US firm B&G Foods has recorded an increase in full-year profits, boosted by acquisitions and price increases in 2012.
Earnings in the 12 months ended 29 December amounted to US$59.3m, a 17.9% increase on the prior year period. Operating profit climbed 31.3% to $149m.
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CEO David Wenner attributed the increases to execution of the Culver Specialty Brands acquisition, “strong” pricing gains, which he said offset volume weakness, and the completion of its New York Style and Old London acquisitions.
Net sales were up 16.5% to $633.8m for the year, thanks in part to recent acquisitions. Sales of the Culver Specialty Brands contributed $81m and sales of New York Style and Old London weighed in with $8.4m.
