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28 February, 2024 18:25 IST
B&G Foods first-quarter earnings decline by 1.30 percent on a YOY basis
Source: IRIS | 06 Jun, 2017, 06.46AM

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B&G Foods, Inc (BGS) has reported 1.30 percent fall in profit for the quarter ended Apr. 01, 2017. The company has earned $32.76 million, or $0.49 a share in the quarter, compared with $33.20 million, or $0.56 a share for the same period last year. On an adjusted basis, net profit for the quarter was almost stable at $38.48 million, or $0.58 a share, when compared with the last year period.  

Revenue during the quarter grew 18.39 percent to $417.87 million from $352.98 million in the previous year period. Gross margin for the quarter contracted 250 basis points over the previous year period to 30.34 percent. Total expenses were 83.56 percent of quarterly revenues, up from 79.36 percent for the same period last year. That has resulted in a contraction of 421 basis points in operating margin to 16.44 percent.

Operating income for the quarter was $68.68 million, compared with $72.87 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $92.04 million compared with $89.58 million in the prior year period. At the same time, adjusted EBITDA margin contracted 335 basis points in the quarter to 22.03 percent from 25.38 percent in the last year period.

“We started 2017 with a solid first quarter in line with our expectations and are reaffirming our guidance for 2017. Although we saw a modest decline in our base business net sales,* we are encouraged by the strong performance of some of our key brands, including Pirate Brands and Ortega. We are also pleased that our Green Giant frozen products gained market share in each month of the quarter, with the gains accelerating in March. The two acquisitions we completed in the fourth quarter of 2016, the spices & seasonings business and Victoria Fine Foods, met our expectations during the first quarter. We also successfully completed a debt refinancing and remain ready to act when we find the next acquisition opportunity,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.

B&G Foods, Inc expects revenue to be in the range of $1,640 million to $1,680 million and its adjusted diluted earnings per share to be in the range of $2.13 to $2.27.

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