US ambient food manufacturer B&G Foods has raised its full-year guidance despite booking a drop in first-quarter earnings.
In a regulatory filing today (16 April) B&G said operating profit fell to US$38.8m in the three months to 29 March, down from $40.2m in the prior year period. Operating profit was dented by higher selling, general and administrative costs as well as an increase in amortisation expenses.
Go deeper with GlobalData
Net profit fell to $17.8m from $19.6m, with higher interest charges impacting the bottom line.
Sales, however, increased 15.7% in the period rising to $198.1m. Revenue gains were propelled by acquisitions including Pirate Brands, Rickland Orchards and TrueNorth. Sales excluding the contribution from M&A fell 4.6% due to both volume and price decreases.
The company, which entered into an agreement to acquire Specialty Brands earlier this month, said it expects the deal to boost its full-year earnings performance. The group raised its adjusted EBITDA guidance for fiscal 2014 to a range of approximately $209-$214m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
