US-based food group B&G Foods has booked an almost 7% increase in first-quarter profits thanks to good top and bottom line momentum.
Gross profit for the quarter increased 6.8% to US$44.9m, B&G said yesterday (26 April). Operating income increased 10.3% to $29.1m for the quarter, while EBITDA was up 10% year-over-year to $33m, the group added.
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The cereal-to-seasonings maker also saw revenue gains of 5% to $131.4m.
Based on its strong first-quarter performance, B&G said that it was increasing its full-year outlook despite rising cost pressures.
“Cost pressures continued to build throughout the quarter, but we continue to believe we are well-positioned to accommodate them, allowing us to increase EBITDA guidance for full-year 2011 to a range of $125 to $128m,” president and CEO David Wenner said.
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