. So that business, you know, I think we examine over time where that price point is and everything, but we don't see a lot of substitution between cream of wheat and Quicker. So we don't really look at that. I mean, we have a very small business in McCann's that, you know, might be impacted by that. But you know, we're, we're feeling okay about our plans on that business. We launched a stand up pouch and some other things. So, no,I don't think we're necessarily focused on that.

你知道，我們沒有看到與小麥奶油有太多相關性。而在《Quicker》中，我們只是不這麼做。因此，我認為我們會隨著時間的推移檢查該業務的價格點以及所有內容，但我們沒有看到小麥奶油和 Quicker 之間有很多替代品。所以我們並沒有真正關注這一點。我的意思是，我們麥肯的業務規模很小，您知道，可能會受到影響。但你知道，我們對該業務的計劃感覺良好。我們推出了自立袋和其他一些東西。所以，不，我認為我們不一定關注這一點。

Got it makes sense. Thank you.

明白了，很有道理。謝謝。

Thank you.

謝謝。

Hale Holden with Barclays

黑爾·霍頓與巴克萊銀行

Thank you. I just had two on the specialty margin decline in the quarter. Is that all the less pressure in Crisco or other other brands in that portfolio that are seeing some margin declines or pressure?

謝謝。我本季的專業利潤率只有兩次下降。Crisco 或該產品組合中其他品牌的利潤率下降或面臨壓力的情況下，壓力是否會更小？

Yes. Actually in in West sales were down more than than profits.

是的。實際上，在西部地區，銷售額的下降幅度超過了利潤的下降幅度。

Crisco.

克里斯科。

Sorry and.

抱歉和。

Specialty, you said.

你說的是專業。

Yeah, sorry in specialty net sales were down more than margins, you know. So, so when you think about that in the context of Crisco sales were down, some of this is input costs coming down and us reflecting lower input cost is lower pricing is sort of how we pledged in the model. And you kind of see that in the numbers this quarter.

是的，抱歉，特種產品的淨銷售額下降幅度超過了利潤率，你知道。所以，當你想到在 Crisco 銷售下降的情況下，其中一些是投入成本下降，我們反映較低的投入成本是較低的定價，這就是我們在模型中承諾的方式。你可以從本季度的數字中看到這一點。

Okay.

好的。

And then the second question I had was based on your, you're kind of like a longer term thoughts for 25 with you know, volumes normalizing through the first half. Does that also include food service. I know you guys are in some pretty specific categories in food service. And I was wondering if that was in that or if that was just the grocery brands.

然後我提出的第二個問題是基於你的，你有點像 25 的長期想法，你知道，上半年銷量正常化。這還包括餐飲服務嗎？我知道你們在餐飲服務領域屬於一些非常特定的類別。我想知道這是否是其中的一部分，或者只是雜貨品牌的問題。

That was an overall company view. We, we're actually saying, we're not really saying in the first half, it's, it's going to get positive. We're saying it's going to improve over the course of 2025 Between the first half of the second half, I would expect that we'll see some normalization by the second half of 2025.

這是公司的整體觀點。我們實際上是說，我們並不是說上半場的情況會變得積極。我們說它將在 2025 年上半年和下半年之間有所改善，我預計到 2025 年下半年我們會看到一些正常化。

But , we would, we would expect at this point, you know, and we don't, you know, we're not the experts, but, you know, if I look at the food industry, traffic projections, we would expect it to say, you know, a little bit negative into the first half of next year based on, you know, what I see from [technomic] and other other sources.

但是，我們會，我們會期望在這一點上，你知道，我們不，你知道，我們不是專家，但是，你知道，如果我看看食品行業，交通預測，我們會期望也就是說，根據我從[技術]和其他來源看到的情況，明年上半年會出現一些負面影響。

Okay. Thank you. I appreciate it.

好的。謝謝。我很感激。

Thank you.

謝謝。

David Palmer with Evercore ISI International Ltd.

大衛‧帕爾默 (David Palmer) 與 Evercore ISI International Ltd.

Thanks. Good evening. I wanted to ask a question on actually, I had a little bit of a different view on on your trends going into the fourth quarter being down a few percent in that quarter. It's, it seems consistent with the multi year trend that we saw this quarter. So it, I, I don't blame you for guiding that way based on the consumption data and, and if we keep that multi year trend the same going into the first quarter, it actually looks like it would be a lot better, like up 2%. I is, is that how you see it? Do you see those comparisons just internally as, as being that much easier going into the first quarter, that, that seems reasonable to base case that you would be up consumption and, organic sales in the first quarter.

謝謝。晚安.實際上，我想問一個問題，我對進入第四季度的趨勢有一點不同的看法，即該季度下降了幾個百分點。這似乎與我們本季看到的多年趨勢一致。所以，我，我不會責怪你根據消費數據來指導這種方式，如果我們在第一季保持多年趨勢不變，它實際上看起來會好得多，就像上漲2%。我是，你是這麼看的嗎？您是否認為這些比較只是在內部進行的，因為進入第一季會容易得多，這對於您在第一季度增加消費和有機銷售的基本情況似乎是合理的。

Of 25.

共 25 名。

I mean, I think we see that we begin to lap in the first quarter, some tougher, you know, last year, some tougher consumption trends.

我的意思是，我認為我們看到我們在第一季開始出現下滑，去年的消費趨勢更加嚴峻。

So we, we do expect in, you know, moving into 2025 that we get better sequentially in the 1st and 2nd quarters or actually a composite of the 1st and 2nd quarters in the first half, we do expect to get better than where we are in the Q3 and what we're talking about in Q4 right now. So we do see that we don't see getting all the way to kind of flat or positive until the second half of the year. But it's all about, I think when we lap some of these consumer trends and consumer environment and some of the consumer behaviors that we've been seeing in terms of trade down. That we began to see in the first quarter significantly. A lot of last year.

因此，我們確實預計，進入2025 年，我們會在第一季和第二季連續取得更好的成績，或者實際上是上半年第一季和第二季的綜合成績，我們確實預計會比現在的情況更好第三季度以及我們現在正在談論的第四季度。因此，我們確實看到，直到今年下半年，經濟才會一直趨於平穩或積極。但我認為，當我們了解一些消費趨勢和消費環境以及我們在降價貿易方面看到的一些消費者行為時，這就是全部。我們在第一季開始明顯看到這一點。去年的很多。

That helps.

這有幫助。

Yeah. No, it.

是的。不，是它。

Does. I think there's, and, and in the, some of the previous answers you touched on things that you're going to do or the areas that you're going to try to pursue. Improvement. Ortega was one.

做。我認為您之前的一些答案涉及到您將要做的事情或您將嘗試追求的領域。改進。奧特加就是其中之一。

I'm just, maybe, could you just kind of rank your top three or four areas where you, you're going to be applying the most energy or you just see the most, the most improvement happening that we should be tracking?

我只是，也許，你能否對你將投入最多精力的前三或四個領域進行排名，或者你只是看到我們應該跟踪的最多、最大的改進發生？

Yeah, I think, I think, well, number one is spices and flavor solutions or spices and seasonings. You know, it, it was up last quarter, it's up this quarter Q3.

是的，我認為，我認為，第一個是香料和風味解決方案或香料和調味料。你知道，上個季度有所上升，本季第三季有所上升。

And you know, we feel pretty good about the trend line of the business even going into next year and it's just tracking the growth of the perimeter of the store, fresh proteins, you know, which are up now, I think because the relative pricing spread of packaged and frozen foods has come down. So we believe that business is a nice growth business and you hear we going to talk about it, but we have the same thing going on our business. We've got a good positive sales trend there. So that's the number one and you know, we've launched some good innovation there. So that's, one we're pushing pretty hard on second we've got a much stronger innovation pipeline on our Ortega business. we are the Taco sauce leader. We've got some new things coming into the market. We've got a lot of good plans there. We're kind of beginning to spend back on marketing on the Ortega brand. So that would be, you know, kind of an area Mexican, the Mexican category that we're going to, we're going to push on and we've got strong plans, you know, Crisco, I think it's all about making sure that we have, you know, the right pricing in the marketplace relative to the cost of oil or soybean oil. And that's and then also making sure that we're supporting, you know, our shortening business, Crisco, shortening business with, you know, a lot with lots of, you know, recipes and digital outreach and influencers around baking and other things. So those are probably the biggest areas, you know, we're focused on next year, obviously, frozen and vegetables. In terms of the green giant frozen portfolio, we need to continue to drive the right price points on our, you know, kind of core vegetables and sauce line, but we need to have successful innovation coming to marketplace. And right now, we are introducing new premium sides that have gone well in our past launches and we're also launching new Ramen Based products that are coming into the marketplace this fall and, and next spring depending on the customer resets. So those are the big areas that we're focused on and those are big businesses for us, innovation driven business for us with strong brand positions. So that's kind of where we're focused to see the improvement. But I think there's also a general improvement in the overall trends in the center store in terms of consumer buying habits and purchasing patterns. I mean, we've just seen a lot of kind of reactionary behavior from consumers this year as they looked at, you know, high inflation, what percentage of their income they were laying out in food and grocery stores. And we've just seen them take different actions like trade down in sizes, run down their home pantries or home inventories, not restock. So I just, I I think we start to lap some of that as well, but from our standpoint, we get focus on what we control, which is those big brands where we need strong plans in the marketplace.

你知道，即使進入明年，我們對業務的趨勢線也感覺很好，它只是跟踪商店週邊的增長，新鮮蛋白質，你知道，現在已經上升了，我認為是因為相對定價包裝食品和冷凍食品的傳播已經下降。因此，我們相信企業是一個良好的成長型企業，你會聽到我們要談論它，但我們的業務也有同樣的事情發生。我們在那裡有良好的積極銷售趨勢。所以這是第一，你知道，我們在那裡推出了一些很好的創新。所以，我們正在大力推動第二件事，即我們的奧特加業務擁有更強大的創新管道。我們是塔可醬的領導者。我們有一些新產品進入市場。我們在那裡有很多好的計劃。我們開始在奧特加品牌的行銷上投入資金。所以，你知道，這將是一個墨西哥地區，我們將要推進的墨西哥類別，我們有強有力的計劃，你知道，克里斯科，我認為這一切都是為了讓確保我們在市場上擁有相對於石油或大豆油成本而言正確的定價。然後還要確保我們支持，你知道，我們的起酥油業務，Crisco，起酥油業務，你知道，很多，你知道，食譜和數位推廣以及烘焙和其他方面的影響者。所以這些可能是最大的領域，你知道，我們明年的重點顯然是冷凍和蔬菜。就綠色巨頭冷凍產品組合而言，我們需要繼續推動我們的核心蔬菜和醬料系列的正確價格點，但我們需要將成功的創新推向市場。現在，我們正在推出在過去的發布中表現良好的新優質面，我們還推出了新的拉麵產品，這些產品將於今年秋天和明年春天進入市場，具體取決於客戶的重置。因此，這些是我們關注的大領域，對我們來說是大業務，對我們來說是創新驅動的業務，擁有強大的品牌地位。這就是我們關注改進的地方。但我認為，就消費者購買習慣和購買模式而言，中心店的整體趨勢也有普遍改善。我的意思是，今年我們剛剛看到消費者的許多反動行為，因為他們看到了高通膨，他們將收入的多少百分比用於食品和雜貨店。我們剛剛看到他們採取了不同的行動，例如縮小尺寸、減少家庭食品儲藏室或家庭庫存，而不是補充庫存。所以我只是，我認為我們也開始接受其中的一些，但從我們的角度來看，我們將重點放在我們控制的事情上，即那些我們需要在市場上製定強有力計劃的大品牌。

No, that's great color. Thank you.

不，那是很棒的顏色。謝謝。

Thanks, Dave.

謝謝，戴夫。

Karru Martinson with Jefferies LLC

卡魯馬丁森 (Karru Martinson) 與 Jefferies LLC

Good afternoon. We certainly saw the slow down in July for a number of companies but kind of post labor Day. We saw the, the snap back. Is that one week reduction, something that you're still seeing carrying through the fourth quarter? Are you, are you seeing your retailer side to adjust that.

午安.我們確實看到了許多公司在 7 月的成長放緩，但在勞動節之後。我們看到了，快速恢復。您在第四季度仍然看到這一周的減少嗎？您是否希望零售商方面對此進行調整？

I think we've seen that reduction, whether it's, you know, depending on the retailer a couple days or maybe even a few up to a week, we've seen that kind of carry forward, but we didn't see further inventory reduction in the August September time frame. We said we saw them kind of hold and the only behavior change we're seeing this year is that, they probably putting, they're forcing less inventory out early in the season and letting it kind of flow through. And we're seeing that in our numbers. So they, you know, on Crisco oil, they may not, I mean, they may not order as many pallets out, you know, to force out in the stores, but we're seeing stronger pull through later, you know, in the season as they begin to smell through all that merchandise that they have at the, at the promoted price points, that's a little bit of a shift from what we saw last year. And I think it's kind of an inventory management, you know, play for most of our retailers, but in the end, I think it nets out to zero.

我認為我們已經看到了這種減少，無論是幾天還是幾週，取決於零售商，我們已經看到了這種結轉，但我們沒有看到更多的庫存八月九月的時間範圍減少。我們說我們看到他們有點堅持，今年我們看到的唯一行為變化是，他們可能會說，他們在季節初期強制減少庫存並讓它流通。我們從我們的數據中看到了這一點。所以他們，你知道，在Crisco 石油上，他們可能不會，我的意思是，他們可能不會訂購那麼多托盤，你知道，強行進入商店，但我們會看到稍後更強勁的拉動，你知道，在這個季節，當他們開始以促銷價格點聞到他們擁有的所有商品時，這與我們去年看到的情況略有不同。我認為這是一種庫存管理，你知道，對我們大多數零售商來說都是如此，但最終，我認為它的淨值為零。

But we just, we just have, you know, a little bit less of, you know, flow up front and more kind of consistent throughout the quarter in our merchandizing, you know, volume if that, if that helps you. Yeah.

但我們只是，你知道，我們的銷售量，你知道，在整個季度的銷售量上有所減少，並且在整個季度保持一致，如果這對你有幫助的話。是的。

And then when we look at the kind of the slower environment, you know, what, what is the impact in terms of valuations? And when you guys look at your, you know, potential divestiture program?

然後，當我們看到那種較慢的環境時，你知道，對估值方面的影響是什麼？當你們審視你們潛在的剝離計畫？

So sorry, don't, didn't quite understand the question.

非常抱歉，不太明白這個問題。

Just to say like in a in a slow environment, are you seeing kind of contraction on potential M&A multiples as you look to, you know, right size your portfolio?

只是說，就像在緩慢的環境中一樣，當您希望調整投資組合規模時，您是否會看到潛在的併購倍數有所收縮？

Yeah. No, no comment.

是的。不，沒有評論。

Alrighty, had to try. Thank you very.

好吧，必須嘗試一下。非常感謝。

Much.

很多。

Thank you.

謝謝。

Carla Cosella with JP Morgan.

卡拉·科塞拉 (Carla Cosella) 與摩根大通 (JP Morgan) 合作。

Hi, thank you. You mentioned you redeemed the 25 notes after quarter end, which is great love to see that. Can you see where the revolver is pro forma for that?

你好，謝謝。您提到您在季度末後兌換了 25 張票據，很高興看到這一點。你看得出左輪手槍在哪裡嗎？

So, so just purely, I mean, what I what I would do is I think we have $40 million drawn at the end of the third quarter on the revolver. So you'll see that in our balance sheet in the queue and the press release and $265 million of notes. So just pure simplicity, just subtract 265 from the notes at 265 to the revolver and that's your number.

所以，純粹是，我的意思是，我會做的是，我認為我們在第三季末從左輪手槍上提取了 4000 萬美元。所以你會在我們的資產負債表、新聞稿和 2.65 億美元的票據中看到這一點。所以很簡單，只需從左輪手槍的 265 音符中減去 265，這就是您的數字。

Perfect. Okay. And then it sounds like from the inventory customer kind of rebalancing on the customers rebalancing on the inventory side. It sounds like working capital should be, you know, sources of cash as we go through the final quarter. Which I guess would be, would be typical but should be, should it be an outsized source this quarter as you, as you rebalance inventory levels in the trade?

完美的。好的。然後，聽起來像是庫存客戶的再平衡，客戶在庫存方面的再平衡。你知道，聽起來營運資金應該是我們進入最後一個季度的現金來源。我想這將是典型的，但應該是，當您重新平衡貿易中的庫存水平時，它是否應該像您一樣在本季度成為一個超大的來源？

Yeah. So thinking about, I think the comment earlier in the conversation was around retailer inventories as opposed to B and GS inventories. Although, people are all behaving similarly. Last year for us was outsized inventory reduction. This year, you know, overall we're looking for more modest levels of inventory reduction. And you'll see that. For example, if you look at our third quarter, inventory versus inventory, it was, it was adjusted to be like for like. we're down a little bit, you know, modest but nowhere near the magnitude that we were during the course of 2023 3rd quarter is our peak from a public reporting inventory period. And then we typically, as you said, we'll reduce inventory during the course of the fourth quarter is just the natural flow of the business. Probably not as extreme anymore without the can business as it was in the past. But, but still definitely a reduction in inventory during the fourth quarter. Fourth quarter is usually our best quarter from a cash from operations.

是的。所以想一想，我認為談話中早些時候的評論是圍繞零售商庫存，而不是 B 和 GS 庫存。雖然，人們的行為都是相似的。去年我們的庫存大幅減少。今年，您知道，總體而言，我們正在尋求更適度的庫存削減水準。你會看到這一點。例如，如果你看我們第三季的庫存與庫存，你會發現，它被調整為類似的。你知道，我們下降了一點，幅度不大，但遠不及 2023 年第三季公開報告庫存期間的峰值水準。然後，正如您所說，我們通常會在第四季度期間減少庫存，這只是業務的自然流程。如果沒有罐頭業務，可能就不再像過去那麼極端了。但是，第四季的庫存仍然肯定會減少。第四季通常是我們營運現金最好的季度。

Okay. And then one just on, on the West. And I know you've got a lot of questions on this already. But do, does we have similar like pricing contracts with customers or because of their pressure. Is it causing customers to come back to you to renegotiate how you price oils, meaning cost plus versus how much gets passed through. In timing.

好的。然後就在西方。我知道您對此已經有很多問題了。但是，我們是否與客戶簽訂了類似的定價合同，或者是因為他們的壓力。是否會導致客戶回去找您重新協商如何定價石油，即成本加成與通過的金額。在時機上。

Yeah, it's really less about that. I think it's just in the context of during 2022 and a portion of 2023 prices going haywire and everybody taking price up. Right. We both raised price. And we both lowered price this year. They've been a little bit more aggressive, you know, we saw lower info costs. So therefore we've all reflected that on shelf. They've been a little bit more aggressive in their promotional strategy than us, but directionally, we, we've both taken price down as we should because costs came down.

是的，這確實很少。我認為這只是在 2022 年和 2023 年部分價格失控、所有人都在漲價的背景下發生的。正確的。我們都提高了價格。今年我們都降低了價格。他們更加激進一點，你知道，我們看到資訊成本更低。因此，我們都將其反映在貨架上。他們的促銷策略比我們更積極一些，但從方向上來說，我們都以我們應該的方式降低了價格，因為成本下降了。

Okay, great. That's all I have. Thank you.

好的，太好了。這就是我所擁有的一切。謝謝。

Thank you and ladies and gentlemen, we have reached the end of the question and answer session and this also concludes today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝各位，女士們、先生們，問答環節已經結束，今天的會議也結束了。此時您可以斷開線路，感謝您的參與。