PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) today announced financial results for the second quarter and first two quarters of 2017.
Executive Summary (vs. year-ago quarter where applicable):
- Net sales of $368.1 million, an increase of 20.2%
- Net income of $22.1 million, a decrease of 27.1%
- Adjusted net income* of $27.6 million, a decrease of 23.4%
- Diluted earnings per share of $0.33, a decrease of 31.3%
- Adjusted diluted earnings per share* of $0.41, a decrease of 28.1%
- Adjusted EBITDA* of $78.2 million, a decrease of 8.0%
- Revised guidance for full year fiscal 2017:
- Net sales range narrowed to $1.64 billion to $1.67 billion
- Adjusted EBITDA range decreased to $352.5 million to $367.5 million
- Adjusted diluted earnings per share range decreased to $2.03 to $2.17
“The second quarter of 2017 was a difficult one, as we continued to struggle with the many challenges facing our industry. As a result, we are lowering our adjusted EBITDA and adjusted diluted earnings per share guidance while reaffirming our net sales guidance at the lower end of our range. We doubled the size of our company with our last three acquisitions, and all are performing above expectations. The quarter saw continued strong growth in our Green Giant frozen products driven by the innovation we launched in the fourth quarter of 2016. In addition, our latest two acquisitions exceeded our net sales expectations by over 20% for the quarter. We expect these sales trends to continue for the second half of 2017,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.
Financial Results for the Second Quarter of 2017
Net sales increased $61.7 million, or 20.2%, to $368.1 million for the second quarter of 2017 from $306.4 million for the second quarter of 2016. Net sales of the spices & seasonings business, acquired on November 21, 2016, and net sales of Victoria, acquired on December 2, 2016, contributed $67.4 million and $9.7 million, respectively, to the Company’s net sales for the quarter.
