B&G Foods income up sharply in quarter

by Staff
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PARSIPPANY, N.J. — B&G Foods, Inc. saw net income rise 41% during the second quarter thanks to increased sales prices and decreases in commodity and ingredient costs.

For the quarter ended July 3, the company had an income of $8,493,000, equal to 18c per share on the common stock, which compared with an income of $6,029,000, equal to 17c per share, during the same quarter of the previous year. Sales for the quarter were $121,145,000, down 1% from $122,899,000 during the same quarter of the previous year.

“The brands we have targeted for growth — Ortega and Cream of Wheat in particular — had a solid quarter in both sales and earnings and contributed to our strong bottom-line results,” said David L. Wenner, president and chief executive officer. “Adjusted diluted e.p.s. grew by 26.7% for the quarter and by 24.2% for the first six months of 2010 even through there are approximately 33% more shares of common stock outstanding. The second-quarter sales decline was primarily the result of customer inventory actions, the early Easter holiday and lower sales of highly promotional brands.”

For the six months ended July 3, the company had an income of $8,819,000, equal to 19c per share, down 26% from $11,942,000, equal to 33c per share, during the same period of the previous year. Sales for the six months were $246,327,000, down 2% from $241,537,000 during the same period of the previous year.

For the full-year 2010, the company now anticipates EBITDA to be approximately $109 million to $112 million, up from the previous guidance of $108 million to $111 million.

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