B&G Foods, Inc. (NYSE: BGS) today announced financial results for the fourth quarter and full-year 2012.
- Net sales increased 15.8% to $173.7 million for the quarter and 16.5% to $633.8 million for the year
- Net income increased 17.9% to $59.3 million for the year
- Adjusted net income* increased 25.6% to $66.7 million for the year
- Diluted earnings per share increased 15.4% to $1.20 for the year
- Adjusted diluted earnings per share* increased 23.9% to $1.35 for the year.
- Adjusted EBITDA 1 increased 20.0% to $44.0 million for the quarter and 28.9% to $169.0 million for the year
- The Company expects to deliver 2013 adjusted EBITDA of $178.0 million to $182.0 million
David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “Our business set company records in net sales, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA for the fourth quarter and for the full year 2012 as we executed very well on the Culver Specialty Brands acquisition. Pricing gains continued to be strong and offset much of the volume weakness caused by industry trends and the effects of Hurricane Sandy. The
New York Style
acquisition completed in the quarter adds an exciting new element to our portfolio.”
Financial Results for the Fourth Quarter of 2012
Net sales for the fourth quarter of 2012 increased 15.8% to $173.7 million from $150.0 million for the fourth quarter of 2011. Net sales of the Culver Specialty Brands, which B&G Foods acquired at the end of November 2011, contributed $15.7 million and net sales of the
New York Style
brands, which B&G Foods acquired at the end of October 2012, contributed $8.4 million to the Company’s overall increase during the fourth quarter. For B&G Foods’ base business, a sales price increase of $2.8 million offset by a $3.2 million unit volume decrease resulted in a net sales decrease of $0.4 million.
Gross profit for the fourth quarter of 2012 increased 20.7% to $59.5 million from $49.3 million in the fourth quarter of 2011. Gross profit expressed as a percentage of net sales increased 1.3 percentage points to 34.2% in the fourth quarter of 2012 from 32.9% in the fourth quarter of 2011, attributable to a sales mix shift to higher margin products (primarily due to the Culver Specialty Brands acquisition) and pricing gains of $2.8 million, partially offset by commodity and packaging cost increases. Operating income increased 20.8% to $37.4 million in the fourth quarter of 2012 from $31.0 million in the fourth quarter of 2011.