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B&G Foods, Inc. (NYSE:BGS) disclosed the outcomes of its annual stockholder meeting held on May 15, 2025, in a recent filing with the Securities and Exchange Commission. The gathering saw the election of ten directors to the company’s board, the advisory approval of executive compensation, and the ratification of KPMG LLP as the independent auditor for the fiscal year ending January 3, 2026. While the stock has faced recent challenges, trading near its 52-week low, InvestingPro data suggests the company is currently undervalued, with analysts projecting a return to profitability this year.
During the meeting, shareholders cast their votes on three key proposals. The first proposal involved the election of board members, where all ten director nominees were elected with a majority of votes for each candidate. The results showed significant support for the nominees, with the number of votes cast for each ranging from approximately 38 million to over 42 million. The number of votes against and abstentions were relatively low in comparison, and a substantial number of broker non-votes were recorded for each nominee.
The second proposal was an advisory vote on the compensation of B&G Foods’ named executive officers. This proposal also passed with over 36 million votes in favor, approximately 7.6 million against, and about half a million abstentions, alongside a notable number of broker non-votes.
The third and final proposal concerned the ratification of KPMG LLP as the company’s independent registered public accounting firm for the upcoming fiscal year. This proposal received overwhelming support, with over 60 million votes for, 1.7 million against, and around 660,000 abstentions.
The filing did not contain any promotional language or subjective commentary, providing a straightforward account of the events and outcomes of the stockholder meeting. The report serves as a factual record of the voting results, ensuring transparency for investors and stakeholders of B&G Foods, Inc.
In other recent news, B&G Foods Inc. reported its Q1 2025 financial results, marking a challenging start to the year. The company posted earnings per share (EPS) of $0.04, which fell short of the forecasted $0.16, and net sales of $425.4 million, missing the expected $459.33 million. This represents a 10.5% year-over-year decline in revenue, highlighting the difficulties faced by the company in the packaged foods industry. Despite these challenges, the Green Giant product lines showed resilience with improved sales towards the end of the quarter. In response to the financial shortfall, B&G Foods is implementing a cost reduction plan aiming for $10 million in savings for 2025. The company has also revised its full-year 2025 net sales guidance to between $1.86 billion and $1.91 billion, with adjusted EBITDA guidance now set at $280 million to $290 million. Analysts from firms such as TD Cowen have noted the company’s ongoing portfolio reshaping efforts as a strategic focus.
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