H1 net sales up 2.6%
Group reaffirms 2009 guidance
Operating income up 19.3% to US$45.7m
US food group B&G Foods reaffirmed its full-year guidance on Tuesday (28 July) as it posted an increase in net income for the first two quarters of 2009.
For the 26 weeks to 4 July, net income before adjustments reached US$11.9m compared to $7.9m in the comparable period of 2008.
Net sales for the period increased 2.6% to reach $241.5m. The result was negatively impacted by a poor maple syrup crop in Canada in 2008 that led to a global shortage.
Operating income increased 19.3% to $45.7m and EBITDA rose 15.3% to reach $52.8m.
The group reaffirmed its guidance and said it expects EBITDA for fiscal 2009 to be around $99m to $102m. Capital expenditures are expected to be around $11m.
Click here for the full first-half statement from B&G Foods. Check back for further coverage and executive comment later.