B&G Foods Reports Second Quarter 2014 Financial Results

B&G Foods, Inc. (NYSE:BGS) today announced financial results for the second quarter and first two quarters of 2014.

Highlights (vs. year-ago quarter where applicable):
  • Net sales increased 26.1% to $202.9 million
  • Base business net sales volume increased $4.4 million, or 2.8%
  • Net income increased over 100% to $16.1 million
  • Adjusted net income* increased 1.4% to $17.5 million
  • Diluted earnings per share increased over 100% to $0.30
  • Adjusted diluted earnings per share * remained consistent at $0.33
  • Adjusted EBITDA * increased 8.8% to $46.1 million
  • Decreased guidance for fiscal year 2014:
    • Adjusted EBITDA guidance decreased approximately 2.4% to a range of $204.0 million to $209.0 million
    • Adjusted diluted earnings per share guidance decreased approximately 3.1% to a range of approximately $1.54 to $1.60

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* Please see “About Non-GAAP Financial Measures and Items Affecting Comparability” below for the definition of the terms adjusted net income, adjusted diluted earnings per share, EBITDA and adjusted EBITDA, as well as information concerning certain items affecting comparability and reconciliations of the non-GAAP terms adjusted net income, adjusted diluted earnings per share, EBITDA and adjusted EBITDA to the most comparable GAAP financial measures.

Commenting on the results, David L. Wenner, President and Chief Executive Officer of B&G Foods, stated, “The Company achieved very substantial growth in the second quarter, with overall net sales increasing by 26.1%. While substantially all of the increase came from acquisitions, we were encouraged by a base business volume increase of 2.8%. The fact that we gave back 1.7% of that increase in pricing indicates that we must continue to adjust our promotional activity to a more appropriate balance of volume and price. And while adjusted EBITDA increased by 8.8%, we expected better. We continue to see added expenses due to our rapid growth over the past year. As we work through these issues we are reducing our adjusted EBITDA guidance for fiscal 2014 to a range of $204.0 million to $209.0 million, which at the mid-point of the range represents a 12.2% increase over 2013.”

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