US manufacturer and distributor of shelf stable products B&G Foods has posted an 11.6% increase in first quarter sales, driven by the strong performance of its recently acquired Cream of Wheat business.
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Net sales rose from US$93m last year to $103.7m this year, with Cream of Wheat contributing $6.5m to the net sales increase. The acquisition of Cream of Wheat, which was purchased from Kraft Foods, was completed in February. B&G attributed the remaining $4.2m increase to increases in sale price and unit volume.
David L. Wenner, CEO of B&G Foods, stated: “Our solid first-quarter performance was driven by the positive contribution from our recently-acquired Cream of Wheat business as well as by sales price and unit volume increases.”
Operating income increased 19.0% to $18.7m for the first quarter of 2007, from $15.7m in the first quarter of 2006. Net income was $4.1m for the first quarter.
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