Pricing actions boosts B&G Foods net income

by Staff
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PARSIPPANY, N.J. — Pricing actions taken during the third quarter of fiscal 2011 boosted B&G Foods, Inc.’s net income 30% during the quarter ended Oct. 1. The company recorded net income of $12,084,000, equal to 25c per share on the common stock, up from $9,282,000, or 19c per share, in the same period a year ago.

Sales for the quarter were $133,010,000, an increase compared with the third quarter during fiscal 2010 when revenues were $125,144,000.

“We are very pleased that the business continued to produce strong, consistent improvement in net sales, net income, earnings per share and EBITDA in the face of rapidly increasing costs,” said David L. Wenner, president and chief executive officer. “We saw the beginning of the benefit from sales price increases implemented on Sept. 1, but a positive sales mix also helped maintain margins.”

Net sales from B&G Foods’ Don Pepino and Sclafani brands, which were acquired during the fourth quarter of 2010, attributed $3.4 million to the company’s overall unit volume increase in the third quarter, according to the company.

For the first three quarters of fiscal 2011, B&G Foods had net income of $37,988,000, or 79c per share, up from $18,101,000, or 38c per share, in the same period a year ago.

Sales for the period were $393,868,000 in 2011, up from $371,471,000.

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