PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) today announced financial results for the fourth quarter and full year 2016.
Highlights (vs. prior year quarter and prior full year where applicable):
- Completed the acquisitions of the spices & seasonings business of ACH Foods Companies, Inc. on November 21, 2016, and Victoria Fine Foods on December 2, 2016 – transitions and integrations on track
- Net sales increased 20.8% to $413.7 million for the quarter and 44.0% to $1.39 billion for the year
- Net income increased 23.8% to $13.6 million for the quarter and 58.4% to $109.4 million for the year
- Adjusted net income* decreased 22.2% to $19.4 million for the quarter (primarily due to the timing of the increase in consumer marketing described below) and increased 51.0% to $131.1 million for the year
- Diluted earnings per share increased 5.3% to $0.20 for the quarter and 41.8% to $1.73 for the year
- Adjusted diluted earnings per share* decreased 32.6% to $0.29 for the quarter (primarily due to the timing of the increase in consumer marketing described below) and increased 35.3% to $2.07 for the year
- Adjusted EBITDA* decreased 7.4% to $62.4 million for the quarter (primarily due to the timing of the increase in consumer marketing described below) and increased 47.9% to $322.0 million for the year
- Consumer marketing spending increased 208.5% to $28.8 million for the quarter and 148.2% to $69.6 million for the year, primarily a result of the relaunch of the iconic Green Giant brand
- Returned $100.8 million to stockholders in the form of dividends during the year
Guidance for full year fiscal 2017:
- Net sales of $1.64 billion to $1.68 billion
- Adjusted EBITDA of $360.0 million to $375.0 million
- Adjusted diluted earnings per share of $2.13 to $2.27
“In 2016, much of our year was focused on the Green Giant integration, including the relaunch of the iconic Green Giant brand with a new and exciting marketing campaign and the introduction of several new and innovative products that have been a hit with consumers. We also continued to execute a key tenet of our growth strategy by completing two acquisitions in the fourth quarter; the spices & seasonings business of ACH Food Companies and the Victoria brand. Our base business, however, was not immune to the top-line challenges affecting our industry,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.
