US food producer B&G Foods has recorded a “strong performance” in the first quarter of 2010, with an increase in net income.
For the period ended 3 April, adjusted net income (reported net income adjusted for certain items that affect comparability), amounted to US$10.4m from $6.6m in the prior year.
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Adjusted earnings, however, dropped to $0.3m from $5.9m in 2009.
Net sales for the first quarter increased 5.5% to reach $125.2m, as a result of unit volume and sales price increases of $4.7m and $1.9m, respectively.
EBITDA increased 9.7% year-over-year to $30m and operating income increased 10.7% to $26.4m.
David Wenner, president and CEO, said: “First quarter was an excellent quarter for our business. The $30m EBITDA was a record quarterly EBITDA for our company, and was achieved through strong volume growth complemented by improved net pricing.”
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By GlobalDataEBITDA for fiscal 2010 is expected to be around $108m to $111m.
