US food manufacturer B&G Foods has booked an increase in full-year profits, boosted by “solid” sales growth on an organic basis and from recent acquisitions.
B&G, which benefited from the contribution of two acquisitions in the last two years, reported a 55% jump in net profit of US$50.2m. Operating income increased 8.4% to $113.5m.
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Sales increased 5.9% to $543.9m on the back of growth from its core business and from the Don Pepino and Sclafani brands it bought in 2010 and from the Culver brands it acquired from Unilever last October.
Adjusted net income, which excludes M&A costs, increased 22.8% to $53.1m.
In the fourth quarter, net profit grew 14.7% to $12.2m, while adjusted net earnings increased 7.4% to $14.7m. Operating income was up 7.2% at $31m. Sales amounted to $149.9m, a 5.7% increase on the year.
“2011 was the third consecutive year of strong results for our business, producing solid organic and acquisition sales growth, and strong earnings and adjusted EBITDA growth,” B&G Foods president and CEO David Wenner said. “We believe our acquisition of the Culver Specialty brands on 30 November sets the stage for another year of strong top and bottom line growth in 2012.”
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By GlobalDataB&G said it expects adjusted EBITDA for fiscal 2012 to be in the range of $166m to $170m.
