B&G Foods CEO David Wenner said the company is regularly looking for acquisition opportunities

B&G Foods CEO David Wenner said the company is regularly looking for acquisition opportunities

US food group B&G Foods said it is prepared and looking for the right acquisition as it recorded an increase in profits for the first half of the year.

The firm yesterday (27 July) revealed adjusted net income of US$19.8m for the 26 weeks ended 3 July, compared to $12m in the prior year.

Net sales for the period increased 2% to $246.3m.

Speaking on the firm's earnings call, B&G president and CEO David Wenner said the company is regularly looking for acquisition opportunities.

"While we have not done an acquisition yet this year, we are continuing to see an increasing number of opportunities, approximately one every other week," Wenner told analysts.

"The most common theme in these opportunities is that they are private businesses, and we have to speculate that they are being offered for sale in anticipation of potential tax changes in 2011."

However, he added: "None have been appropriate for B&G so far but we continue to look hard for that right acquisition. We are certainly well prepared in terms of our balance sheet, our stock value and access to the financial markets should the right opportunity present itself."

B&G yesterday outlined its full-year expectations and said it now expects EBITDA for fiscal 2010 to be around $109m to $112m instead of the previously anticipated $108m to $111m.

And despite what Wenner described as a "more difficult" second quarter, he remained upbeat about the remainder of the year.

"We are more optimistic on the back half of this year. The top line was more difficult this quarter but we think we will return to a normal mode of operation in the second half. We continue to have a healthy balance sheet, a healthy cash flow and a very healthy business in general."