Parsippany-based B&G Foods Inc. announced Thursday that its sales and income rose in the second quarter from the same period a year ago.
B&G said in a news release that net sales increased $42 million, or 26.1 percent, to $202.9 million, from $160.9 million for the second quarter of 2013. Net income for the quarter was $16.1 million, or 30 cents per diluted share, compared with a net loss of $1.4 million, or 3 cents per share, for the second quarter of 2013.
“The company achieved very substantial growth in the second quarter, with overall net sales increasing by 26.1 percent,” David L. Wenner, president and CEO, said in the release. “While substantially all of the increase came from acquisitions, we were encouraged by a base business volume increase of 2.8 percent. The fact that we gave back 1.7 percent of that increase in pricing indicates that we must continue to adjust our promotional activity to a more appropriate balance of volume and price.”
However, B&G decreased its earnings guidance for the full-year 2014 by about 2.4 percent, and decreased its earnings per share guidance by about 3.1 percent.
“We continue to see added expenses due to our rapid growth over the past year,” Wenner said. “As we work through these issues we are reducing our adjusted EBITDA guidance for fiscal 2014 to a range of $204 million to $209 million, which at the mid-point of the range represents a 12.2 percent increase over 2013.”
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