US food company B&G Foods has hailed a “remarkable” 12 months for the business after the maple syrup-to-salad dressing maker posted “record-breaking” results for the fourth quarter.
B&G’s net income more than doubled in the fourth quarter to 1 January to US$14.3m, a result that helped push up annual net income by 85.6% to $32.4m.
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The business said its EBITDA rose 28.7% to $32.8m for the fourth quarter; over the year, EBITDA was up 16.2% to $119.7m.
B&G’s net sales accelerated during the final three months of its fiscal year, climbing 4.6% to $141.9m in the fourth quarter. Annual net sales grew 2.5% to $513.3m.
“Our record-breaking fourth quarter results capped a remarkable year for B&G Foods,” said president and CEO David Wenner. “Unit volume and net pricing gains, cost reductions and a favorable sales mix combined to lift our quarterly and annual EBITDA to record levels thanks to the efforts of our sales, manufacturing and marketing teams. Earnings per share also set a company record, with adjusted diluted earnings per share reaching $0.90 for the full year.”
Click here for the full statement from B&G Foods.
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