B&G Foods has booked an increase in third-quarter income, boosted by price hikes and the contribution from acquisitions.
The US company said yesterday (18 October) net profit increased to US$16.9m from $12.1m in the comparable period of last year.
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Profits were boosted by higher sales, which increased 15.9% to $154.2m. The company said its Culver Speciality Brands business, acquired at the end of November last year, added $20.2m to sales in the period.
Comparable sales were up $0.9m as a decrease in volume – of $2.6m – was more than offset by a $3.5m increase in prices, the company added.
Looking to the full year, the company narrowed its profit outlook to $168-170m, the higher end of its previously stated profit range. This excludes the impact of the group’s planned $62.5m acquisition of New York Style and Old London brands from Chiquita. The deal is expected to close in the fourth quarter.
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