B&G Foods has posted an increase in net profit and sales in the first half of the year – but lowered a target for adjusted EBITDA.
For the period ended 28 June, the US firm reported a 15.9% rise in net profit to US$33.9m, despite higher selling, general and administration costs. Sales were also up from US$332m to US$401m.
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Operating income increased to US$47.8m compared with US$33.9m for the same period a year earlier.
However, CEO David Wenner said he expected added expenses “due to our rapid growth over the past year”. The firm has cut its adjusted EBITDA guidance for fiscal 2014 by 2.4% to a range of US$204m to US$209m.
In the second quarter of the year, B&G reported net profit grew to US$16.1m compared with a loss for the same period a year earlier, which came from charges related to debt, refinancing and acquisition costs.
Operating income was also up for the second quarter to US$25.2m from US$17.3m. Sales grew 26.1% to US$202.9m.
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