ARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) today announced financial results for the third quarter and first three quarters of 2017.
Executive Summary (vs. year-ago quarter where applicable):
- Net sales of $408.4 million, an increase of 28.3%
- Base business net sales* of $328.3 million, an increase of 3.2%
- Net income of $32.7 million, an increase of 1.0%
- Adjusted net income* of $36.8 million, an increase of 0.1%
- Diluted earnings per share of $0.49, a decrease of 2.0%
- Adjusted diluted earnings per share* of $0.55, a decrease of 1.8%
- Adjusted EBITDA* of $94.1 million, an increase of 10.5%
- Guidance for full year fiscal 2017:
- Net sales range increased to $1.660 billion to $1.685 billion
- Adjusted EBITDA range reaffirmed at $352.5 million to $367.5 million
- Adjusted diluted earnings per share range reaffirmed at $2.03 to $2.17
“We are pleased to report strong growth in net sales, base business net sales and adjusted EBITDA for the third quarter of 2017. We generated $408.4 million in net sales for the quarter, an increase of 28.3%. This includes an increase of 3.2% in base business net sales despite a challenging backdrop in the packaged foods industry. We also benefited from approximately $80.1 million of net sales from the spices & seasonings and Victoria businesses that we recently acquired, both of which are tracking ahead of our original projections. We completed the Back to Nature acquisition at the beginning of October, and we expect that brand to be a valuable piece of our portfolio and growth strategy,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.
Mr. Cantwell continued, “We are encouraged by the continued success of our Green Giant frozen innovation products, which helped to drive performance in our base business. Net sales of Green Giant frozen products increased double digits for the second consecutive quarter, a very encouraging result in the current environment. In the third quarter of 2017, we extended the Green Giant frozen line to include Green Giant Veggie Spirals in three varieties - zucchini, carrot and butternut squash. We expect to begin shipping these products in January 2018 and we have seen very strong retailer acceptance so far. We also had a strong rebound in Pirate Brands, which saw a 21.0% increase in net sales for the quarter. Some of our smaller brands, including Polaner, Underwood, New York Style and Cream of Wheat, also performed well in the third quarter. We are optimistic that these positive trends will continue through the fourth quarter and into next year.”
