US food manufacturer B&G Foods has increased its EBITDA target for the full year following strong third-quarter results.
The company said yesterday (26 October) that it expects EBITDA to reach US$113-115m instead of the previously forecast $109-112m.
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For the third quarter, ended 3 October, B&G’s EBITDA increased 17% to $24.7m against the same period of last year.
B&G’s net sales increased 1% to U$125.1m, which the company attributed to sales price and unit volume increases of $0.4m and $0.3m, respectively, and a reduction in coupons and slotting expenses of $0.5m.
However, B&G’s reported net income for the third quarter was $9.3m, or $0.19 per diluted share, against $4.2m, or $0.11 per diluted share in the same period last year.
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