B&G Foods, Inc. (NYSE: BGS) today announced financial results for the third quarter and first three quarters of 2012.
Highlights (vs. year-ago quarter where applicable):
- Net sales increased 15.9% to $154.2 million
- Net income increased 39.8% to $16.9 million
- Diluted earnings per share increased 40.0% to $0.35
- EBITDA 1 increased 37.7% to $42.8 million
- EBITDA guidance has been narrowed to a range of $168.0 million to $170.0 million for the full year, the higher end of the Company’s prior guidance
David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “The strong improvement in key metrics – net sales, net income, earnings per share and EBITDA – reflects the continued success of the Culver Specialty Brands acquisition and improving sales trends in our base business. Margins in the base business improved as we realized strong pricing and increased sales of higher-margin products. At the end of the quarter we announced an agreement to acquire the
New York Style
brands, which we expect to complete by year end. We are very excited to add these brands to the B&G Foods family as they mark our entry into the fast growing snack category. We expect this acquisition to be immediately accretive to our earnings per share and free cash flow.”
Financial Results for the Third Quarter of 2012
Net sales for the third quarter of 2012 increased 15.9% to $154.2 million from $133.0 million for the third quarter of 2011. The Culver Specialty Brands, which B&G Foods acquired at the end of November 2011, contributed $20.2 million to net sales for the quarter. For B&G Foods’ base business, a sales price increase of $3.5 million partially offset by a $2.6 million unit volume decrease resulted in a net sales increase of $0.9 million.