President, Chief Executive Officer & Director, Bg Foods
Search every verified Kenneth Keller interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2020 interview on CNBC's "Mad Money," B&G Foods CEO Ken Romanzi discussed the company's performance during the coronavirus pandemic. Romanzi stated that the company had a record sales week in March, with consumption increases of 90% in the last weeks of March versus the prior year, and consumption up 50% over the prior 11 weeks. He noted that while the company did not expect 60% growth to continue, he believed the portfolio was well-suited for a period of reduced dining out and increased remote work. Romanzi also addressed the company's dividend and leverage, stating that management and the board were committed to paying a significant portion of free cash flow as dividends and had a plan to reduce leverage. Romanzi highlighted the growth of the Green Giant brand, which he said accounted for about a third of the business and was expected to be the fastest-growing brand, with new plant-based offerings such as veggie rice and cauliflower gnocchi. He noted that B&G Foods was present in over 80% of households with at least one of its brands and was exploring cross-promotion, such as Green Giant vegetables made with Mrs. Dash seasoning. Romanzi said the company would focus on driving growth in about half a dozen brands, including Green Giant, Ortega, Mrs. Dash, and Back to Nature, while other brands remained steady cash generators.
“We had the best single week of March in history, a record sales week, with consumption increases of 90% in the last few weeks of March versus the prior year, and over the last 11 weeks our consumption is measured by Nielsen's up 50 percent versus prior year.”
“While we don't expect 60 percent growth numbers to continue forever, as long as people eat out a little less and work from home a little more, our portfolio is perfect—from Green Giant vegetables to breakfast brands like Cream of Wheat and McCann's Irish oatmeal, which are still growing at 30 to 40 percent even as we e...”
“The company was built to grow through creative acquisitions of high margin, good cash flow brands, and we use a significant amount of that cash flow to return to shareholders. Management and the board are totally committed to paying a significant portion of our free cash flow out as dividends.”
“Although we ran a little tight last year because of working capital investments, we had a plan to not just cover our dividend but also begin to reduce our leverage level, which had gotten higher than what most people were comfortable with.”
B&G Foods CEO Ken Romanzi joined Jim Cramer on "Mad Money" to discuss emerging from the coronavirus pandemic.
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