B&G Foods income climbs 26% in quarter
April 20, 2012
PARSIPPANY, N.J. — Pricing gains and a sales mix shift to higher margin products at B&G Foods helped contribute to a 26% increase in income during the first quarter.
For the quarter ended March 31, the company had income of $16,778,000, equal to 35c per share on the common stock, which compared with income of $13,305,000, or 28c per share, during the same quarter of the previous year. Sales for the quarter were $157,339,000, up 20% from $131,405,000.
“We are very pleased with the record results for the quarter; our significant growth in net sales, net income and EBITDA in the first quarter reflects solid performance of the Culver Specialty Brands in our first full quarter following the acquisition,” said David L. Wenner, president and chief executive officer. “The acquisition produced results in line with our projections and has been very accretive to the overall performance of our business. Our base business, meanwhile, saw price gains as projected that more than compensated for a modest weakness in sales, caused in part by retailer and distributor inventory reductions and a warmer than usual winter. For the full year, we are reaffirming our adjusted EBITDA guidance of $166 million to $170 million.”