B&G Foods Reports Financial Results For Second Quarter 2018
Source B&G Foods, Inc.
PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. announced financial results for the second quarter and first two quarters of 2018.
“We had very strong top line growth in the second quarter, with our net sales up 7.4% and our base business net sales up 3.1%, which is outpacing our initial expectations for the full year,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.
Mr. Cantwell continued, “Net sales of Green Giant frozen products grew by 19.7%, the fifth consecutive quarter of double digit growth. Pirate Brands also had a strong quarter, with net sales up 54.6%. Other key brands in our portfolio, including Cream of Wheat, Ortega and Victoria, also performed well during the first half of the year.
We generated $74.4 million of adjusted EBITDA in the second quarter, a decrease of $3.8 million compared to the second quarter of last year, which was expected due primarily to industry wide increases in freight costs, and the timing of our price increases, which were not fully implemented until late in the quarter. Supportive of our full year guidance, we expect to see the full benefit of our price increases and additional benefit from our cost savings initiatives in the second half of the year. In addition, we believe the rate of increase in freight costs has begun to moderate.”
