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April 20, 2012

US: Ex-Unilever brands boost B&G Foods Q1 results

B&G Foods has reported higher first-quarter sales and profits, boosted by the first full quarter's contribution from brands it acquired from Unilever in October.

By Dean Best

B&G Foods has reported higher first-quarter sales and profits, boosted by the first full quarter’s contribution from brands it acquired from Unilever in October.

The company booked net income of US$16.8m for the three months to the end of March, compared to $13.3m a year earlier.

Operating income increased 31.2% to $38.2m as gross profit rose 26.7% to $56.8m. B&G said its profits were helped by the higher margin products it acquired from Unilever last autumn, which included butter sprinkles brand Molly McButter and Baker’s Joy, a baking spray with flour.

Net sales rose 19.7% to $157.3m with the bulk of the increase from the former Unilever brands. Revenue from B&G’s base business was up $300,000 but it was on the back of price increases as volumes fell.

B&G president and CEO David Wenner said the company was “very pleased” with its results.

“The acquisition produced results in line with our projections and has been very accretive to the overall performance of our business. Our base business, meanwhile, saw price gains as projected that more than compensated for a modest weakness in sales, caused in part by retailer and distributor inventory reductions and a warmer than usual winter,” he added.

Click here for the full statement.

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