B&G Foods earnings climb 48% in quarter

by Staff
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PARSIPPANY, N.J. — A shift to increased sales of higher-margin products helped contribute to a 48% increase in income during the second quarter for B&G Foods, Inc.

For the quarter ended July 2, the company had income of $12,599,000, equal to 26c per share, up from $8,493,000, or 18c per share, during the same quarter of the previous year. Sales for the quarter were $129,453,000, up 7% from $121,145,000 during the same quarter of the previous year.

“We are very pleased with the continued strong momentum in top- and bottom-line results even after factoring in the benefit of the late Easter holiday,” said David L. Wenner, president and chief executive officer. “We remain confident that we will deliver full-year results within our previously announced EBITDA guidance of $125 million to $128 million, with third-quarter price increases and ongoing cost reduction efforts expected to offset the cost increases we will experience in the second half of 2011.”

For the six months ended July 2, the company had income of $25,904,000, or 54c per share, up 194% from $8,819,000, or 19c per share, during the same period of the previous year. Sales for the six months were $260,858,000, up 6% from $246,327,000 during the same period of the previous year.

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