B&G Foods Q1 net income increases to $5.91m
Published:04-May-2009
By Datamonitor staff writer
Gross profit increases 10.9% to $38.75m
B&G Foods, a manufacturer and distributor of shelf-stable foods, has reported a net income of $5.91m for the first quarter ended April 4, 2009, compared to $4.41m in the same quarter of 2008.
Net sales for the first quarter of 2009 were $118.64m, compared to $116.34m in the same period of 2008.
Gross profit for the first quarter of 2009 increased 10.9% to $38.75m compared to $34.9m in the first quarter of 2008. Operating income increased 21.1% to $23.8m for the first quarter of 2009, compared to $19.7m in the first quarter of 2008.
For the first quarter of 2009, EBITDA increased 17.2% to $27.4m from $23.4m for the first quarter of 2008.
David Wenner, chief executive officer of B&G Foods, said: "We are very pleased with the overall performance of the business in the first quarter. Our price increases are offsetting costs of commodities and packaging that are still higher on a year-over-year basis. The solid pricing benefit was reinforced by lower trade spending, lower shipping expenses, and cost reduction efforts throughout the company. We expect a similar trend in the second quarter; this has caused us to raise our EBITDA guidance for fiscal 2009 from our original forecast of $95 to $98m to $99 to $102m."
